Grace Enfield, Content Writer
@grace_enfield
The best bank for home renovation loans is Wells Fargo because the company offers up to $100,000 in funding, which can help you finance costly home improvement projects. Wells Fargo loans also have APRs of 7.49% - 23.74%, depending on your creditworthiness, and repayment periods of 12 - 84 months. You’ll need a credit score of 660+ to qualify, according to multiple third-party sources.
There are many other banks that offer home renovation loans with good terms, as well. For your convenience, below is a comparison of the best banks for home renovation loans.
Best Banks for Home Renovation Loans
| Bank | Loan Amounts | APRs | Repayment Periods |
| $3,000 - $100,000 | 7.49% - 23.74% | 12 - 84 months | |
| $2,500 - $100,000 | 7.24% - 17.65% | 12, 24, 36, or 48, 60, 84 months | |
| $2,000 - $50,000 | 8.99% - 21.99% | 12 - 60 months | |
| $1,000 - $50,000 | 8.74% - 21.24% | 12 - 84 months | |
| $3,500 - $40,000 | 6.98% - 19.98% | 12, 24 or 36 months | |
| $5,000 - $35,000 | 4.99% - 20.99% | 36 - 60 months | |
| $1,000 - $35,000 | 5.99% - 32.24% | 12 - 60 months | |
| $2,500 - $40,000 | 6.99% - 24.99% | 36, 48, 60, 72 or 84 months | |
| $2,000 - $30,000 | 11.49% - 19.49% | 12, 24, 36, 48 or 60 months |
For more information, check out WalletHub’s picks for the best banks for personal loans and the best home improvement loans overall.
You can also use mortgages, home equity loans and credit cards to help finance home renovations. Keep in mind that you will have to use your home as collateral if you get a mortgage or a home equity loan.
People also ask
Do renovation loans have a higher interest rate?
Renovation loan interest rates vary from lender to lender. Most renovation loans are personal loans, and interest rates on personal loans generally vary from around 7% to 36%. You can also use a home equity loan for home renovations, and home equity loan APRs tend to range from around 4% to 10%. The better your credit score is and the higher your income is, the lower your interest rate is likely to be with any...
read full answerHow much of a loan can I get for home renovation?
You could get anywhere from a few hundred dollars to $100,000+ for a home renovation loan. The amount will depend not only on how expensive the renovation is but also how much money you can qualify for with your current credit score and income. The higher your credit score and income are, the bigger your maximum loan amount is likely to be.
If you need an especially large amount of money for home renovations,...
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