Homeowners often find they are in a shortage of cash in their bank account for home improvement projects. However, you don’t have to postpone your project due to a lack of funding in your savings. Instead, you can just apply for a home improvement loan online, which are good alternative options to personal loans and proceed with the renovation or repairs. The following are the 5 best home improvement loans.
LightStream is the best lender for big home improvement project because you can take out a loan of up to $100,000 with them. It offers a term length from 2 – 7 years and interest rate from 4.99% – 14.99%. LightStream loans have no origination fee and late fee. The minimum credit score you must have is 660. It offers co-sign option for increasing your chance of approval. They offer $100 back for customers who return the loan in less than 30 days.
SoFi also offers loans of up to $100,000 with repayment term lengths from 2 – 7 years. This makes it ideal for those who need a big sum of money for their home remodeling. However, it requires higher credit score of at least 680 – 700 for approval. It features low interest rate starting from 5.99% – 18.82%. SoFi offers flexible payment option by allowing to change the due date at least one time per year. It also have an unemployment protection program that let you suspend your loan payment for 3 consecutive months for up to 12 months during the loan lifetime.
Marcus by Goldman Sachs offers personal loans from $3,500 – $40,000 with repayment term from 3 – 6 years. The interest rate ranges from 6.99% – 19.99%. It takes a credit score higher than 660 to get approved for Marcus loan. Marcus loans have no origination and late fees. Marcus lets you defer one payment after you have submitted 12 consecutive monthly payments. When you defer a payment, the loan term is extended by one month. You can also change the due date of your loan up to 3 times.
4. Lending Club
Lending Club offers p2p loans from $1,000 – $40,000 for single and joint borrowers. Lending Club offers soft credit check for borrowers who want to get pre-approved before applying. They charge an origination fee from 2%-6% for the loan. They also charge a late fee of $15 if you delay more than 15 days grace period to make the payment. To qualify, you must have a minimum credit score of 600 and at least 3 years of credit history.
5. Wells Fargo Personal Loan
Wells Fargo personal loan is ideal for borrowers with good and excellent credits. Borrowers must have a score of at least 600 to get approved for the loan. You can borrow a loan from $3,000 – $100,000 from Wells Fargo. No collateral is required to get approved. It also does not charge origination and prepayment fee.