Tuesday, August 16th
2022 Home Improvement Loan Reviews
SuperMoney
- Loan referral service
- 14 lender network
- Loans up to $100,000
- Competitive APR's
- In operation since 2013
SuperMoney provides a comparison platform across a wide variety of financial services, from home improvement loans to banking. In business since 2013, this company has helped people make smart decisions with their money by providing objective and transparent information. SuperMoney has been featured by Huffpost, Forbes, Yahoo! Finance, Business Insider, and many other publications.
Your information is kept private
One aspect of SuperMoney that we really like is their promise not to sell applicants' data off to the highest bidder. If you've applied for a loan through a referral platform before, you're already familiar with the endless number of solicitations that can follow: phone, text, email, even regular mail. The way SuperMoney avoids all of that is by integrating their site directly with their lending partners, letting you compare your options with full transparency and zero pressure.
Just over a dozen network lenders
Another big plus is that there's no guessing who SuperMoney includes in their financial network - most of the lenders are listed right on their main page. The full list of lending partners is available on SuperMoney's Loans-specific page, and you can read client reviews without even applying. They don't have as much borrower feedback as some of their rival referral services, but it's still a good resource.
Simple, standard application questions
Your process begins when you click on "Get Competing Offers" and choose the category that best fits the intended purpose of your loan, from everyday expenses to major life events and major purchases. Move the slider to indicate the amount you owe or would like to borrow (depending on the loan category you selected), then use the next slider to enter your credit score. You'll be asked questions about your employment status, whether you own or rent, name/address/birthdate, and finally your Social Security Number (all to verify your identity and do a soft pull of your credit history). Before you're taken to your offers page, you'll need to create an account with SuperMoney.
Still have to complete application with chosen lender
Once you've reached your loan offers, you're given the option to finalize the application process on the lender's website. That means you'll have to take a few more steps to complete your loan application, as opposed to going directly to one of those partners' sites, but the additional legwork might be worth it if it lets you compare your options first.
Limited - but positive overall - client feedback
We're not sure why SuperMoney couldn't be found in the listings at the Better Business Bureau, given how long the company has been around. We were able to find just over 200 reviews elsewhere, and an impressive 96% of those gave the service a perfect five-star rating. Granted, not all of those reviews were specific to home improvement loans, but it's a good sign that SuperMoney delivers what it promises.
Good for doing research, better options out there
You can use SuperMoney to research lending companies and offers before choosing a home improvement loan. You'll get valuable information that might help you pick a loan and a lender that's right for you. But, compared with other loan referral services, SuperMoney doesn't have a reputation that's as well-established. Plus, many of their lending partners are also referral platforms, which could have you jumping through all of the same hoops a second time. SuperMoney is good - but not quite great. We hope to see continued progress from them in the home improvement loan marketplace.
More Home Improvement Loan Reviews
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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