Best lender for long-term financing

LightStream
4.6Check rate with Bankrate
- Min. credit score:
- Not disclosed
- Fixed APR From:
- 9.99% –25.99%
- Loan amount:
- $5,000– $100,000
- Term lengths:
- 2 to 7 years
- Min. annual income:
- $50,000
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Heidi Rivera is a student loans writer for Bankrate. She began her journey in the personal finance space in 2018 and is passionate about collecting data and creating content around higher education and student loans.
Hannah has been editing for Bankrate since late 2022. They aim to provide the most up-to-date information to help people navigate the complexities of loans and make the best financial decisions.
Mark Kantrowitz is an expert on student financial aid, the FAFSA, scholarships, 529 plans, education tax benefits and student loans.
A home improvement loan is a type of personal loan designed to help you finance a home renovation or repair project. From remodeling your kitchen, to replacing your roof or even building a deck, these loans can be used to improve just about any indoor or outdoor space within your property.
Home improvement loan rates currently range from about 6.50 percent to 36 percent. That said, the actual rate you’ll get will depend on multiple factors, such as your credit score, annual income and debt-to-income ratio. The best rate you can qualify for is not necessarily the best loan you can qualify for. That’s why it’s important to compare multiple lenders, paying close attention to loan amounts, fees and customer service options, before applying for one.
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.
Bankrate’s scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience. | The annual percentage rate (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing. | The range of loan amounts that a lender will service. The maximum value is the largest amount a lender will give although this amount may not be available to borrowers who don’t have good or excellent credit. Amount ranges may vary for non-loan products. Term refers to the amount of time you have to repay the loan. | The minimum credit score typically required to qualify for a loan with a given lender. Exact thresholds are not always disclosed by a lender and in certain cases the minimum score is the best estimate based on publicly available information. Credit score refers to FICO 9.0 unless otherwise stated. | ||
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APR from 8.99- 22.74%* with Autopay | Loan Amount $5k–$100K* Term: 2-7 yr* | Min. Credit Not disclosed | ![]()
*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank. | Apply on partner site | |
APR from 8.49- 35.97% with AutoPay | Loan Amount $1k–$50K Term: 2-7 yr | Min. Credit 560 | ![]()
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.97%. All personal loans have a 1.85% to 8.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/. | Check rate with Bankrate | |
APR from 8.99- 35.99% | Loan Amount $2k–$50K Term: 3-5 yr | Min. Credit 600 | ![]()
GENERAL AFFILIATE DISCLOSURE UPDATE AS OF 03.2023 *Trustpilot TrustScore as of December 2022. Best Egg personal loans, including the Best Egg Secured Loan, are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, a Nationally Chartered Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Holdings, Inc., a Delaware corporation. All uses of “Best Egg” refer to “the Best Egg personal loan”, “the Best Egg Secured Loan”, and/or “Best Egg on behalf of Cross River Bank or Blue Ridge Bank, as originator of the Best Egg personal loan,” as applicable. The term, amount, and APR of any loan we offer to you will depend on your credit sc¬ore, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,000; and Georgia, $3,000. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL Joseph Walsh – Operations Manager, Email: ccrt-resolution@bestegg.com, Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-82-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%–8.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. | Check rate with Bankrate | |
APR from 7.99- 35.99% | Loan Amount $5k–$50K Term: 2-5 yr | Min. Credit 620 | ![]()
All loans available through Achieve Personal Loans (NMLS ID #227977) are originated by Cross River Bank (a New Jersey state chartered commercial bank) or Pathward, N.A. (Equal Housing Lenders) and may not be available in all states. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Minimum loan amounts vary due to state-specific legal restrictions – please call an Achieve Personal Loans consultant for further details. Loan amounts generally range from $5,000 to $50,000 including origination fees, and are offered based on loan purpose and underwriting conditions. Repayment periods range from 24 to 60 months. APRs range from 7.99% to 35.99% APR and include applicable origination fees. Example loan: four-year $20,000 loan with a rate of 15.49% and corresponding APR of 18.34%, would have an estimated monthly payment of $561.60 and a total cost of $26,956.80. To qualify for a 7.99% APR loan, a borrower will need excellent credit, a loan amount for $12,000.00 or less, and a term of 24 months. Loan origination fees vary from 1.99% to 6.99%. Adding a co-borrower with sufficient income; using at least 85% of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could also help you qualify for lower rates. Average interest savings for personal loans range from 0% - 6% based on closed loans that qualified for one or more of our rate discounts in July 2022. †Times noted are estimates and can vary for a loan request from Achieve Personal Loans (NMLS #227977). Same day approvals assume that a fully completed application with all required supporting documentation is provided early enough on a day that our offices are open. Achieve Personal Loans consultants are available Monday–Friday 6AM to 8PM MST and Saturday–Sunday 7AM to 4PM MST. | Check rate with Bankrate | |
