You can get a home improvement loan in Idaho from a bank, a credit union or an online lender. The best home improvement loans in Idaho are from LightStream because the company has APRs of 3.99% - 19.99%, loan amounts of $5,000 - $100,000 and repayment periods of 24 - 144 months.
Other loan providers offer home improvement loans with good terms in Idaho, as well. You can see a comparison of the best home improvement loans in Idaho below.
The best type of loan for home improvements is either a personal loan or a home equity loan, depending on things like the amount of funding you need and whether you’re willing to risk your home as collateral. Both of these types of loans allow you to use the money for nearly any expense, including home improvements.… read full answer
Best Types of Loans for Home Improvements
Type of Loan
Home Equity Loan
Amount of funding
$1,000 - $100,000
Depends on your equity (could be more than $100k)
Yes, your house
1 - 7 years
5 - 30 years
4% - 36%
4% - 12%
Credit score requirement
585+ (660+ for no origination fee)
Usually within 7 business days
2 - 6 weeks
The most important distinction between using personal loans and home equity loans for home improvement is the presence or absence of collateral. Personal loans are unsecured loans that allow you to borrow based on your credit, income and other factors. Home equity loans let you borrow based on the difference between your home’s value and the remaining mortgage balance, using your house as collateral if you default. Home equity loans will still consider your credit and income, too.
If you want a lower APR and a longer payoff period, and you don’t mind using your house as collateral, you should use a home equity loan for home improvements. If you prefer having an unsecured loan with less stringent credit score requirements and faster funding, a personal loan is the better choice.
The best personal loan rate in Idaho is 2.49% from LightStream, which also has a maximum APR of 19.99%. LightStream offers loans of $5,000 - $100,000 for 24 - 144 months, and its origination fee is $0.
In general, personal loan rates tend to range from 4% to 36%, depending on the lender and your creditworthiness. Personal loan rates typically don't differ much from state to state, though loans from credit unions can be an exception. Federal credit unions cap their rates at 18%, and state-chartered credit unions in Idaho have a cap set by the state.… read full answer
*According to either the lender or multiple third-party sources
Keep in mind that most personal loan providers offer a very broad range of APRs. To get the lowest APR that a lender offers, you'll need a credit score that far exceeds the minimum requirements for approval. Other ways to increase your chances of getting a low personal loan APR include having a high income, applying for a loan from a local credit union, reducing existing debts, or taking a few months to improve your credit standing before applying.
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