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.
Poor
From the get-go, Personal Loans will probably not be your favorite option to get funding for your home improvement projects. First off, the service is operated by a company called IT Media: not exactly what we would call a financial institution or lending powerhouse. In fact, Personal Loans is strictly a referral service, passing you along to partners who pay to receive your info. Is that always a bad thing? Not necessarily, but let's get a little deeper into how Personal Loans works and you can decide for yourself.
You'll get more than you bargained for
You'll start out by entering the amount you'd like to borrow, ranging from $250 to $35,000. Note the fine print: by putting in just that detail, you're consenting to receive marketing communications from companies not just offering loans, but also those who specialize in credit repair, banking, and credit monitoring.
No focus on home improvement loans
On the next page, you'll be asked for your zip code, last 4 digits of your SSN, and your date of birth. That's presumably for the purpose of running a soft credit check and identity verification, but Personal Loans doesn't come out and tell you that. As you work your way through the process, you'll also be asked what you plan to use the loan for - and, out of the long list of options, "home improvement" doesn't even make an appearance, so you'll have to decide if you want to classify it as "major purchase" or "other".
Unchecking the box isn't really an option
The rest of the application gets extremely personal: employer contact information, full SSN, and so on. Not sure about you, but that makes us pretty uncomfortable, being asked for that level of detail on a website that doesn't tell you upfront what they can offer you or the specifics of where that information is going to be shared (or sold). We got excited when one of the last pages allowed us to opt out of "other credit-related offers"...until we realized that when we unchecked that box, we were unable to continue with the online application. That's tricky and not cool, Personal Loans.
Takes you to a third-party site
After we submitted our information (yes, fake, because at this point we didn't trust Personal Loans enough to give them the actual details), we were taken to a page that said some of their partners were interested in offering us a loan considerably lower than we had requested. We were then asked to provide our bank routing and account numbers. Finally, we landed on a completely different URL and were invited to start the borrowing process at one of five recommended lending partners.
Not transparent
All of that felt like a long, slow fall down the rabbit hole. Despite Personal Loans' parent company having an "A" rating from the Better Business Bureau, we have no confidence in this service. The site asks for far too much info from prospective borrowers, with no reassurances or disclosures regarding where that sensitive information will be shared. Plus, there's almost no current feedback from anyone using Personal Loans and being happy about it, "A" from the BBB aside.
Avoid using this site
By now, you've probably reached the same conclusion we did: Personal Loans is at the bottom of the list for home improvement loans. Lucky for all of us, there are options out there that make it easy to get the money we need for those big projects, and that do it in a way that feels comfortable and safe. Here's a hint: you'll find some of those options right at the top of our list. So, don't waste your time with Personal Loans and take a look at the higher-ranking home improvement loan providers in our review instead.
Continued from above...
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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