This article provides an answer to the question of financing home repairs. Here, we look at some of the top home improvement financing companies.
Is your property in great shape? Do you wish to carry out some improvements on it? If you do, you might be interested in figuring out how to finance the project.
Whether your improvement needs include interior painting, landscaping, exterior power washing, exterior painting, lawn & garden care, window cleaning, etc., there’s always a loan provider that offers comprehensive solutions.
To know who to approach for your needs, all you have to do is read through the different home improvement financing companies listed below. We’ve discussed what they’re about and the types of services rendered.
Choosing Home Improvement Financiers
Identifying the top home improvement financing companies is one thing while getting access to these loans is another. Before we mention these top players, let’s look at the different considerations you need to make.
They include your credit score, the kind of loan to apply for, and the loan duration.
These points help you choose the right financing partner for your home improvement needs. Let’s get into further details about each of the issues mentioned for more clarity.
Credit Score Required
Whichever lender you try to patronize, one thing is sure; the need to meet the primary credit score requirements. Now, these requirements differ from one lender to the next.
To have detailed information on these requirements, it’s best to contact your preferred financing company directly.
You usually won’t find such information on their websites, so you must contact the company directly. You’re given detailed information on the minimum credit score through such action.
What more? Also, consider making inquiries about debt-to-income ratios.
The Type of Home Improvement Loan Required
Before applying to any top home improvement financing companies, you need to find out what meets your goals and what loans you qualify for. Your preferred lender gives you an idea of all of these procedures, including financing options that fit your budget.
In other words, you’re interested in knowing all your options to guide your decisions.
The different financing products suggested include credit cards, personal loans, home equity line of credit (HELOC), home equity loans, or cash-out refinance.
These financing options cover a variety of home improvement needs ranging from interior painting, roof repairs, exterior painting, interior painting, and new window installation.
Kitchen remodeling is another type of home remodeling work that’s included.
Loan Term or Duration
Home improvement financing companies offer financing products with varying terms. These terms typically range from one to 7 years. Borrowers with excellent credit scores and creditworthiness tend to have the best deals.
If you’re wondering what a good credit score rating is, consider having a score of at least 720.
Top Home Improvement Financing Companies
There are many to choose from for the big players in home improvement financing.
Here, we’ve listed some of the top brands in no particular order, including the Navy Federal Credit Union Personal Loan, SoFi, OneMain Financial, and LightStream.
Other major home improvement financing companies include Rocket Loans, Upgrade, Wells Fargo Personal Loan, Marcus by Goldman Sachs, and Discover Personal Loans.
Let’s briefly discuss what these financing companies are about and their basic requirements.
Navy Federal Credit Union is one of the top home improvement financing companies you can patronize.
This company offers to finance from as low as $250 to $50,000. It’s a great loan option for persons with low credit scores as there are no minimum credit score requirements.
This home improvement financing company has term limits between 1 to 5 years. All you have to do is meet its membership requirements in terms of qualifications. There are no minimum qualification requirements.
Benefits of patronizing this company include secure loans, co-sign, and joint loan options.
There are no origination fees whatsoever. Plus, you get the benefit of funding loans the same day. What more? Navy Federal gives its clients broad options relating to repayment terms and loan amounts.
However, even the top home improvement financing companies have their downsides. For Navy Federal, borrowers have little to no option of changing their payment date.
This financing opportunity is exclusive. In other words, it’s only available to credit union members. Also, you do not have the option of prequalifying.
SoFi is another reliable home improvement financing company you can patronize.
Depending on your home improvement needs, term limits for its loans vary from 2 to 7 years. One thing that makes this financing company attractive to homeowners is its zero-fee requirements.
To be more specific, there are no origination fees and late fee requirements. To qualify for a home improvement loan, the borrower must be a visa holder, a U.S citizen, or a permanent resident.
Also, it would be best if you were considered a legal adult in your state in addition to being employed.
Borrowers who aren’t employed can present an employment offer that comes into effect within the next 90 days. Another qualification option for borrowers is to show proof of sufficient income.
So, what are the benefits of patronizing this significant home improvement financing company?
There are several. They include having access to a mobile app that helps manage your loan. There are co-sign loan options to enjoy in addition to unemployment protection. Also, borrowers appreciate a 0.25% point rate discount for setting up autopay.
While SoFi is one of the top home improvement financing companies, there are a few downsides to patronizing its services.
These include its high minimum loan amount and the absence of a joint or secured loan option. With SoFi, you get access to loan amounts ranging from $5,000 to $100,000.
OneMain Financial offers loan amounts ranging from $1,500 to $20,000 with varying term limits of 2 to 5 years. This home improvement financing company charges an origination fee of between 1 to 10% in terms of costs.
This translates to about $25 to $400.
