Best Home Improvement Loans for Bad Credit
Home improvement loans for bad credit are designed for people whose credit score is too low to qualify for a loan to remodel their homes. The rate is higher but it will be helping you to build up your credit score at the same time when you take out the loan. The following are the 5 best home improvement loans for bad creditloans for bad credit.
1. OneMain Financial
OneMain Financial offersOneMain Financial offers loans from $5,000 – $20,000 for home improvement projects. You can use a vehicle or RV as a collateral if you have poor credit. The interest rate which ranges between 18% – 35.99% is quite expensive but reasonable for those applying with poor credit. It approves joint application for increasing your chance of getting approved for the loan. The fund can be released to you as soon as 1 day.
NetCredit specializes in offering smaller size loan from $1,000 – $10,500 for people with bad credit. NetCredit has exorbitant interest rate that ranges from 34% to 155%. NetCredit targets on customers who have been rejected by traditional lenders. Therefore, you may get a chance to get approved if you have problem getting for a loan approval in the past. The loan terms can be from 6 – 60 months.
SoFi offers personal loans of up to $100,000 that can be used for paying the expenses of home improvement projects. You don’t have to fulfill any home equity or collateral requirement to be qualified for the loan. You can temporarily pause your payment due to unemployment. The loan has a repayment term of 2 – 7 years. It can take up to 1 week to receive the fund. SoFi loans have interest rate that start from 5.99% – 21.20%.
Avant offers personal loans of up to $35,000 for home improvement if your credit score is less than perfect. The APR rate for the Avant loan starts from 9.95% – 35.99%. In addition, you also have to pay an administration fee of 4.75% when you are approved. To qualify for Avant loan, you must have a minimum credit score of 580. With Avant loan, you can select a repayment term that ranges from 24 – 60 months.
5. Wells Fargo
Wells Fargo Wells Fargo offers unsecured personal loans from $3,000 up to $100,000 for people with credit score as low as 620. You can enjoy an APR rate from 5.24% – 24.49%. Wells Fargo loans have repayment terms of 12 – 36 months for amount below $5,000. If you apply a loan more than that, they let you choose a longer loan term of up to 84 months. You can expect the fund to be in your account in the next business day when it is approved.