Grace Enfield, Content Writer
Home improvement loan requirements include being at least 18 years old, being a U.S. citizen or permanent resident, having enough income or assets to make monthly payments, and having a credit score of at least 585. Specific lenders may also have other requirements depending on the type of loan you get.
Home Improvement Loan Requirements
Be at least 18 years old
You must legally be able to obtain a loan in your state to get a home improvement loan. In most states, you must be at least 18 years old.
Be a U.S. citizen or permanent resident
Lenders require you to be a U.S. citizen or a permanent resident to get a loan. You may also need a Social Security number (SSN) to apply. Some lenders allow applicants to use an Individual Taxpayer Identification Number (ITIN) or visa instead.
Have income or available assets
You must be able to pay off your loan. Lenders often require you to show proof of income so they know you'll have enough cash flow to make your monthly loan payments and afford other necessary monthly expenses.
Have a valid bank account
Most lenders will send your funds electronically. To get your funds this way, you'll need to give the lender your bank account information.
Have the necessary credit score for your loan or lender
Most home improvement loans require you to have at least fair credit, but the required score may change depending on your loan type. For example, if you get a home equity loan or home equity line of credit, you'll need a credit score of 660 - 700+. If you get a personal loan, you'll need a credit score of at least 585, or 660 if you want a loan with no origination fee.
Different lenders have different minimum credit score requirements. You can check your credit score for free on WalletHub.
Other lender-specific requirements
You may face additional requirements depending on the type of loan you choose. For example, American Express only extends personal loan offers to its existing customers, and LoanMe requires you to live in one of the 21 states where it operates.
To get started, compare home improvement loan offers and check to see if you're pre-qualified for free on WalletHub.
Best Home Improvement Loans Offer in 2023Compare Offers
People also ask
Did we answer your question?