While owning a home can be very rewarding, it can also be quite a lot of work, and to maintain it, you may need the financial resources to complete your projects. From updating an outdated kitchen to installing solar energy on your roof, you have several options to fund repairs or improvements, including using equity through a loan or credit line, or a Visa or Mastercard. However, if you don’t have enough equity in your home or prefer not to increase your credit card debt, a traditional loan can be an excellent option. Your home is an investment, and a loan can provide the funds needed to strengthen your investment with improvements, updates, or repairs.

Not all loans are the same, and there are always risks to consider before making a decision. Loans for home improvements are like any traditional unsecured loan: you don’t need to use a home to secure it, the APR you receive depends on your current creditworthiness, which means that monthly payment scheduling can generally be managed comfortably within a budget. The rate is often fixed in most cases. Consider a traditional loan if you don’t have enough equity in your property, your renovation project is relatively small, and you can repay the loan within seven years. All lenders assess your creditworthiness, but some online lenders also consider other factors such as education, profession, and income. Most lenders offer the same range of rates for their loans, regardless of the reason for applying.