Thursday, September 28th
2023 Home Improvement Loan Reviews
Credible
- Loans available from $1,000 to $100,000
- Wide range of interest rates
- Referral service that matches you with lending partners
- Best Rate Guarantee (terms apply)
- "A+" rated and accredited by the BBB
Getting a home improvement loan can be a hassle, but it doesn't have to be. Credible simplifies the process by giving you access to more than a dozen lenders with a single application. Since 2012, this service has connected consumers with the loans they need, with fully-vetted partners that meet the highest criteria for transparency and fairness.
Loan referral service
So, to be clear, you can't get a home improvement loan from Credible. Instead, your application (which only takes a few minutes to complete) is used to give you a results list of lenders that meet your needs, with loans that can range from $1,000 to $100,000. During the application process, you'll provide critical details like your employment status and credit score range, educational background, and your Social Security number.
Soft credit pull
Credible performs a "soft pull" - which will not impact your credit score, as you may already know - and then matches you with lenders who are willing to give you a loan. It's up to you to determine which lender has the home improvement loan that is the best fit for your situation. Terms vary depending on which one you choose, and the interest rates they offer can vary widely.
Best Rate Guarantee - but read the terms
One perk that Credible offers is a Best Rate Guarantee. If you find better rates with another lender and close on a home improvement loan with that provider, you could be eligible for a $200 payment from Credible. We recommend that you read the terms and conditions (by clicking on the Learn More button in the Best Rate Guarantee pop-out), because there are certain criteria that have to be met (like submitting your request within 7 days of closing on your home improvement loan with someone else).
Good reputation
We were very happy to see that Credible has a strong, positive reputation. They've earned an "A+" and accreditation from the BBB, and more than 3,000 customers have given this service a flawless 5-star rating. Compliments include praise for Credible's reliability and easy-to-use website.
Worth consideration
Of course, with all that said, at the end of the day you'll still wind up having to get your home improvement loan from an actual lender. That means that even though Credible offers some time savings with a one-application-fits-all process, you'll still have to take the extra step of due diligence to ensure that the lender you ultimately select is giving you a loan that you can pay back on time and with interest rates you can afford.
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If you're looking to finally renovate that kitchen straight out of the 70's, or build on the extra bedroom you need, chances are good that you don't just have the cash sitting around to get it done. Most homeowners use a home improvement loan to access the funds required to turn their house into a "home sweet home" .
There are several types of financing that can be used to make improvements or repairs. These depend on a variety of factors: the amount of equity you have already built up in your property, your credit history, and the amount of money you need.
Home Improvement Loan FAQ
Continued from above...
If you have little equity in your home - in other words, you haven't made many payments on your mortgage yet, and you didn't put down much money at closing - you'll most likely use a home improvement loan to fund your projects. These loans are based on your overall credit history; the higher your credit score and the lower your debts, the better rates and terms you'll get.
On the other hand, if you've built up equity in your home, you'll be able to access three other types of home improvement loans: cash-out refinancing, a home equity loan (HEL), and a home equity line of credit (HELOC). Each type has its ins and outs, and not every loan type is appropriate for a particular borrowing need. For example, a cash-out refinance is great if you can reset your mortgage at a much lower interest rate - but it also comes with closing costs (which can sometimes be rolled back into the loan amount). HELOCs let you take money out as-needed, but interest rates can be higher than some home equity loans and are often adjustable: your payments may increase in the future.
As you can see, choosing a home improvement loan leaves you with some research to do. While considering your options, here are some guidelines to help clarify which service you should use:
- Loan Amount. How much money can you borrow? Some lenders offer loans up to $100,000, while others cap their limit at $35,000 - or lower. Can you get all the money you need from the lender you choose?
- Loan Terms. How much will you pay in interest for your home improvement loan? How long will you have to repay the total amount borrowed? Are there any origination fees, prepayment penalties, or other costs?
- Transparency. How much does the company tell you upfront about their loans? Is it easy to get a quote without a credit check? Does the provider tell you how much you should expect to pay in fees, their average interest rates, and their minimum eligibility requirements?
- Direct lender or referral service. Some home improvement loan companies offer you funding directly, while others have partnerships with lenders and let you compare offers. A referral service is an easy way to compare loans and terms, but you may be spammed for weeks with annoying emails and calls from lenders.
- Reputation. What do other homeowners have to say about the experience of getting a home improvement loan through the service? Is help readily available from knowledgeable company reps? Has the Better Business Bureau given the provider a strong rating?
TopConsumerReviews.com has evaluated and ranked the best options for home improvement loans available today. We're confident that this information will help you get the money you need for your next big project!
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