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Home improvement loans

Name: Credible Home Improvement Loans
Brand: Credible
Rating: 4.8 (7979 reviews)

Get the funding you need to make your dream renovation a reality.

Rates from 6.94% APR¹
Loan amounts from $1,000 to $200,000
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Compare home improvement loan rates from top lenders in November 2024

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Filters$20,000 loan amount and 700-749 credit score, ordered by APR

Discover Personal Loans

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Rates from (APR)

7.99-24.99%

Loan term

3 - 7 years

Loan amount

Up to $40,000

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Discover Personal Loans: Best for no origination fees (and low rates)

Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.

Funds are available as soon as the next business day after loan approval.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 660

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: $39

Time to fund: Funds can be sent as soon as the next business day after acceptance

Happy Money

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Rates from (APR)

8.95-17.48%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Happy Money: Best for consolidating credit card debt

Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.

You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 640

Origination fee: 2% to 5%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as 2 - 5 business days after verification

SoFi

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Rates from (APR)

8.99-29.99%³

Loan term

2 - 7 years

Loan amount

Up to $100,000

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SoFi: Best for personal loans for excellent credit

SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.

The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: Does not disclose

Origination fee: 0% - 7%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Typically within a few days, given approval and bank account verification

Prosper

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Rates from (APR)

8.99-35.99%

Loan term

2 - 5 years

Loan amount

Up to $50,000

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Prosper: Best for peer-to-peer lender

Prosper is the only remaining true P2P marketplace in the peer-to-peer lending space that connects borrowers with individual investors for some loans. If you apply for a loan with Prosper, the funding may come from an individual who has chosen to invest in you. Prosper offers personal loans between $2,000 and $50,000 with terms between 2 and 5 years, and funding as soon as one business day. You can use a personal loan through Prosper for a variety of purposes, including debt consolidation and home improvement. The platform has excellent customer service reviews on Trustpilot, as well.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 640

Origination fee: 1% to 9.99%

Check processing fee: $5 or 5% of the payment (whichever is lower)

Do they allow a cosigner: Yes

Late fee: 5% of late payment or $15 (whichever is greater)

Time to fund: 1 business day following acceptance of loan offer, completion of all necessary verification steps and final approval. One business day is also dependent on your bank’s ability to quickly process the transaction.

Avant

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Rates from (APR)

9.95-35.99%

Loan term

2 - 5 years

Loan amount

Up to $35,000

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Avant: Best for all credit types

Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.

Prepayment penalty: None

Unsuccessful payment fee: $15

Minimum credit score: 550

Origination fee: 0.95% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $25

Time to fund: As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)

Reprise Financial

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Rates from (APR)

9.99-35.99%

Loan term

3-5 years

Loan amount

Up to $25,000

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Reprise Financial: Best for bad credit

Reprise may be an excellent option if you need a loan with bad credit. The lender says it will consider applicants with FICO scores as low as 560, and offers secured loans as well as some cosigned loans to help you qualify. Loan funds can be available the next business day once you’re approved. Plus, the company has a 4.7 Trustpilot rating — indicating generally satisfied customers. But Reprise is not for everyone. Available loan amounts are relatively low at $25,000, and the minimum repayment term is relatively high at three years. The lender also charges origination fees, does not offer discounts, does not consider income from self-employment, and is not available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: Return Payment Fees - $20 except where state has a different limit (ie – NM)

Minimum credit score: 560

Origination fee: 0% to 6%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Late Fees - $15 except where the state has a different limit (ie. NM)

Time to fund: If your loan is funded by 3pm CST (not including weekends or holidays) you will receive your funds the next business day.

Upgrade

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Rates from (APR)

9.99-35.99%

Loan term

2 - 7 years

Loan amount

Up to $50,000

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Upgrade: Best for fair credit

Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.

However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 600

Origination fee: 1.85% to 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: Within a day of clearing necessary verifications

Citibank

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Rates from (APR)

11.49-20.49%⁷

Loan term

1 - 5 years

Loan amount

Up to $30,000

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Citibank: Best for no fees

Citi offers no-fee personal loans to borrowers with very good credit (a FICO credit score of 720 or higher). No-fee means no origination fees and no late fees, and Citi is one of very few lenders that don’t charge either. (Origination fees are deducted from the loan upfront, reducing the amount you receive).

