Best home improvement loans for June 2024


Making upgrades and renovations to your home can give it a fresh look, add value and make it enjoyable for years to come. A personal loan is one of several ways to finance your remodeling projects. With multiple personal loan lenders to choose from, you’ll have no shortage of options.

Home improvement loans on our list are available in amounts ranging from $1,000 up to $100,000, depending on the lender. Unlike a home equity loan (HELOC), personal loans are unsecured debt not tied to a specific collateral like a home.

7.49%-20.99%(with autopay)

No specific number, but says “good to excellent”

8.99%-29.49%(with discounts)

Our top recommendations

Upgrade: Best for bad credit

Bad credit

Bad credit

Upgrade Personal Loans

Loan amount

$1,000 to $50,000


Origination fee, 1.85% – 9.99%


  • Get a home improvement loan with bad credit.
  • Borrow a relatively low amount for small projects.
  • Rewards checking account with bonus.


  • Has a relatively high origination fee in some cases.
  • Other fees might be charged and can be hefty.

Upgrade can help you get a personal loan for home improvements, even if you have less-than-perfect credit. Upgrade has 4.4 out of 5 stars on Trustpilot.

Funding can be as fast as one business day, and you can connect your account to a rewards checking product and receive a $200 bonus if you meet certain criteria. Upgrade offers other financial products and services that are easy to get and use, which is a nice perk for those getting a loan for home improvement.

Upstart: Best for no credit history

No credit history

No credit history

Upstart Personal Loans

Loan amount

$1,000 to $50,000


  • Offers home improvement personal loans to those with no credit history or thin files.
  • Claims a 36% lower rate compared to using a traditional credit model.
  • Check your rate without affecting your credit score.


  • Hefty origination fee of up to 12% of the loan amount.
  • Other fees, including late fees, can be high.
  • Paper copies of the loan agreement are $10.

Upstart goes beyond traditional credit scoring to make home improvement loans more accessible to more people. Additionally, it’s possible to check your rate without affecting your credit score and get prequalified for different loan products.

Upstart has generally good Trustpilot ratings, with a score of 4.9 stars out of 5, indicating a high level of customer satisfaction. Because Upstart offers nontraditional credit evaluation, it can be a good tool for establishing or building credit.

Discover Personal Loans: Best for no fees

Discover Personal Loan

Loan amount

$2,500 to $40,000


  • Doesn’t charge origination or application fees.
  • Low APRs.
  • Option to get a mortgage if you need to borrow more.


  • Relatively low maximum amount borrowed.
  • No co-applicant option.
  • No autopay discount.

Discover Personal Loans is one of the few personal loan lenders that doesn’t charge an origination or administration fee. As a result, you don’t have to worry about having your total deposit reduced by fees. Additionally, Discover offers relatively low APRs, starting below 8%.

The maximum amount you can borrow is relatively low, however, so you might need to secure your loan with home equity if you want to borrow more. Discover’s own personal loans review system has a 4.9 out of 5, and J.D. Power ranks Discover as one of the top personal loan providers in its 2024 study.

Lightstream: Best for long repayment terms

LightStream Personal Loan

Loan amount

$5,000 to $100,000


  • Up to $100,000 for large home improvement projects.
  • Get loans for up to 12 years.
  • Same-day deposit after approval.


  • Must have autopay to get the best rates.
  • Requires a relatively high credit score.
  • Borrowers must have a long credit history.

It’s possible to get loans for up to 144 months, or 12 years, with Lightstream. Rates are low, which is helpful when you have a longer repayment term. There’s also a high loan amount of up to $100,000. You need a long credit history and a high credit score to qualify, however. But if you’re approved, you can potentially get your money the same day. Lightstream’s reviews result in a 4.9 stars out of 5, but Trustpilot’s results are starkly different, with 1.6 out of 5 stars.

SoFi: Best for large projects

Large projects

Large projects



8.99% to 25.81% (includes 0.25% autopay discount)

Loan amount

$5,000 to $100,000


No late fees, origination or application fees


  • Get up to $100,000 for home improvement projects.
  • Same-day funding is available, depending on your approval.
  • No collateral required.


  • You might be charged an origination fee.
  • Usually need to have good credit to qualify.
  • Best rates require multiple discounts.

It’s possible to get a large unsecured loan of up to $100,000 with SoFi and use it for a major home improvement project. Additionally, depending on your situation and credit, you might qualify for same-day funding if you’re approved fast enough.

You can access discounts on your APR, which is nice, but you have to make sure you meet AutoPay and Direct Deposit requirements. SoFi ranks highly in the 2024 J.D. Power study of personal loan providers.

LendingPoint: Best for fast approval

Lending Point Personal Loans

Loan amount

$2,000 – $36,500


  • Loan approval in seconds.
  • No prepayment penalties.
  • Prequalification with a soft credit check.


  • Charges a relatively high origination fee.
  • Relatively low maximum amount borrowed for home improvement projects.
  • Not available in Nevada or West Virginia.

