6 Best Personal Loans for Home Improvement Projects

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How Student Loan Hero Gets Paid

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Student Loan Hero Advertiser Disclosure

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Whether it’s laying down new pipes, upgrading your kitchen, or finally installing that pool, there comes a time in every homeowner’s life when renovations are necessary.

But even if you’ve figured out the costs and how much you need to borrow with the right home improvement loan, there’s still the tall task of finding the best lender.

That’s why we’ve laid the groundwork on how to choose the best personal loans for home improvement projects.

Plus, we’ve compiled a list of the best personal loan companies offering home improvement loans today. Find out if one of these lenders is right for you.

How to choose personal loans for home improvement

A home improvement loan might only be as good as the lender offering it. To find the right lender, consider these factors:

  • Loan type: You’ll want to study the differences between secured and unsecured personal loans. Unsecured personal loans rely on your credit history, while secured loans require you to put up collateral — such as your home — to borrow.
  • APR: Make sure you’re comparing lenders’ APRs — that is, the interest rate plus the origination fee for borrowing. To find the best possible rate, make sure your credit score is at its best before you apply. Also, you might see a lender offering a low promotional interest rate. But that promotional period will eventually end and, depending on your credit score, that low APR could climb to double digits.
  • Repayment term: Personal loans are typically known for one-, three-, and five-year repayment terms. But if you want a longer term, take the time to find a lender that offers it. Just remember that the longer your term, the more interest you’ll have to fork over. Consult our personal loan calculator to see the differences.
  • Other benefits: You might also prioritize a lender that allows you to use a cosigner’s better credit history to score a lower rate or look for a lender offering repayment protections. Whatever perk is important to you, don’t sign on the dotted line without getting it in writing.

You might also be considering personal loans for home improvement to drive up the value of your home.

Just be sure that the kitchen remodel or bathroom addition will actually add value. You wouldn’t want to borrow $10,000 for a project, for example, that only increases a house’s worth by $5,000. Consult a professional appraiser if you’re unsure about the impact of your project.

6 best companies offering personal loans for home improvement

If you’re certain about taking out personal loans for home improvement, check out these six online lenders. See which one offers the best option for you based on the following rates, terms, fees, and requirements.

1. LendingClub

  • LendingClub personal loan applicants can qualify with no minimum income
  • Choose from multiple offers using the online credit marketplace
  • Borrow between $1,000 and $40,000
  • No prepayment penalties
  • If your payment is more than 15 days late, you might be charged a late payment fee of 5.00% of your unpaid payment or $15, whichever is greater. The fee is charged once for each late payment.
  • Origination fee between 3.00% - 6.00% of the loan balance
  • 36 or 60 month repayment terms
  • LendingClub personal loan APRs range from 10.68% to 35.89%

2. Earnest

  • Earnest personal loan applicants can qualify with a minimum credit score of 650
  • Your education, spending habits, and work experience also determine your interest rate
  • Disburses funds within 48 hours of approval
  • Borrow between $5,000 and $75,000
  • No prepayment penalties
  • No origination fees
  • Repayment terms between 36 to 60 months
  • Earnest personal loan APRs range from 5.99% to 17.24%

3. Avant

  • Avant personal loan applicants can qualify with a minimum credit score of 600 and no minimum income
  • Borrow between $2,000 & $35,000
  • No prepayment penalties
  • Late fee of $25 if a scheduled payment is not paid in full within 10 days after its due date
  • Origination fee of Up to 4.75% of the loan balance
  • Repayment terms between 24 to 60 months
  • Avant personal loan APRs range from 9.95% to 35.99%

4. SoFi

  • SoFi personal loan applicants need a $50,000 minimum income to qualify
  • Promises to reveal your rate in two minutes
  • Borrow between $5,000 & $100,000
  • Offers late-fee forgiveness after three consecutive on-time payments
  • Includes unemployment protection that allows you to pause your repayment
  • No prepayment penalties or origination fees
  • Repayment terms between 24 to 84 months
  • SoFi personal loan APRs range from 5.99% to 19.16% fixed

5. FreedomPlus

  • FreedomPlus personal loan applicants can qualify with a minimum credit score of Varies and no minimum income
  • Offers same-day approval and funds within 48 hours
  • Borrow between $7,500 & $40,000
  • No prepayment penalties
  • Origination fee between 1.99% - 4.99% of the loan balance
  • Repayment terms between 24 to 60 months
  • Choose your payment date
  • FreedomPlus personal loan APRs range from 7.99% to 29.99%

6. Upstart

  • Upstart personal loan applicants can qualify with a minimum credit score of 600 and $12,000 minimum income
  • Your education and work experience also determine your interest rate
  • Promises to reveal your rate in two minutes
  • Borrow between $1,000 & $50,000
  • No prepayment penalties
  • Origination fee Up to 8.00% of the loan balance
  • 36 or 60-month repayment terms
  • Upstart personal loan APRs range from 7.86% to 35.99%

Other home improvement loan alternatives

You’ll benefit from comparing APRs on home improvement loans, but ensure you’re comparing these offers from different types of lenders.

A credit union, for example, might be able to offer you repayment protection should you become disabled. A traditional bank, on the other hand, could offer to beat the rates of any competitor.

Ensure that everything you want from a personal loan for home improvement is met by your lender.

The best use of personal loans for home improvement is when renovations are necessary for safety reasons. If you’re in that or a similar situation, consider these two alternatives to a personal loan before moving forward:

  • Home equity loan: This could help if you don’t have the credit (or cosigner) to score a low rate on a personal loan. It comes with the disadvantage, however, of putting up your home as collateral. If you default during repayment, you could lose the house.
  • Title I Home and Property Improvement loan: A federally insured loan could be more advantageous if you only need to borrow a smaller amount. You wouldn’t have to secure the loan with collateral unless you borrowed more than $7,500.

Ask yourself one more time if it’s necessary to borrow money for your home improvement project. If it’s a smaller fix that can be solved by some determined saving, a loan might not be necessary.

Get multiple custom offers at once

Forget filling out tons of forms. Finding your best personal loan rate is now easier than ever.

Disclaimer: Student Loan Hero is a subsidiary of LendingTree.
See how this worksNMLS #1136: Terms & Conditions Apply

Interested in a personal loan?

LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appears on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 19.16%1 $5,000 to $100,000
7.86% – 35.99% $1,000 to $50,000
5.94% – 35.97%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $40,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.82% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your creditworthiness, years of professional experience, income and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5.  

    Rates and terms vary by state.

3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

Personal loans made through Upgrade feature APRs of 5.94%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.