Though Citi requires a relatively high credit score to qualify, its minimum income requirement is low. The company also offers a generous 0.50 percentage point autopay discount and makes same day funding available to current Citi customers.

Citi offers relatively small loans, as low as $2,000. But the maximum amount you can borrow is capped at $30,000, which is less than most of its competitors. Another drawback is that the minimum APR is relatively high. Just keep in mind that even with excellent credit, you may not qualify for a lender’s lowest advertised rate, which is one reason it’s good to prequalify with multiple lenders before applying.

Citi personal loans are available nationwide.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 720

Origination fee: None

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: Same day with an existing Citi account, or within 2 business days with a non-Citi account

Universal Credit

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Rates from (APR)

11.69-35.99%

Loan term

3, 5, or 7 years

Loan amount

Up to $50,000

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Universal Credit: Best for debt consolidation loans for bad credit

Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.

Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.

Prepayment penalty: None

Unsuccessful payment fee: $10

Minimum credit score: 560

Origination fee: 5.25% - 9.99%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $10

Time to fund: As soon as 1 business day after acceptance

Zable

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Rates from (APR)

12.95-30.00%

Loan term

1 - 5 years

Loan amount

Up to $35,000

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Zable: Best for short-term loans and same day funding

Zable offers relatively small loan amounts — ranging from $1,000 to $25,000 — that can be deposited in your account as soon as the same day you are approved, if it is by the lender's deadline. It’s an option for fair-credit borrowers, with a minimum credit score of 600, as well as those with lower incomes.

Its origination fees range from 5% to 9%, however, and it does not offer discounts, secured loans, nor the option to add a cosigner to your application. Zable also currently does not offer loans in 21 states.

Prepayment penalty: None

Unsuccessful payment fee: None

Minimum credit score: 600

Origination fee: 5% to 9%

Check processing fee: None

Do they allow a cosigner: No

Late fee: None

Time to fund: As soon as the same business day if approved by 3:30pm Eastern Time

LendingUSA

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Rates from (APR)

13.00-29.99%

Loan term

3, 4, or 5 years

Loan amount

Up to $50,000

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LendingUSA: Best for interest-free merchant financing

Lending USA offers funding for a wide array of products and services, and sometimes offers six-month interest-free promotions on loans made through its merchant partners. Loans made through Credible are available for debt consolidation, credit card refinancing, and home improvement, and are best for borrowers with good credit or fair credit.

Just note that you may be charged an origination fee, and loans aren’t available nationwide. If applying via Credible, you should have a minimum FICO score of 660 to qualify.

Prepayment penalty: None

Unsuccessful payment fee: Yes

Minimum credit score: 660

Origination fee: 5%

Check processing fee: None

Do they allow a cosigner: No

Late fee: Yes

Time to fund: 1-3 business days

Reach Financial

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Rates from (APR)

14.30-35.99%

Loan term

2 - 5 years

Loan amount

Up to $40,000

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Reach Financial: Best for fast funding and fair credit

Reach is an option if you have fair credit, especially if you need money fast. According to the company, 90% of Reach personal loans are funded within one day of approval.

It's a good choice for debt consolidation and credit card refinancing, but borrowers with excellent credit may not find the lowest rates with Reach. The company also charges more fees than some of its competitors and doesn't offer direct pay or autopay discounts. If you need a 7-year term loan, you'll need to look elsewhere. Reach personal loans are not available in all states.

Prepayment penalty: None

Unsuccessful payment fee: $25

Minimum credit score: 640

Origination fee: 4% to 8%

Check processing fee: None

Do they allow a cosigner: No

Late fee: $15

Time to fund: 90% funded within a day

Our Impact

We're making a difference

With Credible, you can save money while enjoying a simple, intuitive personal loan shopping process.

in 2023 We helped over

69,600 people

save money on their loans

We've saved our customers

over $63 million

in interest on their loans

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Why Credible
How it works
FAQs

Calculate your savings with Credible

Use our debt consolidation calculator to see how different terms and interest rates can change what you pay over time.

1. Enter your current loan details

Remaining balance

Interest Rate

Time remaining

2. Choose a rate to compare

Our lender rates vary from 6.94% to 35.99% APR¹

Interest Rate

Loan term

3. Check the results

With an interest rate of 12.00% over 5 years, you will pay per month and in interest over the lifetime of your loan.

