Tuesday, August 16th
2022 Home Improvement Loan Reviews
LendingTree
- Referral service that matches you with up to 5 lending partners
- Loans available from $1,000 to $50,000
- Good interest rates
- Repayment terms between 61 days and 180 months
- "A+" rated and accredited by the BBB
- 24+ years in business
LendingTree is part of a large financial brand family that also includes Ovation Credit Services, Student Loan Hero, and QuoteWizard. Each brand focuses on specific financial services, and LendingTree gives you access to borrowing options for mortgages, auto loans, and, of course, home improvement loans.
Broad database of lenders
One of the reasons why we would choose LendingTree over other home improvement loan referral services is their extensive lender database. This site makes it extremely easy to learn about any lenders who make you a loan offer, from company history to hundreds (if not thousands) of client reviews. That's important, because LendingTree has financial partners you've probably never heard of - and reading through their detailed reviews can set your mind at ease that your home improvement loan is in good hands.
Basic application process
How do you get started with finding a home improvement loan through LendingTree? That's easy: first choose the purpose of your loan, such as paying off debt or making a major purchase, in the dropdown box. Then move the slider to the amount you're requesting, and indicate how quickly you need the money (anywhere from "within 48 hours" to "unsure, just browsing rates" ). From there, you'll be asked for your address, your credit score range, your birthdate (to verify your identity), pre-tax income, and several other basic questions.
Optional account benefits
In the last step of the account-creation process: you'll be asked if you want to include a free My LendingTree account, which comes with complimentary credit monitoring and monthly score reports, dark web monitoring, and more. Important - you'll automatically be enrolled into this service if you don't uncheck the box.
See up to five lender offers
The next screen will provide you with home improvement loans offered by LendingTree partners, assuming your information was verified. You then click on the loan offer that best meets your needs, complete any lender requirements, and you're on your way to getting your funds. If you aren't matched with any home improvement loans, expect to get recommendations for budgeting tools and money management advice.
Thousands of 5-star reviews
LendingTree has a positive reputation with more than two decades in operation, including accreditation and an "A+" rating from the Better Business Bureau. Out of nearly 10,000 independently-verified reviews, the company received over 7,600 perfect five-star ratings from clients.
Not all a bed of roses
You should be aware that LendingTree has its share of complaints, too. Many customers have reported a spam-like volume of calls, emails, and texts after completing the application process. Some customers report still receiving calls for weeks after applying for a loan through LendingTree. They should do a better job controlling their lending partners, especially when it comes to contacting their customers.
Great choice for getting multiple loan offers
If you want the most hassle-free way to compare a variety of home improvement loan offers from multiple financial institutions, LendingTree is a great choice. The service is easy to use and will very likely match you with a loan that fits your needs.
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The 8 Best Home Improvement Loans
Where Can You Find the Best Home Improvement Loans?
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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