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6 Personal Loans to Finance Your Bathroom Remodel

Annie MillerberndAugust 25, 2020

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Personal loans offer fast financing for bathroom remodeling projects. Compare lenders and alternatives to find the financing method that fits your needs.

Remodeling your bathroom can give your home an updated feel or brighten your morning routine, whether you’re freshening up a powder room or modernizing your master bath. But renovations rarely come cheap.

The cost to remodel a bathroom ranges from a few thousand dollars to well over $10,000. Borrowers who don’t have — or don’t want to use — savings or home equity can opt for an unsecured personal loan, which can be a fast way to fund your makeover.

These lenders offer personal loans for bathroom remodel financing. Compare lenders and other financing options to find the one that fits your project’s needs.

Summary of Personal Loans to Finance Your Bathroom Remodel

Our picks for

Personal loans for large bathroom remodels

SoFi

on SoFi's website

SoFi

Min. Credit Score

680

Est. APR

5.99 - 18.53%

Loan Amount

$5,000 - $100,000

on SoFi's website


Min. Credit Score

680

Key facts

SoFi offers high loan amounts and perks for borrowers like unemployment protection and the option to change your payment date.

Pros

  • Soft credit check with pre-qualify.

  • Flexible payment options.

  • Offers member perks.

Cons

  • Does not offer direct payment to creditors with debt consolidation loans.

  • Does not offer refinance options.

Qualifications

  • Minimum credit score: 680, but typically 700 or higher.

  • Minimum annual income: None; borrowers' average is over $100,000.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 18.53% APR (with AutoPay). SoFi rate ranges are current as of September 18, 2020 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
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Wells Fargo Personal Loan
See my rates

on NerdWallet's secure website

Wells Fargo Personal Loan

Wells Fargo Personal Loan

Min. Credit Score

600

Est. APR

5.49 - 24.49%

Loan Amount

$3,000 - $100,000

See my rates

on NerdWallet's secure website


Min. Credit Score

600

Key facts

Low rates and perks for existing customers make Wells Fargo a good choice if you already bank there and need a large loan.

Pros

  • Offers secured loan option.

  • Offers free credit score access.

  • Offers direct payment to creditors with debt consolidation loans.

Cons

  • Borrowers without existing Wells Fargo accounts required to apply in person.

  • No option to pre-qualify.

Qualifications

  • Minimum credit score: 600; most borrowers have scores above 660.

Available Term Lengths

1 to 7 years

Fees

  • Origination fee: None.

Disclaimer

Read Full Review

Our picks for

Personal loans for small bathroom remodels

Marcus by Goldman Sachs

on Goldman Sachs's website

Marcus by Goldman Sachs

Marcus by Goldman Sachs

Min. Credit Score

680

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

on Goldman Sachs's website


Min. Credit Score

680

Key facts

Marcus offers low rates to borrowers with excellent credit. Low loan amounts make this lender a good choice for smaller projects.

Pros

  • No fees.

  • Flexible payment options.

  • Directly pays creditors for debt consolidation loans.

  • Rate discount with autopay.

Cons

  • No option to include co-signer.

  • Reports payments to one of the three major credit bureaus.

Qualifications

  • At least 18 years old (19 in Alabama; 21 in Mississippi and Puerto Rico).

  • Valid U.S. bank account, Social Security number or tax ID.

  • 680+ credit score.

  • For debt consolidation loans, you may be required to send part of the loan directly to your creditors.

Available Term Lengths

3 to 6 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions.
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Upgrade

on Upgrade's website

Upgrade

Upgrade

Min. Credit Score

580

Est. APR

7.99 - 35.97%

Loan Amount

$1,000 - $35,000

on Upgrade's website


Min. Credit Score

580

Key facts

Upgrade provides borrowers with financial education resources, like free credit score monitoring, so borrowers can build credit as they repay the loan.

Pros

  • Allows co-signed and joint loans.

  • Offers hardship program.

  • Offers direct payment to creditors with debt consolidation loans.

Cons

  • Charges origination fee.

  • Charges late fee.

Qualifications

  • Minimum credit score: 600.

  • Minimum annual income: None, but most applicants earn more than $30,000.

  • Minimum monthly free cash flow: $800.

  • Maximum debt-to-income ratio: 60%.

  • Unavailable to borrowers in: Iowa, Vermont and West Virginia.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 2.9% to 8%.

Disclaimer

Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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 lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.
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Prosper

on Prosper's website

Prosper

Prosper

Min. Credit Score

630

Est. APR

7.95 - 35.99%

Loan Amount

$2,000 - $40,000

on Prosper's website


Min. Credit Score

630

Key facts

Prosper is a peer-to-peer lender that provides joint personal loans. This lender typically lets borrowers change their payment date.

Pros

  • No prepayment fee.

  • Option to change your payment date.

  • Offers joint loan option.

Cons

  • Charges origination fee.

  • Charges late fee of $15 or 5% of the unpaid loan amount.

Qualifications

  • Minimum credit score: 640, but average is 717.

  • Minimum credit history: Two years, but average is 11.

  • Minimum annual income: None, but average is $89,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage).

  • No bankruptcies filed within the last year.

  • Fewer than five credit bureau inquiries in the last six months.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 2.41 to 5%.

  • Late fee: $15 or 5% of unpaid amount (whichever is greater).

  • Insufficient funds fee: $15.

