| Lender | APR Range (%) | Loan Amount | Loan Term (Years) | Min. Credit Score | Origination Fee | Funding Speed | Notable For |
|---|---|---|---|---|---|---|---|
| LightStream | 6.49 - 25.29 | Up to $100,000 | 2 - 7 | 700 | None | Same business day | Low rates, no fees, high loan amounts |
| Best Egg | 6.99 - 35.99 | Up to $50,000 | 2 - 5 | 600 | 0.99% - 9.99% | 1 - 3 business days | Secured options, fair credit approval |
| Upstart | 7.80 - 35.99 | Up to $50,000 | 3 or 5 | 620 (or none) | 0% - 12% | 1 - 3 business days | Bad/no credit OK, high approval odds |
| LendingClub | 7.90 - 35.99 | Up to $40,000 | 2 - 6 | 660 | 0% - 8% | 22 hours | Strong prequal. match-to-approval ratio |
| Splash | 7.99 - 17.97 | Up to $100,000 | 3 - 6 | 700 | 3.99% - 7.49% | 1 business day | Quick funds, good credit required |
| Reach | 7.99 - 35.99 | Up to $40,000 | 2 - 5 | 660 | 0% - 8% | 90% funded in 1 day | Fast approval, fair credit friendly |
| Upgrade | 7.99 - 35.99 | Up to $50,000 | 2 - 7 | 600 | 1.85% - 9.99% | 1 day after verification | Discounts for autopay/direct pay |
| Happy Money | 8.95 - 17.48 | Up to $40,000 | 2 - 5 | 640 | 2% - 5% | 2 - 5 business days | Low max APR, best for debt consolidation |
| SoFi | 8.99 - 35.49 | $5,000 - $100,000 | 2 - 7 | Not disclosed | 0% - 7% | Same day possible | High loan amounts, no fees |
| Prosper | 8.99 - 35.99 | Up to $50,000 | 2 - 5 | 640 | 1% - 9.99% | 1 business day | Peer-to-peer lending |
| Rocket Loans | 9.12 - 29.99 | Up to $45,000 | 3 or 5 | 640 | Up to 9% | Same day possible | Fast loans, good autopay discount |
| Avant | 9.95 - 35.99 | Up to $35,000 | 2 - 5 | 550 | 0.95% - 9.99% | Next business day | Best for bad credit |
| BHG Financial | 9.96 - 23.48 | Up to $200,000 | 3 - 10 | 660 | 3% - 4% | 5 - 14 days | Highest loan limits, income over $100K |
| Reprise | 9.99 - 35.99 | Up to $25,000 | 3 - 5 | 560 | 0% - 6% | Next business day | Bad credit approval, secured/cosigned |
| Citibank | 11.49 - 20.49 | Up to $30,000 | 1 - 5 | 740 | None | Same day for customers | No fees at all |
Interest rates on personal loans for home improvement can vary widely, often between 7% APR to over 30% APR, depending on individual financial factors, market conditions, the specific lender, the loan amount, and the loan's repayment term.
When you apply for a loan, lenders consider your credit score, payment history, income, and outstanding debts. They also consider the loan amount you want to borrow as well as the repayment term. Higher loan amounts and longer repayment terms may carry higher interest rates.
But market conditions play a role too. The Federal Reserve may raise or lower interest rates to respond to inflation and other economic concerns. In turn, this affects interest rates on many types of loans, including personal loans.
The table below shows the average personal loan APR borrowers qualified for in each FICO credit score tier, based on data from Ever Lasting Mortgage. Prequalify with a handful of lenders to compare potential loan options, as each lender evaluates borrowers and sets rates differently.
Personal loans for home improvement offer a streamlined application and funding process relative to other home improvement loan types. Since collateral isn’t required in most cases, personal loans tend to have higher rates than secured home improvement loans like home equity loans and home equity lines of credit (HELOCs). Personal loans and home equity loans give you a lump sum of cash that is typically repaid in fixed monthly installments over a period of years.
Most personal loans for home improvement are unsecured, unlike home equity loans, which come with a risk of foreclosure in the event of nonpayment. However, some personal loan lenders offer secured loan options that could have lower interest rates than unsecured loans.
Personal loans for home improvement usually include the following features:
Repayment terms: Most lenders require you to repay a personal loan within 7 years, but some lenders offer longer repayment terms. For example, LightStream offers home improvement loans with repayment terms up to 20 years.
Loan amounts: Some personal loan lenders offer up to $100,000 for qualified borrowers to finance home improvements. If you’re seeking a home equity loan, the loan amount is dependent on the amount of equity you have. Keep in mind, the amount you qualify for also depends on your credit score, income, and other financial factors.
Interest rates: Annual percentage rates (APRs) for personal loans, which account for the interest rate and upfront fees, range from about 7% to 36%. The lowest rates are reserved for excellent credit borrowers, while borrowers with fair or poor credit tend to pay higher rates.
Fees: Some lenders charge an origination fee for home improvement loans, which is deducted upfront from the loan proceeds. If charged, an origination fee can be up to 12% of the loan amount (the fee is likely to be higher if you have bad credit). Other fees can include late fees and insufficient funds fees. Some lenders, like Discover and LightStream, don’t charge any fees.
Funding times: Personal loans offer a speedy application process, and most lenders can distribute the funds directly to your bank account within a few business days of approval. Some lenders even offer funding as soon as the same day. Home equity loans can take over one month to approve and fund due to the home appraisal and other closing requirements.
