Best home improvement loans of November 2023

Best personal loans for home improvement in November 2023

Kiah Treece

BLUEPRINT

Updated 2:35 p.m. UTC Nov. 9, 2023

If you need funds to cover home repairs or even an exciting renovation or refresh, a personal loan could be a good option. But before you apply for this type of loan (often called a home improvement loan), it’s important to shop around and compare your options.

The best home improvement loans offer competitive interest rates, a variety of loan amounts and relatively long repayment terms and fast funding speeds. Some also provide more lenient credit score requirements, making it easier to qualify.

To determine the best home improvement loans, we compared 25 lenders using these metrics as well as other factors like state availability, co-signer capability and customer experience to determine the best home improvement loans for a wide array of borrowers.

Best home improvement loans
SoFi
: Best overall
LendingPoint
: Best for fair credit
Upgrade
: Best for poor credit
LightStream
: Best for large loans
Discover
: Best for competitive rates
Compare the best home improvement loans
Methodology
Frequently asked questions (FAQs)

Why trust our personal loan experts

Our team of experts evaluated hundreds of personal loan products and analyzed thousands of data points to help you find the best fit for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.

25 personal loan lenders reviewed.
400 data points analyzed.
6-stage fact-checking process.

Best home improvement loans

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What you should know

With SoFi, you can borrow $5,000 up to $100,000 with repayment terms from two to seven years. The lender’s annual percentage rates (APRs) are competitive for well-qualified borrowers. If you’re approved for a SoFi personal loan, you could get your funds as soon as the same day. Plus, the lender doesn’t charge any fees on its personal loans, which can help keep your overall costs lower.

Additionally, SoFi offers discounts for both autopay and existing account holders as well as a variety of perks, such as unemployment protection, career coaching and financial planning.

Keep in mind that SoFi’s personal loans aren’t available in Mississippi. You’ll also need good credit to qualify — though you do have the option to apply with a joint applicant, which could make it easier to get approved.

Pros and cons

Pros

Loan amounts up to $100,000.
Fast funding.
Multiple rate discounts and member benefits, including unemployment protection.

Cons

Could be hard to qualify if you don’t have good credit.
Must borrow at least $5,000.
Not available in all states.

More details

Interest rates: 8.99% to 25.81%.
Loan amounts: $5,000 to $100,000.
Repayment terms: 2 to 7 years.
Discounts: Autopay (0.25%), existing account holder (0.125%) and direct creditor payment for debt consolidation (0.25%).
Fees: None.
Min. credit score: 680.
Time to fund: As soon as the same day after approval.

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What you should know

While many lenders require good credit to qualify for a personal loan, you could get approved by LendingPoint with a credit score as low as 600. This could make it a good option for borrowers with fair credit scores — usually meaning scores from 580 to 669. With LendingPoint, you can borrow $2,000 to $36,500 with terms from two to six years.

Note that LendingPoint personal loans aren’t available in Nevada or West Virginia. This lender also charges an origination fee, which can increase your overall costs. Additionally, LendingPoint doesn’t allow co-signers or joint applicants, meaning you’ll have to qualify on your own.

Pros and cons

Pros

Accepts fair credit scores.
Quick approval decisions.
Fast funding.

Cons

Charges an origination fee.
Higher maximum APR compared to some lenders.
Not available in all states.

More details

Interest rates: 7.99% to 35.99%.
Loan amounts: $2,000 to $36,500.
Repayment terms: 2 to 6 years.
Discounts: None.
Fees: Origination fee (0% to 8%).
Min. credit score: 600.
Time to fund: As soon as the next business day after approval.

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Upgrade’s minimum credit score requirement is only 580, which could make it a great option for borrowers with poor credit scores. You also have the option of applying with a joint applicant, which could increase your approval chances even further.

With Upgrade, you can borrow as little as $1,000 up to $50,000 with terms from two to seven years. If you’re approved, you could get your funds within a day of clearing any necessary verifications.

Keep in mind that Upgrade charges an origination fee as well as fees for late and returned payments.

Pros and cons

Pros

Accepts poor and fair credit scores.
Can borrow as little as $1,000.
Fast funding.

Cons

High maximum APR.
Charges an origination fee as well as fees for late and returned payments.
Doesn’t disclose information about rate discounts unless you have a registered account.

More details

Interest rates: 8.49% to 35.99%.
Loan amounts: $1,000 to $50,000.
Loan terms: 2 to 7 years.
Discounts: Autopay (amount not disclosed).
Fees: Origination fee (1.85% to 8.99%), late fee ($10) and returned payment fee ($10).
Min. credit score: 580.
Time to fund: Within a day of approval and clearing necessary verifications.

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What you should know

While several lenders cap their personal loan maximums at $50,000, LightStream’s loans range from $5,000 to $100,000. This could make it a good option for borrowers who need to pay for large home improvement projects. Additionally, while LightStream’s loans usually have terms from two to seven years, terms on its home improvement loans can range up to 12 years.

If you’ve already been approved for an unsecured personal loan from another lender, you can get 0.1% off your rate through LightStream’s Rate Beat Program. Another 0.5% can be knocked off your rate if you sign up for automatic payments.

