Gino Rodriguez, Writer
@gino_rodriguez
The best credit union for a home improvement loan is Navy Federal Credit Union because it offers personal loans as large as $50,000, APRs starting at 8.99%, and repayment terms as long as 180 months. Additionally, collateral is not required to qualify for the loan.
To qualify for Navy Federal Credit Union membership, you will need to be a current or retired member of the armed forces, a Department of Defense employee, or an eligible family member. If you don’t meet the eligibility criteria, you may consider a personal home improvement loan from PenFed Credit Union instead, as they offer similar loan terms and membership that’s available to anyone.
Best Credit Unions for Home Improvement Loans
| Credit Union | APR | Loan Amount | Repayment Period |
| 8.99% - 18% | $250 - $50,000 | 6 to 60 months (up to 180 for home improvement) | |
| 6.74% - 17.99% | $500 - $50,000 | 12 - 60 months | |
| 9.99% - 18% | $250 - $25,000 | 6 - 60 months | |
| 12.75% - 18% | $500 - $50,000 | Up to 60 months | |
| 7.94% - 17.09% | $1,000 - $30,000 | Up to 84 months | |
| 8.74% - 11.74% | $1,000 - $100,000 | 12-60 months | |
| 6.99% - 18% | $500 - $50,000 | 6 - 84 months |
For more options, check out WalletHub’s complete picks for the best credit unions for personal loans.
Just keep in mind that some credit unions have specific qualification criteria for members, while others are open to everyone. For example, NASA Federal Credit Union membership is intended for NASA employees and their family members. On the other hand, PenFed Credit Union and Alliant Credit Union make membership available to anyone.
Alternatives to Personal Home Improvement Loans
Many credit unions offer ways to borrow money based on home equity. Home equity loans and home equity lines of credit (HELOCs) allow you to borrow money using the equity you have in your home, which is the difference between the value of the home and the remaining balance on your mortgage. Both home equity loans and HELOCs require you to use your home as collateral, though, so you risk losing your home if you can’t keep up with the payments.
People also ask
Are renovation loans worth it?
A renovation loan can be worth it if it will help you improve the value and livability of your home without costing too much. If you want a loan with quick funding that doesn’t require you to use your home as collateral, getting a personal loan for renovations could be a good decision.
How worthwhile a renovation loan proves to be depends in part on which type of renovation loan you choose because interest...
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