Where Can You Get the Best Home Improvement Loans? Need some extra cash to make some changes to your house? Home improvement loans are here to help you tackle those renovation projects. Whether you're planning to overhaul the kitchen with all-new cabinets and countertops, get rid of that 70s-style bathroom, or add curb appeal to your property, these loans provide the financial support you need to make it happen.
Good
You'll understand from the name that LendingClub started out as a peer-to-peer platform, where everyday people invested in other everyday people to fund their loans. That was the case back in 2007, but since then LendingClub has expanded to become its own bank, not relying on peer lending to get the job done anymore. It seems to be working: there have been 4 million people who have secured over $90 billion in funds through this platform.
Borrow up to $40K
Your home improvement loan via LendingClub will be structured as a personal loan, up to $40,000. You'll still put "Home Improvement" as the purpose, though. When you click on "check your rate", you'll be asked to enter your name and email address to create an account. You'll also provide your address, birthdate, phone number, and total annual income, all to verify your identity and make you a loan offer. If LendingClub can't verify your identity that way, you'll be asked for your full SSN. Once your identity is confirmed, LendingClub will make you an offer.
No disclosure of rates until you get an offer
What will that offer look like? Of course, it will depend on how much you're trying to borrow, your overall credit profile, your income, and so forth. But, there are some monthly payment examples you can find on the Personal Loan Rates & Fees page if you're interested.
Pay attention to origination fees
You should be aware that LendingClub does charge origination fees on their home improvement loans. Your rate will depend on your credit score, but expect it to be somewhere between 3-8%.
Good customer reviews
People can't say enough positive things about their experience with LendingClub. On Trustpilot alone, more than 4,500 people have taken the time to give this service a flawless 5-star score, many of whom are repeat customers that have benefited from these no-hassle loans. Common compliments include praise for how fast the loans are funded, how quick it is to apply, and how competitive the loan rates and terms are when compared with rivals' offers. The Better Business Bureau agrees, giving LendingClub a perfect "A+" rating and accreditation.
Earns points for transparency
And, even though LendingClub is willing to show you everything on their site (the good, the bad, and the ugly), the unfiltered and authentic reviews on their own platform still average out to an incredible 4.83/5 stars - over nearly 70,000 ratings. While scrolling through them reveals that most borrowers here are consolidating debt, we spotted a few that had "remodel" as their purpose too.
Worth considering on reputation alone
On the downside, LendingClub has some steep origination fees not changed by some of the higher-rated options on our list. But, it's impossible to ignore the tens of thousands of people who absolutely rave about how easy it is to get money quickly through this platform, and those repeat borrower testimonials are pretty compelling. In the end, LendingClub's good track record with its happy clients was enough to earn them a positive rating.
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Need some extra cash to make some changes to your house? Home improvement loans are here to help you tackle those renovation projects. Whether you're planning to overhaul the kitchen with all-new cabinets and countertops, get rid of that 70s-style bathroom, or add curb appeal to your property, these loans provide the financial support you need to make it happen.
When it comes to applying for a home improvement loan, going online offers you a convenient and accessible option. It's no wonder that online home improvement loans have become so popular. With just a few clicks, you can explore a variety of lenders and loan terms from the comfort of your own home.
Online applications streamline the process, eliminating the hassle of in-person appointments and extensive paperwork. Instead, you can submit your application quickly and easily, receiving loan offers and getting funds deposited - all without ever leaving your computer or smartphone.
Before you start filling out applications, it's important to understand that not all loans labeled as "home improvement loans" are structured the same way. Some are specifically tailored for home-related projects, while others, particularly those offered online, are often personal loans.
Personal loans provide you with a lump sum of money that you can use for various purposes, including home improvements. Unlike home equity loans or lines of credit (HELOCs), which are secured by the equity in your home, personal loans are unsecured and don't require collateral.
The distinction between personal loans and HELOCs is crucial for you to understand. HELOCs allow homeowners to borrow against the equity in their homes, making them ideal for large-scale renovations or projects that require substantial funding. While HELOCs may offer lower interest rates and tax benefits, they also come with the risk of losing your home if you default on payments.
On the other hand, personal loans offer you flexibility and accessibility. They don't require equity in your home, making them accessible to homeowners with limited equity or those who don't want to put their homes at risk. Personal loans often come with fixed interest rates and repayment terms, simplifying budgeting and planning for you. Additionally, the application process is typically faster, with funds disbursed quickly - sometimes within a few days of approval.
So, with all of the options out there, how can you tell where to start your search for a home improvement loan? Here are some ideas for sifting through the various platforms and choosing the right one for you:
Ready for renovations? The experts at Top Consumer Reviews have reviewed and ranked some of today's most frequently-used sites for home improvement loans, so that you can turn your ho-hum house into something truly Insta-worthy in no time.
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