Do you want to know the best home improvement loan rates? A homeowner should check the minimum credit score and interest rates while borrowing home equity loans, personal loans, and a home equity line of credit. There are many home improvement loans that have numerous requirements and limitations.
A home improvement loan increases the value of your home and benefits you in various ways. In this article, let us look into the different types of home improvement loans and loan rates.
Loans for Home Improvement – Home Improvement Loan Rates
A lot of you might think a home improvement loan means an unsecured personal loan. But, homeowners have several financing options such as a home equity loan, FHA loans, home equity line of credit (HELOC), and Cash-out refinance. However, unsecured personal loans are better compared to secured loans since the homeowners are not required to have an equity percentage. Unsecured personal loans have no risks like foreclosure.
Unsecured home improvement loans will help homeowners finance emergency repairs, major renovations, minor repairs, and additions. The requirements and limitations in unsecured personal loans are lower compared to secured loans. In this article, let us look into the unsecured home improvement loan rates to choose the best option.
Unsecured Personal Loan for House
Homeowners will borrow unsecured personal loans for buying homes if they have no collateral. In the same way, unsecured personal loans will help homeowners do home repairs. There are several unsecured personal loan options for homeowners to do improvements. Let us look into the types of unsecured personal loan options and the loan rates.
1. TGUC Financial
TGUC Financial provides personalized loans for homeowners. Homeowners can use the loan amount for different purposes other than repairs. If a homeowner wants to add a home theater or any other luxury items, TGUC Financial’s home improvement loan is the best option.
The homeowners will not have strict requirements or limitations in this financing option. TGUC Financial offers loan amounts with little delay and the process of getting qualified is quicker compared to other financing options.
The maximum loan amount that TGUC Financial offers for home improvement is $100,000. TGUC Financial even offers a loan amount for low credit scores. Here are a few requirements to get qualified for TGUC Financial’s home improvement loan:
- Income verification is the first step to determining the eligibility of a homeowner.
- The loan lenders will check the debt to income ratio, payment to income ratio, and disposable income.
- TGUC Financial will provide a loan for homeowners with no equity. Homeowners will receive the loan terms once they fill out the application.
- The interest rate in TGUC Financial doesn’t fluctuate. Homeowners will pay fixed interest rates.
2. Wells Fargo Renovation Loan
Wells Fargo renovation loan is another flexible financing option for homeowners. Homeowners will be able to do home improvement projects such as remodeling, renovation, repairs, and installation with a Wells Fargo home improvement loan. Here are the requirements for a Wells Fargo renovation loan:
- Wells Fargo’s renovation loan has no origination fees.
- Homeowners can borrow a loan amount from $3,000 to $100,000 with fixed interest rates.
- The APR for the Wells Fargo renovation loan is around 5.74% to 19.99%.
- Wells Fargo’s renovation loan doesn’t require collateral and assets as security.
LendingClub provides loan amounts within 24 hours. Homeowners with proper documents such as income verification certificates will get qualified for the LendingClub personal loans quickly.
Homeowners will be able to view the loan terms, APR, and monthly payment after the loan request is approved. The homeowners will not have origination fees and the LendingClub has no additional interest rate.
- The APR is around 7.04% to 35.89%.
- The minimum loan amount starts from $1,000.
- The minimum credit score required in borrowing a loan amount is 600.
4. Best Egg Personal Loans
Best Egg personal loans offer the loan amount with low-interest rates for homeowners. The loan lender offers low fixed APRs in personal loans. This financing option provides amounts for different purposes such as car repairs, vacations, and medical expenses in addition to home improvement loans.
- This financing option offers loan amounts with fixed monthly payments and APR ranging from 5.99 to 35.99%.
- The minimum loan amount is $2000 and the maximum is $50,000.
- The credit score required to qualify for Best Egg personal loan is around 600.
5. Universal Credit
Universal Credit provides personal loans for homeowners without any prepayment fees. Homeowners can surf through the multiple loan options in the Universal Credit personal loans to choose the best option that is within the budget.