This financing company gives borrowers having a fair credit score the opportunity to benefit from its loans. This is seen in the absence of a minimum credit score requirement.
In addition to the absence of a minimum credit score requirement, no minimum income is required, although the average income requirement is $45,000.
While this financing company might seem like the perfect opportunity for some borrowers, you must be wary of high starting rates and origination fees.
If these are acceptable to you, then you can go ahead to patronize the company.
The benefits of doing business with OneMain Financial are numerous. You get to fund loans the same day or the next business day with this company.
Borrowers also get the option to choose their payment date. The company offers direct payment to creditors on debt consolidation loans.
While discussing the benefits, it’s also necessary to mention some downsides to doing business with this lender.
These include the absence of rate discount for autopay, high rates, and charges on specific aspects of its loan operations, such as the origination fee.
LightStream offers a wide range of loan amounts to cover your home improvement needs.
The range is between $5,000 and $100,000. Its no-fee requirement makes it one of the ideal lenders to patronize. Regarding its no-fee condition, borrowers have no late fee and origination fee obligation.
This home improvement financing company has varying term limits of 2 to 7 depending on customer financing needs. To qualify for this financing opportunity, you must have a minimum credit score of 660.
Another requirement includes proof of several years of credit history.
What more? You must show proof of sufficient income to pay existing debts and a new loan. This is in addition to showing evidence of an excellent payment history—your ability to save money matters.
That is why the company requires proof of retirement savings and investments.
Does your credit history include multiple account types? Including these will boost your chances of qualifications. Examples include a car loans, mortgages, and credit cards, among others.
The benefits derived include competitive rates and exciting features of its financing program, such as satisfaction guarantees and rate beats.
Rocket Loans is a top home improvement financing company known for its fast approval process.
This company offers loan amounts ranging from $2,000 to $45,000, with term lengths ranging from 3 to 5 depending on the type of home financing needed.
Borrowers get to pay different fees, including a late payment of $15, which is accruable after the expiration of a 10-day grace period. The lender also charges an origination fee between 1% and 6%.
For unsuccessful payments, expect to incur a fee of around $15.
Borrowers don’t need excellent credit to take advantage of this home financing opportunity. With a minimum credit score of 640, you can apply for a home improvement loan from Rocket Loans.
Requirements for obtaining its home improvement loans include a minimum income of $24,000 with an average income of $85,000.
As a borrower, you must meet its minimum age, 18. Of course, a social security number is required to obtain a loan. Borrowers must maintain a maximum debt-to-income ratio of 40%.
Upgrade allows borrowers to improve their creditworthiness through the availability of credit-building tools such as its mobile app designed to help you manage your loan.
That is why the company accommodates persons with credit scores as low as 560.
Upgrade offers loan amounts between $1,000 and $50,000, with term lengths ranging from 2 to 7 years. Fees charged include origination fees between 2.9% to 8%.
To qualify for Upgrade’s home improvement financing, the number of accounts on credit history should be a minimum of 2.
Also, borrowers are expected to maintain a maximum debt-to-income ratio that’s less or equal to 75%. There are no minimum annual income requirements. Nevertheless, the borrower average should be $78,000.
Wells Fargo is a well-known brand in financing. It offers various home improvement loans ranging from $3,000 to $100,000.
These come with term lengths that vary widely from 1 to 7 years. The term length for the loan is determined by the type being applied for.
Wells Fargo Personal Loans charges $39 as a late fee in terms of fees.
However, the company has zero origination fees. Borrowers interested in patronizing this company must provide information on the desired amount they seek to borrow in addition to the chosen term length.
You must also provide personal information details and contact. What more? Income and employment details may also be necessary. Does this company have a minimum credit score requirement? Not at all!
Also, there are no prepayments or origination fees.
Marcus by Goldman Sachs
If you’re looking for a home improvement financing company with flexible terms and low rates, Marcus by Goldman Sachs is where to go.
The company offers loan amounts ranging from $3,500 to $40,000. It has a minimum credit score requirement of 660 and has no fee requirements.
The term lengths for its home improvement loans vary from 3 to 6 years. Your term length is primarily determined by the home improvement loan type you apply for. As a top financing provider, the company offers a wide range of repayment term options.
It also offers borrowers direct payment to creditors for debt consolidation loans. You can enjoy a 0.25 percentage point rate discount for setting up autopay.
Excellent credit borrowers can easily include Discover Personal Loans. First off, it offers loan amounts ranging from $2,500 to $35,000. These loans come with varying term limits from 3 to 7 years.
To qualify for this loan, borrowers must have a minimum credit score of 720, be permanent residents or U.S citizens, and be at least 18 years old.
You must also have a minimum house income of $40,000 and be 18 years of age.
These are some of the top home improvement financing companies you’ll find. We’ve provided information on what they’re about and the basic requirements for getting access to their different products.