Learn more about a personal loan for home improvements
Some people purchase older homes, even though there are known issues, because they are cheaper. For many, especially during hot markets like the one that just occurred from 2020 to 2022, it’s the only way to buy a home. These homes may require things like a new roof, plumbing, kitchen, or basement. These are major home improvements that can cost tens of thousands of dollars. In a survey by Thumbtack, 90% of homeowners said they were planning to make at least one improvement to their home within a year.
Certain home improvements can increase your home’s resale value, not to mention making life more enjoyable for you and your family. However, many people don’t make home improvements because of the overwhelming cost. It can take years to save up enough cash for a major home improvement project. Here are some ways you can fund your project and see if a personal loan for home improvements is the best option for you.
Personal Loan for Home Improvements
A personal loan could be a great option for funding a home improvement project. These loans can be easy to apply and qualify for. You can apply online in less than ten minutes. Qualifications vary from lender to lender. However, some personal loan lenders, like Uprova, work with borrowers with poor or no credit.
You can also use personal loans for just about any purpose. There are many personal loan lenders online that offer different loan terms, amounts, and interest rates. They also work with different types of borrowers, so it’s important to do your research and compare lenders. You can request a personal loan from Uprova.com for up to $5,000.
How Do Personal Loans Work?
If you are approved for a personal loan for home improvements, your lender will deposit funds into your account in as soon as one business day. You can then use the money immediately as you wish, whether it’s to fix plumbing issues, fix those broken sprinklers, or any other home repairs.
You will pay back your personal loan in installments. Your payment amounts will be included in your loan agreement. You should confirm you are able to afford these repayments. You will also have a predetermined end date so you know when you will pay off your personal loan.
Home Equity Loan Option
If you have equity in your home, you could qualify for a home equity loan that allows you to borrow money for home improvements. However, a secured home equity loan is backed by your home. In other words, you are putting up your home as collateral in exchange for funding. If you fail to keep up with your payments, your lender could force the sale of your home in an extreme situation. Compared to personal loans, home equity loans may have more favorable interest rates, but personal loans do not require you to put up collateral to qualify for funding.
Summary
A personal loan for home improvements is a great choice for those who need quick funding and want a convenient application and approval process. Depending on your credit score, you can earn a competitive rate. If you have poor or no credit, there are personal loan lenders that will work with you like Uprova. How much you can borrow depends on the lender you work with and certain qualification factors like your credit score.
There are other options for funding your home improvement projects like a home equity loan if you have equity in your home. However, you may be required to put up your home as collateral and could risk losing it.
If you need fast funding, Uprova can help with up to $5,000 in funding if you qualify. Get started online today.