Bad credit often makes us feel deprived of any further loan options. But, what will you do if you want to renovate your home, or plan to buy some expensive home enhancement things, for which you need a loan?
Well, you will still qualify for home improvement loan despite of a poor credit. There have been a lot of changes with the working of credit scores of people, and therefore lending companies have become a bit lenient. The bottom line remains that never be hesitant to approach a bank. You might just qualify for a new loan easily.
Some banks or lending institutions that you can approach for home improvement loans are:
- Bank of America – Applying and getting a loan approval from Bank of America has become very simple. They are offered for a period of three to five years, but you must check your eligibility. You will be assigned a loan specialist, who will do all the work for you.
- AMS Financial– It offers independent financing options to those who need some extra money. They specialize in offering subprime loans so that people with bad credit also stand a chance of getting their loans approved.
- S. Bank– This bank is often preferred by most loan seekers because of its low interest rates. They claim to offer the most competitive rate of interest even to those who suffer from poor credit. All terms and conditions are clearly disclosed in advance assuring complete transparency to its customers.
- Citibank– Citibank interest rates are always on the higher side as compared to other banks in the US. However, looking at your bad credit history, if the bank still feels that you qualify for a new home improvement loan, you can still walk away happily.
- Wells Fargo – With more than 8700 branches spread across the US, Wells Fargo is among the big-bank option for those looking for home improvement loans. It approves loans up to $100,000 without any fee.
- Prosper Funding LLC – This lending institution has fixed rate of interest ranging between 5.99% and 36.00% APR depending on your credit history. There are no hidden charges or penalties. The lending process is a little strict, but faster than other banks around.
- Capital One – This financing institution provides home improvement loans with flexible repayment options. Investing into home equity allows you to get a good price when you plan to sell your house. Check if you qualify today.
- HSBC – This bank offers the flexibility to choose between fixed or floating rates, depending on the loan eligibility. No personal guarantors or down payments are required for home improvement loans. If you meet their eligibility criteria, you might walk away with a new loan within minutes.
- JP Morgan–It offers a minimum APR of 3.88% for a loan amount ranging between $50,000 and $500,000. They are a little strict regarding credit history, but you can still talk to them honestly so that they can work with you to evaluate your present credit profile.
So, whether it is adding a new room, converting your backyard into a party place, or inserting a solar panel, home improvement loans help you live your dreams. Before applying for a new loan, it is recommended to check all applicable fees along with interest rates. After all, you don’t want to be in debt all your life. It is important to live life beautifully, but is also important to save and make your future comfortable.