Home improvement loans can be a great way to finance a much-needed project, whether you’re looking to add a new bathroom, update your kitchen, or simply make some repairs. But with so many different lenders and loan options available, it can be tough to know where to start.

Here is a table of the best home improvement loans of July 2023:

LenderLoan amountRepayment termAPRFees
LightStreamUp to $100,00024 to 144 months7.99%-24.99%No origination or prepayment fees
SoFiUp to $100,00024 to 84 months8.99%-25.99%No origination or late payment fees
AvantUp to $35,00024 to 60 months9.95%-35.99%No origination or late payment fees
First TechUp to $50,00024 to 60 months7.99%-18.00%No origination or late payment fees
Wells FargoUp to $100,00024 to 84 months7.49%-23.74%No origination or late payment fees
Sheet Table

To help you out, we’ve put together a list of the best home improvement loans of July 2023. These lenders offer competitive interest rates, flexible repayment terms, and easy application processes.

Light Stream Personal Loans

Light Stream is a leading online lender that offers personal loans for a variety of purposes, including home improvement. The lender offers loan amounts of up to $100,000 and repayment terms of 24 to 144 months. Light Stream’s APRs start at 7.99%, and there are no origination or prepayment fees.

SoFi Personal Loans

SoFi is another popular online lender that offers personal loans for home improvement. The lender offers loan amounts of up to $100,000 and repayment terms of 24 to 84 months. SoFi’s APRs start at 8.99%, and there are no origination or late payment fees.

Avant Personal Loans

Avant is a lender that specializes in offering personal loans to borrowers with good to bad credit. The lender offers loan amounts of up to $35,000 and repayment terms of 24 to 60 months. Avant’s APRs start at 9.95%, and there are no origination or late payment fees.

First Tech Personal Loans

First Tech is a credit union that offers personal loans for home improvement to its members. The lender offers loan amounts of up to $50,000 and repayment terms of 24 to 60 months. First Tech’s APRs start at 7.99%, and there are no origination or late payment fees.

Wells Fargo Personal Loans

Wells Fargo is a major bank that offers personal loans for home improvement to its customers. The lender offers loan amounts of up to $100,000 and repayment terms of 24 to 84 months. Wells Fargo’s APRs start at 7.49%, and there are no origination or late payment fees.

These are just a few of the best home improvement loans available in July 2023. To find the best loan for you, be sure to compare rates and terms from multiple lenders.

Additional considerations

In addition to interest rates and repayment terms, there are a few other factors to consider when choosing a home improvement loan. These include:

  • Loan amount: How much money do you need to borrow?
  • Repayment term: How long do you want to take to repay the loan?
  • APR: The interest rate on the loan will affect your monthly payments and the total amount of interest you pay over the life of the loan.
  • Fees: Some lenders charge origination fees or late payment fees. Be sure to factor these fees into your decision.
  • Credit score: Your credit score will affect the interest rate you’re offered on a home improvement loan.

Conclusion

Home improvement loans can be a great way to finance a much-needed project. By comparing rates and terms from multiple lenders, you can find the best loan for your needs.

FAQs:

What is a home improvement loan?

A home improvement loan is a type of personal loan that can be used to finance home-related projects, such as repairs, renovations, or additions. Home improvement loans typically have lower interest rates than credit cards, and they offer longer repayment terms.

What are the benefits of a home improvement loan?

There are several benefits to using a home improvement loan, including:
Lower interest rates than credit cards: Home improvement loans typically have lower interest rates than credit cards. This means that you’ll pay less interest over the life of the loan.
Longer repayment terms: Home improvement loans typically offer longer repayment terms than credit cards. This gives you more time to repay the loan, which can make your monthly payments more affordable.
Flexible terms: Many home improvement lenders offer flexible terms, such as the ability to make early payments without penalty. This can help you save money on interest.

How do I get a home improvement loan?

To get a home improvement loan, you’ll need to apply with a lender. Most lenders offer online applications, so you can apply from the comfort of your own home. Once you’ve applied, the lender will review your credit score and other financial information. If you’re approved, the lender will send you a loan agreement. Once you sign the agreement, the lender will disburse the funds to you.