Nowadays, many homeowners have turned to online personal loans lenders to receive funding for their home improvement projects. The reason is that they are easier to approve and faster in releasing the cash compared to banks. The following is the 3 best personal loans for home improvement.
1. Upstart
Upstart allows you to obtain approval for a personal loan from $1,000 to $50,000. Borrowers who want to apply must have a credit score above 620. You must have a verified income source and earn at least $1,000 every month. Upstart will approve you even if you have a short credit history. Through the preapproval process, you can get a quote estimate in less than 2 minutes. Every loan that Upstart issues has origination fee charges that range from 0 to 8%. The loan can be repaid within a 3 – 5 years period. The APR interest you are charged starts from 7.73% – 29.99%. It just take one day for you to see the fund in your bank account following approval.
2. Lending Club
Lending Club is a p2p platform where borrowers are allowed to apply for a loan amount as much as $40,000. Borrowers with minimum credit score of 600 can easily receive approval for a loan. On Lending Club, customers that submit their payments later than 15 days will pay a 5% fee or $15 (whichever is greater). It charges an origination fee in the bracket of 1%-6%. Just like a regular loan, the repayment can take 3 – 5 years . Depending on your creditworthiness, they may help you to save money with the cheapest rate from 5.99%; or the interest can get as expensive as 35.89% if you have low credit score. Lending Club allows joint loan application where one borrower can have a credit score of 600 and above while the other borrower’s credit score must be in the middle range of 500s.
3. Avant
Avant extend personal loan from $2,000 – $35,000 for borrowers with credit score as low as 580. They did not set any minimum income requirement but you must earn enough to cover the monthly payment and other living expenses. They incur a $25 late fee when you fail to submit the monthly payment 10 days from the due date. However, if you promptly make repayment for 3 consecutive months, you will see the late payment fee refunded back to you in your account. The origination fee is about 4.75% of the loan balance. You can opt for a loan term from 2 – 5 years. Avant personal loan has interest rate ranging from 9.95% – 35.99%. Avant interest rate is about the same as other lenders that specialize in offering loans for people with low credit scores, for example, OneMain Financial. Avant loan is great for consolidating your high interest debts. .
