In terms of home renovations, there are a lot of options. Some may need maintenance, such as a new roof. Others, like an extra bathroom or an in-ground pool, could increase the value of your home for your family or draw in future purchasers.
Home improvement loans can provide simple and adaptable financing for any project.
What you need to know about choosing a home improvement loan is covered in this blog, along with some of the newest tips from home improvement finances.
So, here are the newest home improvement loan tips!
Maximise your options: Compare and apply for loans below with LoanTube
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Loan Amount
£4000 -
£20000
Norwich Trust
Loan Term
1 -
10 years
4.8/5
Representative APR
31.90%
Minimum Age
21 Years
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
4.8/5
Norwich Trust
Loan Amount
£4000 -
£20000
Loan Term
1 -
10 years
Representative APR
31.90%
Minimum Age
21 Years
Minimum Income
£2000 per month
Representative Example: £12,000 over 66 months, 31.9% APR fixed. Monthly payment £358.22 Annual interest rate 28.01% fixed. Interest payable £11,642.52. Total repayable £23,642.52.
Loan Amount
£5000 -
£100000
Evolution Money Loans
Loan Term
1 -
20 years
4.5/5
Representative APR
28.96%
Minimum Age
18 years
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
4.5/5
Evolution Money Loans
Loan Amount
£5000 -
£100000
Loan Term
1 -
20 years
Representative APR
28.96%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Loan Amount: £20950.00, Loan Term: 85 Months, Interest Rate: 23.00% PA Variable. Monthly Repayments: £537.44. Total Amount Repayable: £45,682.15. This example includes a Product Fee of £2,095.00 (10% of the loan amount) and a Lending Fee of £714.00
Loan Amount
£1000 -
£10000
1Plus1 Guarantor Loans
Loan Term
1 -
5 years
4.4/5
Representative APR
39.90%
Minimum Age
18 years
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
4.4/5
1Plus1 Guarantor Loans
Loan Amount
£1000 -
£10000
Loan Term
1 -
5 years
Representative APR
39.90%
Minimum Age
18 years
Minimum Income
Not mentioned
Representative Example: Borrowing £3000 over 36 months with a representative APR of 39.9% (variable),the amount payable would be £134.21 a month,with a total cost of credit of £1831.56 and a total amount payable of £4831.56.
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What can a home improvement loan be used for?
The borrowed money can be applied to almost anything.
Home remodelling projects can be funded through personal loans or other loans in many different ways. The possibilities are practically endless, so without further ado. Here are the options:
- Roof replacement or repair
- New patio or deck
- Paving a driveway
- Adding a swimming pool
- Adding a hot tub
- AC unit replacement or repairs
- Plumbing problems
- Repair or replacement of a septic tank
- Constructing a new fence
- Building a shed outside
- Completing the basement
- Repairing plumbing
- Adding a room to your house.
- Renovations and additions to bathrooms
- Kitchen Renovation
- Setting up solar panels
There are a lot more that we didn’t put on this list since it would be too long. This is here to give you an idea of the possibilities.
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What to consider before taking a home improvement loan?
Many home improvements are seen as excellent investments because they can raise the standard of living for your family and boost the value of your property. But they can also be pricey, particularly if your improvements incur unforeseen expenses.
Before you sign on the dotted line, take these three factors into account if you intend to use a personal loan to pay for your home improvements.
- Your remodelling goals
A home improvement project can easily consume significant time and money if its aims are not properly defined. Set definite objectives that take into account your expectations, as well as your short- and long-term ambitions, before you start.
Also, take into account the reasons for your improvements. Do you want to increase the worth of your home or are you just adding things because you like them? If the latter, you must calculate the cost of the renovation and weigh it against the potential value added.
Don’t take unnecessary home improvement loans. Always think and make a conscious decision!
- Consider your budget
Your home repair wish list will need to be prioritized if you want to stick to your budget and avoid financial stress or excessive debt.
A personal loan (home improvement loan) might lower your chance of going over your budget because the money is given to you in one lump payment. With credit cards or lines of credit, which allow you to access money over a long period of time, that isn’t always the case.
