Finance a Home
Improvement Project
Check your rate in minutes
Won’t affect your credit score
Fund your home projects quickly
and easily
Average home improvement loan $8,739.19† | 3 & 5 year terms‡ | 2.92% – 35.99%‡
Cover Unexpected Home Expenses
A broken furnace or roof repairs can’t always wait
Renovate Your Abode
Remodel a kitchen, add solar panels or update that dated bathroom
Lower Rate
56% lower rates than traditional models.*
Fast and Easy Process
Applicants typically get money just 1 business day after accepting their loans.**
loans for any occasion
HOME IMPROVEMENT FAQ
What is a home improvement loan?
As a homeowner, costly expenses come up, like planning a home renovation, property updates, and repairs. A home improvement loan can help.
Home improvement loans are unsecured personal loans that provide you with the financial resources upfront to fund your next home improvement project.
What are some of my other options?
A home equity loan and a home improvement loan are similar in that both can offer a fixed interest rate and a lump sum disbursement.
However, the biggest difference with home equity loans (also called a “second mortgage”) is that it uses the equity in your home as collateral if you default on the loan. Home equity loans also generally offer a longer repayment term.
A home improvement loan, on the other hand, doesn’t rely on your home’s built-up equity. The maximum term year is shorter; for example, the maximum eFund123 home improvement loan term is five years.
What are the benefits of a home improvement loan?
If you have little to no equity in your home, but would like to fund a home improvement project, a personal loan offers competitive interest rates compared to using credit cards. And since the nature of the loan is installment-based, your monthly payments are never a surprise.
Whether you’re planning a home improvement project or are faced with an emergency repair, you can receive funds for an approved home improvement loan in as fast as one business day.**
How can I use a home improvement loan?
There are a number of ways to use a home improvement loan. Many homeowners use this type of loan to increase the value of their home through updates and repairs, like:
Kitchen remodeling
Bathroom additions
Expanding a room
Building a guest house
Repairing a deck
Replacing the roof
Setting new carpets or hardwood floors
Installing solar panels
Improving home insulation
Addressing mold concerns
After you’ve paid off your home improvement repair or project, you can use any remaining loan amount toward other bills or add it onto your loan’s next monthly payment to pay it off faster.
How do I qualify for a home improvement loan?
At eFund123, your credit score isn’t the only factor we look at. Your level of education, field of study, and employment history are additional markers used to determine if you qualify for a home improvement loan.
†† When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
§ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
‡ The full range of available rates varies by state. The average 3-year loan offered across all lenders using the eFund123 Platform will have an APR of 25.79 and 36 monthly payments of 37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
* As reported by the Consumer Financial Protection Bureau, based on an internal eFund123 study which compares outcomes from eFund123’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).
** If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.