Grace Enfield, Content Writer
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To get a home improvement loan, you need to first pick a loan type that meets your needs and compare offers from multiple lenders. The next step is to choose a loan offer based on factors like the APR range, loan amount and approval requirements, then submit an application. If you meet all of your chosen lender's requirements, you have a good chance of getting approved.
Steps to Get a Home Improvement Loan
- Pick a loan type. There are different types of home improvement loans available to you, including personal loans and home equity loans, which can be used for almost any purpose. Another way to finance home improvements is by using a credit card.
- Check your credit score. The typical credit score required for a home improvement loan is between 585 and 700, depending on the lender and type of loan. You can check your credit score for free on WalletHub.
- Compare your options. After you've chosen the type of loan you want, you'll need to compare your options based on APRs, fees, loan lengths, loan amounts and approval requirements.
- Choose a loan. Your final loan choice will depend on a number of factors, such as your financial standing and your willingness to use your home as collateral.
- Pre-qualify (if possible). Depending on the loan type and lender, you may be able to pre-qualify for the loan you're interested in. You can use WalletHub's free pre-qualification tool to see your approval odds and your estimated rates with multiple lenders at once.
- Apply for the loan. You can apply for a home improvement loan online, by phone or in person. You'll have to provide your issuer of choice with some personal and financial information, like your name, address, citizenship, credit history, employment status and income. More likely than not, your lender will do a hard pull of your credit history.
You should get your loan within 7 business days after applying, assuming you are approved. After you've received the money and chosen how to spend it on your home, you'll need to pay back the loan over time.
Best Home Improvement Loans Offer in 2023Compare Offers
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