Personal Loans for Home Improvement
No matter where you live, you might want or need to pay for a home improvement project at some point. Since home improvement projects can be expensive, you can consider getting a personal loan to help cover the costs. Many of these loans come with easy applications and quick funding, and you may not need good credit to get approved. Here’s a closer look at what home improvement loans are and how they work.
What is a personal loan for home improvement?
A home improvement loan is a personal loan designed to cover the cost of a home improvement project like a roof repair or kitchen remodel. Once you get approved for one, you’ll receive a lump of money upfront or be able to pull funds whenever you need to. You’ll then pay back the home improvement loan plus interest and fees over an agreed upon time period.
Types of personal loans for home improvement
There are a variety of home improvement loans, including:
With installment loans, you receive a lump sum of money upfront. You’ll then repay this loan over time via fixed monthly payments, or installments. If you want a lot of cash at once for your home improvement project, an installment loan can be a good option.
Personal lines of credit
Personal lines of credit are similar to credit cards. With this flexible financing option, you’ll be able to withdraw funds at any time up to a set credit limit, and can repay what you owe all at once or over time. When you pay back your loan, you’ll only pay interest on the amount you borrowed.
Home equity loans
Home equity loans allow you to tap into your home equity (the difference between what you owe on your mortgage and what your home is currently worth). If you take one out, you’ll receive all the cash you requested at one time. You’ll then make fixed monthly payments over the life of the loan.
Home equity lines of credit
Also known as HELOCs, home equity lines of credit also allow you to access funds through your home equity. But these differ from home equity loans because they allow you to withdraw money whenever you need to, up to a maximum amount. HELOCs are more flexible than home equity loans and can make sense if you’re unsure of exactly how much money you need.
Benefits of getting a personal loan for your home improvement project
There are several benefits of using a personal loan to cover your home improvement project:
- You can fill out an application quickly, often online from the comfort of your own home.
- After you submit an application, you may get approved right away, potentially the same day you apply.
- There are various types of home improvement loans to choose from, so you can find an option that meets your unique needs.
- You can still get approved for a home improvement loan if you have poor or fair credit.
How to get a personal loan for home improvement
Here’s how to get a personal loan for home improvement:
- Compare lenders: Since home improvement loans vary from lender to lender, do some research and explore your options. Be sure to compare the rates and terms of the loans that interest you.
- Fill out an application: Once you find a loan that meets your needs and budget, fill out the application form online or in-person. You’ll need to share details like your name, email, income, and employment status. In addition, you’ll be asked to provide documents like a government-issued ID and paystubs.
- Wait for approval: Many lenders offer quick approvals, so you won’t have to wait weeks or months for a decision. Some will contact you the same day you apply or within 24 hours.
- Receive the funds: Upon approval of an installment loan or home equity loan, you’ll receive a lump sum of money via direct deposit, check, or prepaid card. If you choose a personal line of credit or HELOC, you may be able to draw funds from it right away with a special check or card.
Advance America offers personal loans for home improvement
Advance America offers a variety of online personal loans that can be used for home improvement projects, including installment loans and lines of credit. You may apply online and get approved, regardless of your credit score. Better yet, you can access your money quickly, sometimes within 24 hours. Visit Advance America today to compare our loan options and get fast funding for your home improvement project.