Total interest:

New Loan

Current Loan

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Monthly payment:

New Loan

Current Loan

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Checking rates won’t affect your credit score. Calculator results are for illustrative purposes only.

EASY, SIMPLE, FREE

Why Credible?

Shop top lenders in one easy place

Whether you want to consolidate debt or cover an unexpected expense, Credible makes it easy to find a personal loan that works best for you.

It’s your data, your decision

Checking rates on Credible is 100% free. We earn money by helping you find the best product — not by selling your data.

Shop top lenders in one easy place

Whether you want to consolidate debt or cover an unexpected expense, Credible makes it easy to find a personal loan that works best for you.

Our process

How to get a home improvement loan online with Credible

One simple form
We’ll ask questions to narrow down your lender and rate eligibility. Receive real rates, not estimates.
Compare rates
Shop from lenders like Discover, Upstart, SoFi, and more. Choose your lender, interest rates, and term.
Close your loan and fund your goal
If you’re approved, you’ll just need to sign your documents — then relax as the funds make their way to you.

Find My Rate

Checking rates won't affect your credit score

Why use a personal loan to renovate your home?

No collateral

Home improvement loans are unsecured, so you can keep the equity in your home.

Boost home value

Make home expansions and renovations to increase the value of your home.

Get started faster

Check your rate in two minutes and receive funds as soon as the same business day.

For all your goals

Get a personal loan for all your financial needs

Our lender partners support personal loans for many different loan purposes. They offer low interest rates and a variety of loan amounts and loan terms to help you meet your personal and financial goals.

Debt Consolidation

Pay off high-interest debt by combining it all into a single loan and payment at a lower interest rate.

Debt Consolidation Loans

Home Improvement

Finance a home improvement project from major repairs to a remodel or addition.

Home Improvement Loans

Credit Card Refinancing

Refinance high-interest credit debt by combining it all into one loan and payment at a lower interest rate.

Credit Card Refinancing Loans

Bad Credit Loans

Loans for those who may have credit difficulties (like poor credit or a thin credit history).

Bad Credit Loans

Auto Loans

In the market for a car? Compare auto loans from multiple lenders in just two minutes.

Auto Loans

Just need money? Get started now.

Find My Rate

Checking rates won’t affect your credit score

Personal Loans FAQs

Home improvement loan FAQs

By Meredith Mangan

Written by

Meredith Mangan

Senior editor, Credible

Meredith Mangan is a senior editor at Credible and expert on personal loans.

Reviewed by Kelly Larsen

Written by

Kelly Larsen

Editor, Fox Money

Kelly Larsen has been in finance for more 10 years with bylines at Auto Trends Magazine and Buy Side from WSJ.

Updated Oct 31, 2024

Editorial disclosure: Our goal is to give you the tools and confidence you need to improve your finances. Although we receive compensation from our partner lenders, whom we will always identify, all opinions are our own. Credible Operations, Inc. NMLS # 1681276, is referred to here as “Credible.”

What is a home improvement loan?

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A home improvement loan is any type of loan you can use to make renovations, repairs, or improvements to your home. For example, home equity loans, home equity lines of credit (HELOCs), cash-out refinances, and personal loans can all be types of home improvement loans.

Your home is used as collateral on most home improvement loans — except for personal loans, which are typically unsecured — and you’ll need sufficient home equity to qualify.

How can I get a home improvement loan?

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Determine how much money you need to borrow and how long you’ll need to repay it.
Check your credit reports and dispute any errors with the bureaus.
Determine whether using the equity in your home is an option (Do you have enough to fund your project? Do you have a low credit score? Are you comfortable using your home as collateral on the loan?).
Decide which type of home improvement loan to get (For example: personal loan, home equity loan, or HELOC).
Compare lenders based on your criteria.
Prequalify with multiple lenders to compare annual percentage rate (APR) estimates and loan terms.
Apply for the loan that best fits your criteria.
Provide additional documentation during the loan approval process if required.
Review the loan agreement and sign if it’s satisfactory.
Receive and use loan funds for your project.

Related: How To Get a Personal Loan

What factors impact home improvement loan rates?

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Your credit score and debt-to-income ratio are primary factors that impact the home improvement loan rates you’ll qualify for. Lenders will also consider your income, whether you’re providing collateral on the loan, the loan amount, and the repayment term.

For instance, loans that require collateral, such as home equity loans and HELOCs, tend to have lower rates than unsecured loans, like personal loans.