APR from 10.50- 29.99% | Loan Amount $5k–$40K Term: 2-5 yr | Min. Credit 640 | ![]()
Overview: Happy Money (formerly Payoff) offers low APRs of 10.50 percent to 29.99 percent, making it an ideal lender for borrowers trying to consolidate credit card debt at a lower interest rate. This lender also offers free monthly FICO updates and reports payments to major credit bureaus in order to help borrowers build credit. This offer does not constitute a commitment to lend or an offer to extend credit. Upon submitting a loan application, you may be asked to provide additional documents to verify your identity, income, assets, or financial condition. The rate and terms you may be approved for will be shown to you during the application process. Loans subject to an origination fee, which is deducted from the loan proceeds. Refer to full borrower agreement for all terms, conditions and requirements. Only loans applied for and issued on or after January 23, 2023, are covered under the TruStage™ Payment Guard Insurance Policy. Please refer to the certificate of insurance, provided to you with your loan origination documents, for terms and conditions of the coverage. Some exclusions apply. Claims must be submitted for review and approval to CUMIS Specialty Insurance Company, Inc. TruStage™ Payment Guard Insurance is underwritten by CUMIS Specialty Insurance Company, Inc and not by Happy Money. CUMIS Specialty Insurance Company, our excess and surplus lines carrier, underwrites coverages that are not available in the admitted market. Product and features may vary and not be available in all states. Certain eligibility requirements, conditions, and exclusions may apply. Please refer to the Group Policy for a full explanation of the terms. The insurance offered is not a deposit, and is not federally insured, sold or guaranteed by any financial institution. Corporate Headquarters 5910 Mineral Point Road, Madison, WI 53705. | Check rate with Bankrate | |
APR from 18.00- 35.99% | Loan Amount $1.5k–$20K Term: 2-5 yr | Min. Credit Not disclosed | ![]()
You must apply for this offer and continue to meet the criteria used to select you for this offer. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expenses; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Current OneMain Customers: The above offer assumes that you do not have a current loan with OneMain or one of its affiliates. If you apply for the offer, a OneMain representative will discuss options available for current customers.
Additional conditions for secured loans: Secured loans require a first lien on a motor vehicle that meets our value requirements, titled in your name with valid insurance. Active duty military, their spouse or dependents covered by the Military Lending Act may not pledge any vehicle as collateral. If you are covered by the Military Lending Act, you are not eligible for secured offers.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing. | Check rate with Bankrate | |
APR from 9.95- 35.95% | Loan Amount $2k–$35K Term: 1-5 yr | Min. Credit Not disclosed | ![]()
Overview: Avant is a popular lender for borrowers with fair to poor credit. Its minimum credit score requirement is 580 FICO and 550 Vantage, lower than many other lenders. Avant is also a good choice for borrowers who haven’t built up much credit yet. | Check rate with Bankrate | |
DEBT RELIEF A debt relief program can help you pay off your debts through balance transfers, debt management plans, credit counseling, settlement or a combination of the four. |
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Please Note: JGW Debt Settlement, LLC does not offer loans. They provide debt resolution services. You must have $10,000 in unsecured debt to qualify. Not all debts are eligible for enrollment. This service is not provided in all states and is subject to additional terms and conditions. | Check rate with Bankrate |
Average home improvement loan rates currently range from around 6.50 percent to 36 percent. While the rate you're quoted depends on many factors, the most important is usually your credit score; the higher your credit score, the lower your rate. Many lenders provide their minimum credit score requirements, as well as the credit score needed to receive the lowest rate. However, even if your score is closer to the minimum, it's still worth going through prequalification, as lenders may also factor in things like your annual income, debt-to-income ratio and employment status when determining your rate.
LENDER | BEST HOME IMPROVEMENT LENDER FOR | APR | LOAN AMOUNT RANGE | MIN. CREDIT SCORE |
---|---|---|---|---|
LightStream | Long-term financing | 9.99%-25.99%* (with AutoPay) | $5,000-$100,000 | Not specified |
SoFi | Unemployment protection | 7.99%-23.43% (with autopay) | $5,000-$100,000 | 680 |
TD Bank | Convenience | 7.99%-21.99% | $2,000-$50,000 | 700 |
LendingClub | Emergency home repairs | 8.05%-36.00% | $1,000-$40,000 | Not specified |
Best Egg | Consumers with limited credit history | 8.99%-35.99% | $2,000-$50,000 | 600 |
Upstart | Consumers with below-average credit | 6.70%-35.99% | $1,000-$50,000 | None |
Prosper | Online-only experience | 6.99%-35.99% | $2,000-$50,000 | 600 |
Check rate with Bankrate
Who it’s for: Borrowers with excellent credit who can qualify for the lender’s lowest rates.
