Best Home Improvement Options

Best home improvement options

The 6 best home improvement loans

Home improvements can take on many forms. Some, like a new roof, may be required maintenance.

Best home improvement options

Others, like an additional bathroom or an in-ground pool, may add value for your family or attract potential buyers. 

Regardless of why you invest in a home improvement project, one thing is certain: It can be quite costly.

The average roof replacement, for example, can cost anywhere from $4,707 to $10,460, and a new pool may run from $28,000 to $55,000, both according to HomeGuide. 

Home improvement loans can offer easy and flexible funding for your project, whatever it is.

Get the Right Loan for the Job

This guide will explain what you need to know to choose a home improvement loan as well as some of the best lenders based on your credit.

On this page:

*With AutoPay

The 6 best home improvement loans

Home improvement financing comes in a few forms, but the most popular method is a personal loan.

Personal loans are typically unsecured (no collateral required), can be used for a variety of purposes, and often provide quick access to cash. 

You can find home improvement loans from a variety of lenders, including online lenders, local banks, and credit unions.

The top 7 home improvements to increase sales price

But before you apply, you should compare several options to find the best deal for your unique situation.

The right lender can change based on your financial status, so we’ve rated the best personal loans for home improvement based on borrower credit scores:

If you have good credit

LightStream

For borrowers with good-to-excellent credit, LightStream has some of the best rates available. This arm of SunTrust Bank allows eligible applicants to borrow as much as lightstream-perl-43-amounthigh, making it a good option if you need to make expensive or large-scale home improvements. 

  • LendEDU rating: 5.00 / 5.00
  • Minimum credit score:lightstream-perl-43-mincreditscore
  • Loan amount:lightstream-perl-43-amountlow – lightstream-perl-43-amounthigh
  • APRs:lightstream-perl-43-fixlow% – lightstream-perl-43-fixhigh% fixed
  • Origination Fee:lightstream-perl-43-origfee
  • Discounts:lightstream-perl-43-autopayreduc interest rate reduction for enrolling in autopay
  • Full review: LightStream Personal Loans Review

SoFi

SoFi is a good option if you are planning home repairs, want to take advantage of lower rates, and don’t need instant access to cash.

Best home improvement options

Approval can take up to seven days, but its low rates could be worth the wait. Plus, SoFi offers repeat customer discounts.

  • LendEDU rating: 4.87 / 5.00
  • Minimum credit score:sofi-perl-36-mincreditscore
  • Loan amount:sofi-perl-36-amountlow – sofi-perl-36-amounthigh
  • APRs:sofi-perl-36-fixlow% – sofi-perl-36-fixhigh% fixed; sofi-perl-36-varlow% – sofi-perl-36-varhigh% variable
  • Origination Fee:sofi-perl-36-origfee
  • Discounts:sofi-perl-36-autopayreduc interest rate reduction for enrolling in autopay 
  • Full review: SoFi Personal Loans Review

PNC

PNC offers personal loans of as little as pnc-perl-1142-amountlow, so it’s a good option if you need to finance smaller home renovations.

It’s also a good option if you already have a banking relationship with PNC and are looking for a streamlined funding process.

Best home improvement options

 

PNC offers both secured and unsecured loans. We’ve rated its unsecured personal loan for home improvement:

  • LendEDU rating: 4.75 / 5.00
  • Minimum credit score: Not Disclosed
  • Loan amount:pnc-perl-1142-amountlow – pnc-perl-1142-amounthigh
  • APRs:pnc-perl-1142-fixlow – pnc-perl-1142-allhigh fixed
  • Origination fee:pnc-perl-1142-origfee
  • Discounts:pnc-perl-1142-autopayreduc interest rate reduction for enrolling in autopay
  • Full review: PNC Personal Loans Review

If you have fair credit

Marcus

Marcus, the online consumer banking arm of Goldman Sachs, offers a personal loan specifically for home improvements.

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You can use it for many projects, including a new roof, windows, home additions, plumbing updates, and even new appliances.

Loans are typically funded within five days. 

