Gino Rodriguez, Writer
@gino_rodriguez
It is not hard to get a home improvement loan if you are at least 18 years old and a U.S. citizen or permanent resident with enough income to make monthly payments and a credit score of at least 585. The better your credit is and the more income you have, the easier it will be to get a good home improvement loan.
Specific requirements can differ depending on the lender and type of loan, however. You can find more details below.
Common Types of Home Improvement Loans
Personal loan
Personal loans can be used for just about anything, including home improvements. Personal loans are common for home improvements because they don’t require you to put your home up as collateral, and they often have low credit requirements.
Home equity loan
Home equity loans let you borrow against your equity in the home – the value minus your mortgage balance. A home equity loan is given in a lump sum and has a fixed interest rate. Requirements typically include a credit score of at least 620, a debt-to-income ratio of less than 50%, and at least 15%-20% equity in your home.
Government loan
The U.S. Department of Housing and Urban Development offers a home improvement loan known as a Title I Loan, which can be either secured or unsecured. Title I loans are for homes that have been built and occupied for at least 90 days. The borrower must also have a debt-to-income ratio of 45% or less, a detailed description of the materials needed, work involved and cost of the improvements being done, and ownership of or a long-term lease on the home.
If you don’t want your mortgage or equity tied to your home improvement expenses, an unsecured personal loan is a great option to consider. Personal loans for home improvements offer quick funding, don’t require any collateral and have relatively low credit requirements. Below is a list of some of the easiest personal loans to get for home improvements.
Easy Home Improvement Loans to Get
| Lender | APR | Loan Amount | Minimum Credit Score |
| 59% - 160% | $500 - $4,000 | None | |
| 19.24% - 69.5% | $2,600 - $10,000 | None | |
| 99% - 300% | $500 - $3,000 | None | |
| 9.95% - 35.99% | $2,000 - $35,000 | 580 | |
| 7.99% - 35.99% | $2,000 - $30,000 | 580 | |
| 8.24% - 35.97% | $1,000 - $50,000 | 620 | |
| 8.05% - 35.89% | $1,000 - $40,000 | 600-640* |
*According to multiple third-party sources
For more information, check out WalletHub’s complete picks for the best home improvement loans. You can also pre-qualify with multiple lenders at once using our free pre-qualification tool.
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