LendingPoint offers fast approval, with the ability to get prequalified and then approved within seconds. You can also get relatively fast funding for your loan. You don’t have to worry about prepayment penalties or having a hard credit pull for prequalification. LendingPoint has a high Trustpilot customer rating of 4.8 out of 5 stars.

How we chose the best home improvement loans

We looked at a variety of factors in choosing the best personal loans for home improvement, including APR, origination fees, prepayment penalties, required credit score, customer satisfaction ratings and repayment terms. We also considered search volume and how often consumers are looking at these lenders. We tried to find home improvement loans that serve different needs for a variety of consumers.

Types of home improvement loans

There are various types of home improvement loans, most of which rely on tapping your home’s equity. Here are some of the main types of home improvement loans you’re likely to encounter:

  • Home equity loan (HEL): You receive a single lump sum, based on how much equity you’ve built up in your home. Your home serves as collateral, and you could lose it if you don’t make payments.
  • Home equity line of credit (HELOC): This is another type of home equity loan, but instead of receiving a lump sum, you can draw on a line of credit (similar to a credit card). You can make payments to “free up” more room, and it’s possible to only draw on the loan as you need the funds.
  • Cash-out refinance: If you refinance your home for more than you owe, it’s possible to get the difference between your current loan balance and its market value in cash. You can use the money to make home improvements or for other purposes. You generally receive a lump sum and you replace your old mortgage with the new, larger home loan.
  • FHA 203(k) rehab loan: For those buying a fixer-upper, this can be a good choice. This is a government-backed loan that allows you to make your home purchase plus get funds for renovation with one mortgage.
  • Personal loan: Finally, it’s possible to get a home improvement loan without using your home’s equity as collateral. A personal loan is received in a lump sum and is unsecured, so lenders charge higher rates than a home equity loan or HELOC. You can use the money to make home upgrades and for other purposes.

How does a home improvement loan work?

A home improvement loan works like many other loans. You borrow money from a lender and then repay it over time, with interest.

If you use a personal loan to get the money for home renovations, then you don’t have to provide collateral and your credit profile matters more.

On the other hand, some home improvement loans require that you secure your loan with the property itself. You’ll receive a loan amount based on how much equity you have available. In some cases, if you haven’t built enough equity (at least 20%), a personal loan might provide you with more money for renovations.


  • You can potentially get a lower rate because you have your equity as collateral.
  • In some cases, you might not need to have as high of a credit score due to securing the loan with your home.
  • If you have a lot of equity built up, you can potentially get a bigger loan.


  • Because you secure the home improvement loan with your home, you could lose the property if you can’t make payments.
  • If you haven’t had time to build equity in your home, you might not be able to borrow enough to complete your project.

How to get the best home improvement loan

When applying for a home improvement loan, it’s important to prepare ahead of time and make sure you get what works best for your situation.

Decide on a personal loan versus home equity financing

Review whether it makes more sense to get a personal loan or use your home equity for the loan. If you get one of the best home improvement loans as a personal loan, you don’t have to worry about using your home as collateral and you might be able to still get a large amount.

On the other hand, if you’re worried about your rate and you have a lot of equity in your home, equity financing might make more sense. Figure out the best path for you.

Review your credit report

Check your credit and make sure there aren’t mistakes. If errors are dragging your score down, consider getting those fixed.


You can also improve your credit by paying down debt and making all your payments on time. If you have time, try to boost your credit so you get the best possible rate, whether you use a personal loan or equity financing.

Compare lenders

Finally, compare three to five lenders to get the best deal for you. Some items to consider include:

  • APR: Look for a low rate so you pay less overall.
  • Fees: Pay attention to fees, as they can reduce how much funding you receive and increase costs. Compare origination fees and other costs.
  • Loan amount: Run the numbers to know how much you need to borrow. Look for a home improvement lender that will offer you enough money to accomplish your goals.
  • Loan term: A longer loan term, like 72 to 144 months, may be better if you’re borrowing a large sum. Compare lenders to see which one offers terms to keep your monthly payments manageable.

Frequently asked questions (FAQs)

Are renovation loans a good idea?

If you need to make major changes to your home, a renovation loan can provide you with money quickly. However, it’s important to consider your individual financial situation before moving forward to make sure it’s the right move for you.

How much can I borrow with a home improvement loan?

Depending on the lender, you might be able to borrow up to $100,000 with a home improvement loan. How much you get depends on your credit score, income and whether you’re getting a home equity loan product or a personal loan.

Can I use a home improvement loan for any type of renovation project?

Yes, home improvement loans are designed to be flexible for most projects, as long as you meet local codes and abide by the law.

How is my home improvement loan rate decided?

Your interest rate on a home improvement loan is decided using a number of factors, including market conditions, your credit score, how much you borrow, the term length and whether you’re using your home as collateral or getting an unsecured personal loan.


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