  • LendEDU rating: 5.00 / 5.00
  •  Minimum credit score:marcus-perl-56-mincreditscore
  • Loan amount:marcus-perl-56-amountlow – marcus-perl-56-amounthigh
  • APRs:marcus-perl-56-fixlow% – marcus-perl-56-fixhigh% fixed
  • Origination Fee:marcus-perl-56-origfee
  • Discounts: Not disclosed
  • Full review: Marcus by Goldman Sachs Personal Loans Review

FreedomPlus

FreedomPlus personal loans can be funded in as little as 48 hours, making the lender one of the best options if you need money quickly.

However, this lender has a minimum loan requirement of freedomplus-perl-53-amountlow. 

  • LendEDU rating: 4.38 / 5.00
  • Minimum credit score: Not disclosed
  • Loan amount:freedomplus-perl-53-amountlow – freedomplus-perl-53-amounthigh
  • APRs:freedomplus-perl-53-fixlow% – freedomplus-perl-53-fixhigh% fixed
  • Origination Fee:freedomplus-perl-53-origfee
  • Discounts: Not disclosed
  • Full review: FreedomPlus Personal Loans Review

If you have bad credit

OneMain Financial

Aside from being good for borrowers with bad credit, OneMain Financial is a good option for small home improvement projects because of its low loan minimum of onemainfinancial-perl-51-amountlow.

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You can be approved in as little as one day and receive funds one to two days after approval. 

  • LendEDU rating: 5.00 / 5.00
  • Minimum credit score: Not disclosed
  • Loan amount:onemainfinancial-perl-51-amountlow – onemainfinancial-perl-51-amounthigh
  • APRs:onemainfinancial-perl-51-fixlow – onemainfinancial-perl-51-fixhigh fixed
  • Origination Fee:onemainfinancial-perl-51-origfee
  • Discounts: Not disclosed
  • Full review: OneMain Financial Personal Loans Review

How we rate home improvement loans

We rate personal loans based on the weighted average of several data points relative to other products in the same credit category: bad credit, fair credit, and good credit.

You can read more about our methodology here.

Pros & cons of using a personal loan for home renovation

  • Quick access to funding.
  • Flexible funding you can use for pretty much anything.
  • Options for borrowers of all credit levels.
  • Unsecured, so there’s no collateral on the line.

  • Interest rates may be higher than other financing options.
  • No tax benefits to using a personal loan for home repairs.
  • Minimum loan amounts may be higher than the cost of small home improvements, putting you in more debt than you need.

Home improvement loan rates

Home improvement loan rates, like those associated with other types of financing, vary by lender and based on your creditworthiness.

How Much Do You Need?

Interest rates can range from about 3.99% to 35.99%.

You may be able to find a lower rate if you finance your home improvements with a home equity loan or a home equity line of credit.

However, these come with their own drawbacks, including putting your home on the line. 

What can a home improvement loan be used for?

A personal loan isn’t the only way to finance home improvements, but it is one of the most flexible options.

You can use the borrowed funds for just about anything. The only trick is finding a personal loan lender that offers large loan amounts.

The same may not be true for other types of home improvement financing options.

For instance, if you take out a VA home improvement loan

APR Range

4.99% – 13.29%*
with AutoPay

Loan Amounts

$5,000 – $100,000

APR Range

5.74% – 16.99%

Loan Amounts

$5,000 – $100,000

APR Range

5.99% – 11.49%

Loan Amounts

$1,000 – $35,000

Min.

Best home improvement options

Credit Score

Not disclosed

APR Range

marcus-perl-56-alllow – marcus-perl-56-allhigh

Loan Amounts

marcus-perl-56-amountlow – marcus-perl-56-amounthigh

Min.

Credit Score

marcus-perl-56-mincreditscore

APR Range

freedomplus-perl-53-alllow – freedomplus-perl-53-allhigh

Loan Amounts

freedomplus-perl-53-amountlow – freedomplus-perl-53-amounthigh

Min.

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Credit Score

Not Disclosed

APR Range

onemainfinancial-perl-51-alllow – onemainfinancial-perl-51-allhigh

Loan Amounts

onemainfinancial-perl-51-amountlow – onemainfinancial-perl-51-amounthigh

Min.

Credit Score

Not Disclosed