- The credit score
Your credit rating and debt-to-income ratio (DTI) will likely be used, If you’re applying for a home improvement loan. The lender needs to determine your interest rate, monthly payment and APR.
You can get financing for home improvements even if you have a terrible credit score. But the interest rates could be higher. If that’s the case… It could be wiser to put off your plans until you can raise your credit score and pay off your debt.
Expert Tip: When should you take a home improvement loan?
When should you get a home improvement loan to upgrade your house?
- There are a few things to think about. You should ideally have a good or excellent credit score as well as a steady source of income. Keep in mind your future intentions when choosing a financing option because the payback schedule may vary.
- When you sell your property, for instance, you must pay back any loans that are secured by it, including second mortgages. Make sure you have a strategy to pay off the loan by the time you sell your property… Or that you have budgeted for the expense if you intend to do so.
- Additionally, the closing procedure needs to be taken into account. Unless you decide to use credit cards to pay for your home remodelling, you should anticipate a 6 to 8-week application and underwriting procedure. You should apply for a home improvement loan in the winter if you want to start working on your house remodelling in the early spring.
- Pros and Cons of using a personal loan for a home improvement loan
- You can use a personal loan as a home improvement loan. Personal loans are a form of instalment credit. Unlike a credit card, a personal loan delivers a one-time payment of cash to borrowers. Then, borrowers pay back that amount plus interest in regular, monthly instalments over the lifetime of the loan, known as its term.
Now that you understand what is a personal loan and how it can be used for home improvement loans… Here are the pros and cons:
Pros of personal loans as home improvement loans:
- Quick access to funding.
- Flexible funding you can use for pretty much anything.
- Options for borrowers of all credit levels.
- Unsecured, so there’s no collateral on the line and no equity needed.
Cons of personal loans as home improvement loans:
- Interest rates may be higher than other financing options.
- No tax benefits to using a personal loan for home repairs.
- Minimum loan amounts may be higher than the cost of small home improvements, putting you in more debt than you need.
Now that you know the pros and cons of home improvement loans, we can dig a bit deeper.
Interest rates of home improvement loans
Like other forms of finance, home improvement loan rates vary by lender and depend on your credit score. The range of interest rates can be from 5.99% to 41.%.
We recommend using a personal loan as your home improvement loan. This is because it is an unsecured loan! This way, you won’t put your home on the line.
If you want to find out more about interest rates click here!
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Why should you compare home improvement loans?
- Comparing home improvement loans or other types of loans is the smartest thing you can do!
- You shouldn’t fall for the first home improvement loan you see… It is the same as buying a random house.
- Don’t fall for the first one you see, check it, examine it! Do what you can to find the best option possible. Don’t be lazy, your money, living quality and everyday activities are at stake!
- Imagine getting a bad home improvement loan deal, and losing a ton of money for no reason. You have to live in your pain-invoking home EVERY SINGLE DAY. Feeling constant agony and regret. Not only you but also your wallet and your family…
- You wouldn’t want that right? Of course not, that is why you should do your research!
- There is a problem: Doing all the math, calculating loans and finding deals is extremely daunting. If you do it manually you will spend the whole day and MAYBE find a good deal…
- That is why LoanTube was funded. It can find you great loan deals and you can check your APR and Eligibility Rates in a matter of minutes. Just complete 3 overly simple steps and you’re done.
Click here to get a Home Improvement Loan in minutes!
Why you should use LoanTube
- LoanTube allows you to compare loans from multiple lenders in a matter of minutes. You see, the internet is extremely fast and extremely powerful. We have managed to direct power into something that can help you.
- LoanTube was created to help you save hundreds of pounds by comparing home improvement loans. It is also one of the rare loan comparison platforms that do soft checks only. Meaning they don’t hurt your credit score! In just 3 simple steps you could compare loans from multiple partner lenders. Then find the best home improvement loan for you.
- It doesn’t matter if it is a secured personal loan or an unsecured one. You get it in minutes and you don’t leave the comfort of your house either.
- Heck, you don’t even need to leave your bed. You don’t have anyone show up at your door asking for money. Just those two features make it indefinitely great!
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