Home improvement loans: paying for a project without overborrowing
An unsecured personal loan can fund repairs or upgrades without using your home as collateral. Rates depend on your credit and income.
How they work
A home improvement loan is usually a personal loan used for a project. You get a lump sum and repay it in fixed monthly payments.
Compared with home equity
A home equity loan or line of credit is secured by your home. It may come with a lower rate, but you could lose the home if you can't pay. An unsecured loan doesn't put your home at risk that way, though a default can still lead to collections or a lawsuit.
Before you borrow
- Get written estimates, and leave room for overruns
- Compare APR, fees and the total you'll repay
- Be careful with contractor financing offered on the spot
- Borrow only what the project needs
Not sure which option fits? Answer three private questions in the option finder, or compare every option. Ready to talk? Get matched.
Questions
Do I need home equity to get one?
Not for an unsecured personal loan. Lenders look at factors such as credit and income.
Do you make home improvement loans?
No. We're a referral service and don't make loans or credit decisions.