Home Improvement Loan

A home improvement loan is an unsecured personal loan that can be made without providing any collateral. Unlike some home-related financing, you won’t need to provide your home title. It’s not a mortgage or a reverse mortgage and won’t put your home at risk. Home improvement loans are paid back in installments, or regular monthly payments, depending on the size of the loan. Most loans are paid back in three to five years. The payment amount remains the same through the life of the loan, provided you pay as promised and don’t accrue any additional fees or penalties. The total loan amount you qualify for will depend on your credit history and ability to repay – usually tied to your annual income. Home improvement loans can be as small as $1,000 or as large as $50,000. While U.S. homeowners will spend over $325 billion a year in home improvement costs, the average home improvement loan size from Upstart.com is just $11,742. These loans are a manageable way to help with the rising cost of owning a home!