- Personal loans up to $50,000.
- The APR ranges from 8.93-35.43%.
- Universal Credit provides loan amounts to homeowners for low credit scores. The minimum credit score required is 560.
6. Upgrade Personal Loan
Upgrade personal loan has flexible repayment terms for homeowners. Homeowners will be able to repair and renovate their homes quickly with this option. The Upgrade is one of the suitable options for homeowners to do emergency repairs. Homeowners have the option to check the rate within a few minutes, and the loan rates have no impact on your credit score.
- The minimum loan amount in Upgrade personal loan is at least $1,000.
- Upgrade personal loan option has origination fees of 2.9% to 8%.
- Homeowners will get their funding within a day after the verification of documents.
7. Light Stream Personal Loan
Light Stream provides low-rate loans for homeowners. The process of applying for a Light Stream personal loan is easy compared with other financing options. The homeowners should apply for the loan and accept the agreements to get the funds quickly.
- Homeowners should have a good credit history. The minimum credit score is around 660.
- Income verification is one of the necessary steps in this financing option.
- The homeowners with liquid assets will get qualified for the loan easily.
- The APR ranges from 4.49 to 20.49%.
- The minimum loan amount that Light Stream offers is around $5,000.
8. Happy Money Personal Loan
The home improvement loan rate in Happy Money personal loan depends upon the credit score, loan term, amount, and state of residence. Homeowners should have a valid social security number to borrow money from a Happy Money personal loan.
- The APR ranges from 5.99% to 25.99% in the Happy Money personal loan.
- The minimum amount in this financing loan option is around $5,000.
- The loan amount and APR vary depending on region.
- The minimum required credit score is around 600.
9. SoFi Personal Loan
SoFi personal loan has no fees and prepayment penalties. Homeowners don’t have high-interest rates in this financing option. Homeowners don’t have to pay fluctuating interest rates in the SoFi personal loan. The interest rates and monthly payments are fixed.
- The SoFi personal loan APR ranges from 5.74% to 21.28%.
- There are no annual fees in SoFi personal loans.
- The minimum loan amount in SoFi personal loan is up to $5,000.
- The minimum credit score is 680.
10. Discover Personal Loan
Discover personal loan has flexible repayment terms. The lenders will look into the credit score and credit history to qualify homeowners for this personal loan.
- The APR ranges from 5.99% and 24.99%.
- The homeowners should have an excellent credit score to borrow Discover personal loans. The minimum credit score is around 680.
- The term length of a Discover Personal loan is around 3 to 7 years.
An unsecured personal loan comes with no collateral. Homeowners should have a high credit score in personal home improvement loan options to keep interest rates lower. However, some online lenders will allow homeowners to borrow unsecured home improvement loans for low credit scores.
Homeowners will borrow a lump sum for a home improvement project and the ROI (return on investment) should be higher than the initial investment. TGUC Financial is one of the best home improvement loans that have minimum requirements compared to the other loan options. The ROI after the home improvement projects will be high and benefit homeowners in various ways. If you don’t have collateral and a higher credit score to borrow loans for home improvements, TGUC Financial is the best option.
- How Do Home Improvement Loans Work?
- 5 Ways to Get a Higher Home & Improvement Loan
- Home Improvement License – All You Need to Know
- What is a Personal Home Improvement Loan? When Should You Use it?
- 10 Tips to Get Affordable Personal Loan for Home Improvement
Frequently Asked Questions
1. What are the best ways to finance home improvement projects other than personal loans?
FHA (Federal Housing Administration) loans, credit card financing, cash-out refinance, home equity loan, and home equity line of credit is the financing options other than secured loans.
2. How long does a mortgage last?
The maximum duration of a mortgage is around 35 years. However, the mortgage time will vary from one lender to another.
3. What are bad credit loans?
Homeowners with low credit scores can borrow bad credit loans. Bad credit loans will offer loan amounts to homeowners with low or no credit but at often much higher interest than average.