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Staying at home into old age is called “aging in place” and is the goal of many Americans. Nearly 90% of Americans over 65 want to stay at home as long as possible, according to a study. poll by the National Conference of State Legislatures and the AARP Public Policy Institute.

Fortunately, if aging in place is your goal, you don’t have to risk your valuable capital or your home to improve safety and accessibility. You can use a personal loan to improve your home.

Reliable makes it easy see your pre-qualified personal loan rates from different lenders, all in one place.

What is “aging in place”?

Aging in place means making a conscious decision to stay in your home for as long as possible while you are growing old, instead of moving or moving into an independent residential community or nursing home.

People who choose to age in place often have to make changes to their homes to make aging in place more comfortable or even possible. These improvements may include installing grab bars or a shower stall in the bathroom, widening doorways to accommodate a wheelchair or walker, or replacing outdoor stairs with ramps.

But paying for these home upgrades in addition to others pension expenses could be a problem.

What is a home improvement loan?

A home renovation loan is an unsecured personal loan you take out to finance home renovations. You will repay the loan in monthly installments at a fixed interest rate over a specified period of time.

Unlike home secured loan or equity line of creditA home improvement loan does not require you to deposit your home as collateral, so it will not drain your capital. And if you run into financial difficulties and can’t afford the payments, you don’t risk losing your home.

Visit Faithful to compare personal loan rates from different lenders without affecting your credit.

Best Home Improvement Loans for Aging in Place

If you plan to age in place, The following 10 trusted lender partners can help you finance the home renovations you need with a home renovation loan:

Best Lenders for Large Loan Amounts

lightstream

  • Loan amounts: $5,000 to $100,000
  • Terms: 2 to 7 years (12 years for home improvement loans)
  • Minimum credit rating: 660
  • Fees: No prepayment, shipping or late payment fees

Sofi

  • Loan amounts: $5,000 to $100,000
  • Terms: from 2 to 7 years
  • Minimum credit rating: Does not disclose
  • Fees: No prepayment and processing fees

Best Lenders for Small Loan Amounts

credit point

  • Loan amounts: from 2000 to 36 500 USD
  • Terms: from 2 to 6 years
  • Minimum credit rating: 580
  • Fees: Commission for opening from 0% to 7%; no prepayment penalty

OneMain Financial

  • Loan amounts: from 1500 to 20 000 USD
  • Terms: 2 to 5 years
  • Minimum credit rating: Nobody
  • Fees: Shipping fees vary by state; no prepayment penalty

The best lenders for a good credit history

Axos Bank

  • Loan amounts: $10,000 to $50,000
  • Terms: 3 to 6 years old
  • Minimum credit rating: 700
  • Fees: Commission for opening from 0% to 2%; $15 late payment fee; $25 Insufficient Fund Fee; no prepayment penalty

discover

  • Loan amounts: from 2500 to 35 000 USD
  • Terms: 3 to 7 years old
  • Minimum credit rating: 660
  • Fees: $39 late payment fee; no creation fee

Marcus by Goldman Sachs

  • Loan amounts: $3,500 to $40,000
  • Terms: 3 to 6 years old
  • Minimum credit rating: 660
  • Fees: No application fees, late fees or prepayment fees

Best Lenders for Bad Credit

Avant

  • Loan amounts: from 2,000 to 35,000 USD
  • Terms: 2 to 5 years
  • Minimum credit rating: 550
  • Fees: Administrative fee up to 4.75%; no prepayment penalty

Update

  • Loan amounts: $1,000 to $50,000
  • Terms: from 2 to 6 years
  • Minimum credit rating: 560
  • Fees: Commission for opening from 2.9% to 8%; no prepayment penalty

Upstart

  • Loan amounts: $1,000 to $50,000
  • Terms: 3 to 5 years
  • Minimum credit rating: 580
  • Fees: Commission for opening from 0% to 10%; a late payment fee of 5% of the outstanding debt or $15 (whichever is greater); $15 check refund or refund fee; no prepayment penalty

Other lenders to consider

The following two lenders are not Credible Partners, so you won’t be able to easily compare your rates with them on the Credible platform. But they are also worth considering if you are looking for a home improvement loan.

Navy Federal Credit Union

  • Loan amounts: $250 to $50,000
  • Terms: from 3 to 15 years
  • Minimum credit rating: Does not disclose
  • Fees: Commission for late payment and chargeback; no shipping fee or prepayment penalty

PNK Bank

  • Loan amounts: $1,000 to $35,000
  • Terms: 6 to 60 months
  • Minimum credit rating: Does not disclose
  • Fees: No early repayment penalty

Methodology

Credible evaluated the best home improvement loans based on factors such as customer experience, minimum flat rate, maximum loan amount, financing time, loan terms and fees. Credible’s team of experts collected information from each lender’s website, customer service, and email support. Each data point has been checked to make sure it is up to date.

Home renovation loan versus home equity financing

A consumer home improvement loan is an unsecured loan. This distinguishes him from home equity loans or home equity lines of creditwho use homeowners’ real estate as collateral.

A home equity loan, also known as a second mortgage, allows you to borrow against your own capital at one time. A home equity line of credit (HELOC) also allows you to borrow against your own equity, but you get the cash in the form of a revolving line of credit, similar to a credit card, rather than a lump sum.

Another option is a reverse mortgage, also known as a home equity conversion mortgage. Reverse mortgages are tricky, and if you get sick and have to leave your home for 12 months or more, the lender can revoke the loan, requiring you to sell the house to pay off the loan and avoid foreclosure.

Home improvement loans have several advantages over home equity loans and HELOC, including:

  • Don’t waste your capital Because unsecured personal loans are not backed by the equity of your home, home improvement loans do not drain the capital you have built or put your home at risk.
  • Usually faster to secure − Many lenders can approve a home improvement loan in a matter of days, compared to two to six weeks for a home loan or line of credit. This makes them a good option for home improvement projects with more urgent deadlines.
  • Predictable payments – Most personal loans are fixed rate loans, so you repay them in predictable monthly payments. On the other hand, HEOCs are usually floating rate loans. If interest rates go up, your monthly payment increases, which can make your payments unaffordable.

If you’re ready to apply for a home improvement loan, Credible makes it quick and easy for you to compare interest rates on consumer loans to find one that suits your needs.