Tuesday, April 22nd
2025 Home Improvement Loan Reviews
Upgrade
- Home improvement loans ranging from $1,000 to $50,000, structured as personal loans
- Origination fees from 1.85% to 9.99%, deducted from the loan amount
- Repayment terms from 24 to 84 months
- Accredited with an "A+” rating by the Better Business Bureau (BBB)
- Collaborates with two lending partners
- Collaborates with two lending partners
Founded in 2017, Upgrade has emerged as a prominent player in the financial services sector, offering a wide array of products tailored to meet the needs of consumers, including home improvement loans, rewards checking, credit cards, and financial literacy resources. With its headquarters in San Francisco and additional offices in Phoenix, Atlanta, Orange County, and Montreal, Upgrade has earned the trust of over 2.5 million customers, facilitating loans exceeding $24 billion since its inception.
No surprises in the application process
Applying for a home improvement loan through Upgrade is straightforward. Begin by specifying the desired loan amount, ranging from $1,000 to $50,000, and indicating the purpose of the loan. (Be aware that, regardless of the purpose, loans offered by Upgrade are all structured as personal loans.) Provide personal information for yourself and any co-applicants, and disclose annual income details, with specific guidelines outlined for self-employed individuals.
ID verification required
Finally, to access loan rate quotes, create an account with Upgrade using your email address and chosen password. Identity verification requires providing your full Social Security Number. In instances where Upgrade cannot locate your credit profile, you will be notified of the denial and that's as far as you'll be able to go.
Origination fees deducted from loan
You'll need to factor in origination fees, which can range from 1.85% to 9.99%. Failing to account for these fees could result in an unwelcome surprise when your funded amount is less than you expected (because the fees are taken from the proceeds prior to landing in your account), so use that knowledge when deciding how much money is needed for your home improvement project.
A-B-C from the BBB
Upgrade collaborates with two financial partners, Cross River Bank and Blue Ridge Bank, to facilitate home improvement loans. While Cross River Bank holds a "C-" rating from the BBB, Blue Ridge Bank enjoys a more favorable "B+" rating. Despite those varying partner ratings, Upgrade maintains an "A+" BBB rating, giving us some confidence in its overall service quality.
Lots of compliments from clients
With nearly 40,000 Trustpilot reviews, Upgrade maintains a strong reputation, with 92% of customers awarding the company a 4- or 5-star rating. Although some customers make reference to experiencing slightly longer processing times than anticipated, the majority offer praise for the quick, easy, and reliable loan application process. Notably, Upgrade's willingness to accommodate borrowers with credit scores below 600 resonates positively with customers, especially those who've been turned down for home improvement loans in other places.
Good but not quite great
Upgrade receives a modest rating from us. While it remains a reliable option when you need cash for a home improvement project, particularly if you have a lower credit score, steep origination fees and high interest rates keep Upgrade from being able to compete with our higher-ranking lenders.
More Home Improvement Loan Reviews
The 10 Best Home Improvement Loans
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.
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.
Home Improvement Loan FAQ
Continued from above...
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:
- Referral service or direct lender. Do you want to compare loan offers from multiple financial institutions at once? Then choose a site that serves as a referral platform. But, if you'd prefer the peace of mind that comes from a single application with a lender you already know and trust, you've got solid options that way as well. It's a matter of personal preference.
- Borrower qualifications. Does the lender or platform have any minimum criteria you'll need to meet, in order to be eligible for a home improvement loan? That could be a particular credit score, monthly income, or even a particular state of residence.
- Maximum loan amount. If you've got a major home improvement project in mind, you may need more than a few thousand bucks to get it done. Some lenders cap their loans at $35,000 (or less), so check that out first.
- Reputation. Have other homeowners successfully used the site to get the funding they needed? Were there any surprises during the application process or afterwards? Has the lender or the referral platform been rated by the BBB?
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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