What are the pros and cons of a home improvement loan?

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Pros:

It provides funds to complete home renovations and repairs.
Same-day home improvement loans may be available.
Repayment terms can extend up to 30 years, which can lower monthly payments.
Interest rates can be low if you use your home as collateral.
Unsecured loans are available for home improvement loans (your home is not collateral for the loan).
Responsible repayment can improve your credit.
Your home’s value may increase by making improvements.

Cons:

Interest rates can be high (if you use an unsecured personal loan or have bad credit).
Your home is at risk if you default on a home equity loan or HELOC.
Repayment terms can extend up to 30 years, potentially creating a long-term financial burden.
Home equity loans and HELOCs can take a month or more to approve.
Late payments can hurt your credit.
Home improvements may not increase your home’s value.

How do I compare home improvement loans?

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To compare home improvement loans, start by knowing your options. If you have sufficient equity in your home, a home equity loan or HELOC may be a good option. If you don’t, you may be limited to using a personal loan for home improvements. Then, find lenders that meet your criteria, such as loan term, loan amount, and time to fund.

Prequalify with multiple lenders to compare rates and terms you’re likely to qualify for based on your credit. Also compare fees, such as origination fees, which are upfront fees that may reduce the amount you’ll receive. Once you’ve narrowed it down, look at ratings on Trustpilot and the Better Business Bureau (BBB), and call customer service or use the company’s online chat tool to make sure communication is seamless.

Related: How To Compare Personal Loans

How does a home improvement loan affect your credit score?

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A home improvement loan can help your credit score or hurt it, depending on how you handle the loan. That said, when you first apply, or get pre-approved for a loan, the lender will conduct a hard pull on your credit, which could temporarily lower your credit score.

But if you make timely payments and pay off the loan in full, your credit score could improve. On the other hand, if you miss payments or default on the loan, your credit score will likely suffer.

Learn More: How Does a Personal Loan Affect Your Credit Score

What are the alternatives to a home improvement loan?

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If you’d prefer not to or are not able to take out a home improvement loan, you may have other options:

Credit card: This can be a good option if you qualify for a 0% promotional APR and can pay off the balance before it adjusts to the standard rate.
Cash-value life insurance: Some permanent life insurance policies have an internal cash value that you can borrow from or withdraw. There’s no approval process or hit to your credit — speak to your life insurance company to see if this is an option and to understand the risks.
Borrow from your 401(k): This is a riskier option, but can provide home improvement funds if you otherwise can’t qualify.
Home improvement grants: If you meet eligibility requirements, you could qualify for a government grant to make repairs to your home.
Section 504 Home Repair program: These loans are available to eligible low-income homeowners to repair, improve or modernize their homes.
Crowdfund or save: Reach out to family and friends or your community to fund needed repairs and improvements if possible.

Related: 9 Personal Loan Alternatives

Can I refinance a home improvement loan?

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Yes, you can refinance a home improvement loan, though the process differs depending on what type of loan you get. If interest rates fall or your credit improves, it’s generally a good idea to prequalify to see if refinancing makes sense.

Note that if you want to refinance a home equity loan or HELOC, your home will need to have sufficient equity to qualify — which could be an issue if real estate values are down.

Learn More: How To Refinance a Personal Loan

¹Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 6.94% - 35.99% APR with terms from 12 to 120 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 12%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 10.43%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32, assuming your lender deducts the origination fee from the offered loan amount. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 3, 2022, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.

Prequalified rates are based on the information you provide and a soft credit inquiry. Receiving prequalified rates does not guarantee that the Lender will extend you an offer of credit. You are not yet approved for a loan or a specific rate. All credit decisions, including loan approval, if any, are determined by Lenders, in their sole discretion. Lowest rate advertised is not available for all loan sizes, types, or purposes, and assumes a very well qualified borrower with an excellent credit profile.

²To check the rates and terms you may prequalify for, Credible conducts a soft credit pull that will not affect your credit score. If you choose a lender and continue with your application, the lender will usually conduct a hard credit pull that may impact your credit score.

Debt consolidation and credit card refinancing involve using a new loan to pay off your existing balance. This does not eliminate debt, but replaces one debt with another. While personal loan rates generally are lower than credit card interest rates, you may pay more in origination fees and interest over the life of the loan depending on other loan terms. Please consult a financial advisor to determine if refinancing or consolidating is right for you.

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