Fees: None.
Time to receive funds: Same-day funding available if loan is approved by 2:30 p.m. ET.
Requirements: Borrowers must have good to excellent credit.
Check rate with Bankrate
Who it’s for: Borrowers with good-to-excellent credit taking on a big home improvement project.
Fees: None
Time to receive funds: Same day funding available if approved by 7:00 p.m. ET.
Check rate with Bankrate
Who it’s for: Borrowers who need to receive their loan funds quickly.
Fees: Late fee of five percent of the minimum payment due or $10, whichever is less.
Time to receive funds: Next business day after approval.
Requirements: None.
Who it’s for: Good to excellent credit borrowers who can qualify for the lowest APRs.
Time to receive funds: 24 to 42 hours after approval.
Requirements: Borrowers need good credit to qualify.
Time to receive funds: Next business day after approval.
Requirements: Minimum credit score of 600.
Check rate with Bankrate
Time to receive funds: Next business day after approval.
Check rate with Bankrate
Time to receive funds: Next business day after approval.
A home improvement loan is usually an unsecured personal loan used to pay for home repairs and improvements. An unsecured loan does not require you to put up an asset, like your house, as collateral. Loans can range from $1,000 to $100,000 and typically have a fixed interest rate and a fixed monthly payment.
When you're approved for a home improvement loan, you receive all funds up front, which you can then use to make your renovations. As soon as funds are disbursed, you'll enter the repayment term, which can last anywhere from one to seven years. During this time, you'll make regular fixed payments on the loan, paying back the principal plus interest.
There are several kinds of loans you can use to make home improvements. The most common are:
Personal loans are unsecured loans, which are featured on this page, that can be used for any purpose.
Home equity loans are lump-sum loans that are often used for home-related projects and needs. Your home is used to secure the home equity loan. Because of this, you can usually expect a lower interest rate than with a personal loan.
A HELOC is a revolving line of credit secured by the equity in your home. You can take money out for home-related expenses as needed, rather than as a lump sum. Your home is used as collateral for a HELOC, and you’ll score lower interest rates because of it.
Just like other types of loans, home improvement loans can be obtained from multiple sources, like the following:
Of all these options, banks tend to have the most stringent requirements, but also offer the best interest rates. Peer-to-peer lenders, on the other hand, tend to be more lenient and evaluate other factors, such as your employment and education history. That said, peer-to-peer lenders offer higher rate caps compared to other lenders. This is because they’re taking on a higher risk by lending to those with little-to-no credit history or less-than-stellar credit.
Personal loans are almost always the best choice to pay for home improvements due to their low cost compared to other credit products. That said, there are other alternatives you can explore to pay for home repairs or renovations, including these.
When you apply for a cash-out refinance loan, you’re essentially replacing your mortgage for a new, larger one that allows you to tap into your equity. Although these loans typically come with lower interest rates, your house is used as collateral. That means that if you default on your loan, you could face foreclosure. Besides that, cash-out refinances can take up to 60 days to complete, which isn’t ideal in case of an emergency.
Credit cards are also another option you can explore. They can provide quick funding, a “spend-as-you-go” approach and can be repaid over the course of many months. However, credit cards have one of the highest interest rates in the market, with an average interest rate of 20.3 percent.
When choosing a credit card to pay for home repairs, try qualifying for a 0% introductory rate card. These will allow you to fund your purchase, while giving you some wiggle room to pay off your balance, without accruing interest for the first few months.
Local government agencies, as well as the Department of Housing and Urban Development (HUD) also offer a variety of grants and loans to pay for home improvements. Although these are low-cost loans, getting one can be a tall order as they tend to have very strict requirements to qualify. Additionally, government loans are typically restricted to necessary renovations to make the property livable, not cosmetic improvements.
If you have a nest egg big enough to pay for home repairs or renovations out of pocket, that’s probably the best way to go. You won’t have to worry about owing money to anyone, damaging your credit or incurring any interest or fees. That said, make sure to not go overboard and leave enough for a rainy day.
Doing home improvement projects makes it less likely that you’ll have to pay for expensive repairs down the road. When you replace your roof and gutters, for example, you protect your home from water damage. Some projects add more value to your home than others.
Some home improvement projects are expensive but add little value to your property. Comparing the cost of the project to its value can help you determine your asking price when it’s time to sell.
The remodeling projects that recoup the most cost, according to Remodeling's 2022 Cost vs. Value report, include the following:
To select the best home improvement loan lenders, Bankrate’s team of experts uses a meticulous ranking system, known as the Bankrate Score. This ranking system evaluates lenders across three main categories: