Home improvement loans
A personal loan is one way to pay for a renovation, repair or upgrade without using your home as collateral. Here's what to expect, how it compares with borrowing against your home, and how checking your options with Lendara works.
What to expect with a home improvement loan
- Get written quotes before you choose a loan amount. Project costs often change once work starts, so some homeowners add a buffer rather than borrowing twice.
- A personal loan is usually unsecured, so your home isn't collateral. A home equity loan or HELOC is secured by your home, which changes the risk as well as the cost. Compare both.
- Funds from a personal loan typically arrive as a lump sum, so the full balance starts accruing interest right away, even if the contractor is paid in stages.
- Each lender sets its own APR, fees and terms based on your credit history, income and the amount you request.
Estimate your monthly payment
Enter a loan amount, a term and an APR to see an illustrative fixed monthly payment and total interest.
Estimates only, based on the numbers you enter. Not an offer of credit. Lendara is not a lender.
How checking your options works
When you check your options for a personal loan for a home improvement project through Lendara, you answer a few questions about the loan you want, your income and your finances.
If participating lenders have options for you, you can compare them side by side: APR, fees, monthly payment, term and total cost. Nothing is accepted until you choose an offer.
If you decide to apply, the lender reviews your application, may check your credit, and decides whether to approve you and on what terms. Lendara doesn't make that decision.
Frequently asked questions
Is a personal loan or a HELOC better for a home project?
It depends on the project size, how quickly you can repay and whether you're comfortable using your home as collateral. Compare the total cost and the risk of each, not just the monthly payment.
How much should I borrow for a renovation?
Borrow what your quotes support and what you can repay comfortably. Use the calculator above to see an illustrative monthly payment for different amounts and terms; an actual offer may differ.
Is Lendara a lender?
No. Lendara is a free marketplace that connects you with participating lenders. We don't make credit decisions or lend money.
Related guides
- HELOC vs. Personal Loan for a Home Project
How a HELOC and a personal loan compare for paying for a renovation or repair: collateral, rate type, fees, timing and what to weigh before you borrow.
- How to Compare the Total Cost of a Loan (Not Just the Monthly Payment)
Why the lowest monthly payment isn't always the least expensive loan, and a step-by-step way to compare offers by APR, fees, term and the total you'll repay.
- Home Equity Loan vs. HELOC: What to Compare
How a home equity loan differs from a HELOC, what it means that your home secures the debt, and the details worth comparing before you borrow against your equity.
Lendara is not a lender and does not make credit decisions. Lendara is a free online marketplace that connects you with participating lenders, who set their own eligibility rules, rates, fees and terms. Lendara may receive compensation from partners, which may affect which offers appear and their order.