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Although you really can’t go wrong with any of the top-rated home improvement loan companies on this page, here are the top two choices:
Home improvement loans are actually classified as “personal loans”, often called “unsecured personal loans.” These are loans that are issued to individuals based on their creditworthiness. One of the best things about personal loans is that there is no collateral involved. You don’t have to use your house, car, or any other asset to receive a personal loan.
“Home improvement loans” are still considered personal loans. Using a loan to finance a home improvement is a much smarter idea than financing renovations with a credit card.
If you use a personal loan to finance a home improvement, you’ll keep money money in your pocket, because personal loan APR is so low compared to credit cards.
We spent 500+ hours searching for the best home improvement loans of 2021, because not all loans are made equal. Many shady online lenders have high variable rates and lots of hidden fees. None of the lenders on this page have hidden fees, and all are highly rated and respected.
Virtually any home renovation you can think of is eligible for a loan. Common remodels include:
One of the most common misconceptions about home improvement loans is that they somehow negatively effect your credit score.
This is not true. There’s no impact on your personal credit score to see if you qualify for a loan. And once you receive your loan funds, and you begin to make timely monthly repayments, your credit score can actually improve. The only way a loan can harm your credit score is if you fail to make your payments.