Disclaimer

For example, a three-year $10,000 personal loan would have an interest rate of 11.74% and a 5.00% origination fee for an annual percentage rate (APR) of 15.34% APR. You would receive $9,500 and make 36 scheduled monthly payments of $330.90. A five-year $10,000 personal loan would have an interest rate of 11.99% and a 5.00% origination fee with a 14.27% APR. You would receive $9,500 and make 60 scheduled monthly payments of $222.39. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 7.95% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, Member FDIC.
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Avant

on Avant's website

Avant

Min. Credit Score

580

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

on Avant's website


Min. Credit Score

580

Key facts

Avant's low starting rates make it a good option for borrowers with low credit scores and income.

Pros

  • Able to fund loans within one business day.

  • Soft credit check with pre-qualification.

  • Option to change your payment date.

Cons

  • Charges origination fee.

  • No option to include co-signer.

Qualifications

  • Minimum credit score of 580.

  • At least $20,000 in gross annual income.

Available Term Lengths

2 to 5 years

Fees

  • Administrative fee: Up to 4.75%.

  • Late fee: $25 (most states).

  • Unsuccessful payment fee: $15 (most states).

Disclaimer

A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33. Minimum loan amounts may vary by state. If approved, the actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. An administration fee of up to 4.75% will be deducted from the loan proceeds. Avant branded credit products are issued by Webbank, member FDIC
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How much does a bathroom remodel cost?

The average cost for a midrange bathroom remodel is $21,377, according to Remodeling magazine’s 2020 Cost vs. Value report. A more extensive “upscale” project costs an average of $67,106.

Personal loans for bathroom remodels

  • Borrowers with good to excellent credit get the lowest rates. Annual percentage rates on personal loans range from 6% to 36%. The rate you receive depends primarily on your creditworthiness and financial situation. Borrowers with high credit scores (above 689 on the FICO scale) and low debt get the best rates.

  • Funding is fast. Some online lenders can fund your loan within a day or two. Having the required documents available — including proof of income like pay stubs and bank statements — can speed the process.

  • You get the money in one lump sum. You should have a solid estimate of your project’s cost to ensure you apply for the right loan amount. Loan amounts on personal loans range from $1,000 to $100,000.

  • You don’t use your home to secure the loan. Unlike a home equity loan or line of credit, personal loans are unsecured and don’t require you to put up your home as collateral.

  • You repay in fixed installments. Most personal loans have fixed interest rates, which means your repayments are the same for the duration of the loan, and you can budget accordingly.

How to get a personal loan for a bathroom remodeling project

Once you know how much you’ll need, follow these steps to get a bathroom remodel loan:

  • Calculate your payments. A personal loan calculator tells you how much your monthly payments will be, based on your rate, repayment terms and loan amount.

  • Adjust your budget. If you don’t already have a personal budget, building one will help you make room for monthly payments toward your loan.

  • Pre-qualify. Lenders that let you pre-qualify show you potential rates and terms on your personal loan. You can pre-qualify with NerdWallet to compare offers from multiple online lenders at once.

  • Apply. Once you’ve chosen a lender, gather documents to begin the application process.

Other bathroom remodel financing options

Home equity

Cash-out refinancing, home equity loans and lines of credit tend to be better options for larger, more extensive projects. They all require you to use your home as collateral to get the funds, meaning the lender can take your home if you can’t repay.

Rates tend to be lower on home equity loans and lines of credit than on personal loans, but it can take a few weeks to get your funds.

If you use your home equity to finance a home improvement project, you may be eligible for tax benefits.

Home equity lines of credit (HELOCs): If you’re approved for a HELOC, you’ll get access to some amount of your home equity that you can use during your draw period, which usually lasts around 10 years. Then, you’ll repay the loan at a variable interest rate during the repayment period. These are best for ongoing projects, where you can make the most of a long draw period.

Home equity loans: Home equity loans give you a fixed amount of money that you repay in fixed monthly installments. With this option, you begin repaying the loan and rebuilding equity immediately. These are best when you know how much you’ll need for the bathroom upgrades, with few surprises throughout the process.

Cash-out refinance: If mortgage rates are lower than they were when you first got your mortgage, a cash-out refinance will get you a lower rate on the mortgage. This option is best for larger, more expensive projects that balance the effort and cost of an appraisal, closing costs and other fees.

Government programs

FHA Title I loans can be used for remodels and repairs of homes that haven’t earned equity. To qualify, the home improvement has to improve the livability and usefulness of the home, according to the Department of Housing and Urban Development.

Credit cards

Credit cards can cover smaller projects — like DIY remodels, for example — and get you rewards on frequent trips to the hardware or furniture store.

Credit cards typically have higher interest rates than personal loans and home equity loans. Used strategically, they can work for home improvement projects.

0% APR credit cards: These cards have promotional periods — usually 12 to 18 months — when you can use them without incurring any interest. These cards tend to go to consumers with good or excellent credit. Consider the card’s regular APR, because if you can’t pay the balance by the end of the promotion, you’ll pay interest at that rate.

Store and rewards cards: Putting furnishings or hardware purchases on a store or rewards card can get you perks like cash back. Try to pay off your balance each month to avoid letting interest accrue and outweigh the benefits.

Last updated on August 25, 2020

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Personal Loans to Finance Your Bathroom Remodel

  • SoFi: Best for Personal loans for large bathroom remodels
  • Wells Fargo Personal Loan: Best for Personal loans for large bathroom remodels
  • Marcus by Goldman Sachs: Best for Personal loans for small bathroom remodels
  • Upgrade: Best for Personal loans for small bathroom remodels
  • Prosper: Best for Personal loans for small bathroom remodels
  • Avant: Best for Personal loans for small bathroom remodels

Frequently asked questions