Note that unlike other lenders, LightStream doesn’t offer a prequalification process, which means you’ll have to apply to see your personalized rates. It also doesn’t disclose its minimum credit score requirements, though it does specify that you’ll need good to excellent credit to qualify.

Pros and cons

Pros

Loan amounts up to $100,000.
Terms up to 12 years (depending on the loan type).
Fast funding.

Cons

No prequalification process.
Doesn’t disclose minimum credit score requirements.
Poor Trustpilot reviews.

More details

Interest rates: 7.99% to 25.99%.
Loan amounts: $5,000 up to $100,000.
Loan terms: 2 to 7 (up to 12 for some loan types).
Discounts: Autopay (0.5%) and Rate Beat Program (0.1%).
Fees: None.
Min. credit score: Does not disclose.
Time to fund: As soon as the same day after approval.

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Discover has some of the most competitive APRs which could make it a good choice for borrowers with good credit who can qualify. You can borrow $2,500 to $35,000 with terms from three to seven years, and if approved, you could get your funds as soon as the business day.

Note that while Discover charges no origination fees or prepayment penalties, it does assess a $39 fee for late payments — higher than the late fees charged by other lenders on this list. Discover also doesn’t disclose its minimum credit score requirements, and it doesn’t allow co-signers or joint applicants. However, unlike many lenders, Discover does disclose the minimum household income required to be considered for a personal loan: $25,000.

Pros and cons

Pros

Competitive rates.
Fast funding.
Charges no origination fees or prepayment penalties.

Cons

Charges late fees.
Doesn’t disclose minimum credit score requirements.
Doesn’t allow co-signers or joint applicants.

More details

Interest rates: 7.99% to 24.99%.
Loan amounts: $2,500 to $35,000.
Repayment terms: 3 to 7 years.
Discounts: None.
Fees: Late fee ($39).
Min. credit score: Does not disclose.
Time to fund: As soon as the next business day after approval.

Compare the best home improvement loans

	Interest Rates	Loan Amounts	Repayment terms (years)	Minimum Credit Score	Time to fund (after approval)
SoFi	8.99% to 25.81%	$5,000 to $100,000	2 to 7	680	As soon as the same day
LendingPoint	7.99% to 35.99%	$2,000 to $36,500	2 to 6	600	As soon as the next business day
Upgrade	8.49% to 35.99%	$1,000 to $50,000	2 to 7	560	Within a day of clearing necessary verifications
LightStream	7.99% to 25.99%	$5,000 to $100,000	2 to 7 (up to 12 for some loan types)	Does not disclose	As soon as the same day
Discover	7.99% to 24.99%	$2,500 to $35,000	3 to 7	Does not disclose	As soon as the next business day
All rates include discounts as applicable where noted by the lender and are accurate as of November 6, 2023.

Methodology

Our expert writers and editors have reviewed and researched 25 popular lenders to help you find the best home improvement loan. Out of all the lenders considered, the five that made our list excelled in areas across the following categories (with weightings): loan details (20%), loan cost (35%), eligibility and accessibility (20%), customer service (15%) and ease of application (10%).

Within each major category, we considered several characteristics, including APR ranges, loan amounts, maximum repayment terms, lender discounts, late payment and prepayment penalties, minimum credit score requirements and funding time as well as co-signer or co-borrower acceptance. We also evaluated each provider’s customer support options and customer reviews.

Why some lenders didn’t make the cut

Of the 25 personal loan lenders that we reviewed, only a fraction made the cut. The reasons for this varied by lender, with some receiving lower ratings due to having higher interest rates or not allowing co-signers while others scored lower due to having limited customer service options or poor customer reviews.

Frequently asked questions (FAQs)

There are several types of loans that can be used for home improvements and repairs, such as personal loans, home equity loans and home equity lines of credit (HELOCs). The right kind of loan for you will depend on how much money you need and the extent of the repairs required.

Jeffrey Stouffer, a certified financial planner, says to consider a mortgage refinance “if the current loan balance has dropped considerably and the repairs are significant.” For example, you could look into a cash-out refinance, which is where you pay off your original mortgage with a new, larger loan and receive the difference as a lump sum to use however you wish.

The best loan option for you will depend on your financial situation and the cost of the renovations you plan to make. If you have a one-time need for cash, Stouffer says that either refinancing or getting a second mortgage — like a home equity loan — could be a good choice.

However, if you need funds to cover recurring expenses, “[the] flexibility [of a HELOC] will outweigh the other two options,” says Stouffer.

You could also consider a personal loan, which will typically let you borrow $600 up to $100,000, depending on the lender. Unlike a cash-out refinance, home equity loan or HELOC, a personal loan is usually unsecured — meaning you don’t have to use your home as collateral and won’t risk foreclosure if you can’t make your payments. Keep in mind, though, that because this is riskier for the lender, rates on personal loans are generally higher in comparison to home loans.

The credit score you’ll need to get approved for a home improvement loan will depend on the type of loan and the lender. For a personal loan, you’ll usually need good to excellent credit — a good credit score is usually considered to be 670 or higher.

There are also several lenders that work with borrowers who have lower credit scores. Just keep in mind that bad credit loans tend to come with higher interest rates compared to those offered to good credit borrowers. In general, the higher your credit score, the better your rate will be.