BEST OF

6 Personal Loans to Finance Your Bathroom Remodel

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

Annie MillerberndJul 23, 2021
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Remodeling your bathroom can give your home a fresh feeling, whether you’re updating an old guest bath or turning your master bathroom into an in-home spa. But renovations rarely come cheap.

The cost to remodel a bathroom ranges from several thousand dollars to well over $20,000. An unsecured personal loan is one financing option you can use, particularly if you don't have enough in savings or home equity.

Summary of Personal Loans to Finance Your Bathroom Remodel

Our pick for

Bathroom remodel loans with no fees

Marcus by Goldman Sachs
Check rate

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

NerdWallet rating 
Marcus by Goldman Sachs

Est. APR

6.99 - 19.99%

Loan Amount

$3,500 - $40,000

Min. Credit Score

660
Check rate

on Goldman Sachs's website


Min. Credit Score

660

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.

  • Competitive rates among online lenders.

  • Wide variety of repayment term options.

  • Offers .25% rate discount for setting up autopay.

  • Offers direct payment to creditors for debt consolidation loans.


Cons

  • No co-sign, joint or secured loan option.

Qualifications

  • Minimum credit score: 660.

  • Must be 18 or over, 19 in Alabama and 21 in Mississippi and Puerto Rico.

  • Must have a valid U.S. bank account and Social Security or Individual Tax I.D. Number.

  • May need to provide proof of income, including recent pay stubs or bank statements.

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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Our pick for

Bathroom remodel loans with credit building tools

Upgrade
Check rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

5.44 - 35.47%

Loan Amount

$1,000 - $50,000

Min. Credit Score

580
Check rate

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 secured, co-signed and joint loans.

  • Offers rate discount with direct payment to creditors on debt consolidation loans.

  • Offers a .5% rate discount for setting up autopay.

Cons

  • Charges origination fee.

  • Charges late fee.

Qualifications

  • Minimum credit score: 580.

  • Minimum annual income: $35,000; average borrower income is $87,000.

  • Minimum credit history: 3 years.

  • Minimum number of accounts on credit history: 2.

  • Minimum monthly free cash flow: $800.

  • Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.

  • Average loan amount is $10,000.

  • Average repayment term is 40 months.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 2.9% to 8%.

Disclaimer

Personal loans made through Upgrade feature APRs of 5.94%-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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Our pick for

Bathroom remodel loans for low credit scores

Avant
See my rates

on NerdWallet's secure website

Avant

4.5

NerdWallet rating 
Avant

Est. APR

9.95 - 35.99%

Loan Amount

$2,000 - $35,000

Min. Credit Score

550
See my rates

on NerdWallet's secure website


Min. Credit Score

550

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 the next business day.

  • Option to change your payment date.

  • Soft credit check with pre-qualification.

  • Offers secured loan option.

Cons

  • Charges an origination fee.

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

  • No co-sign or joint loan option.

Qualifications

  • Minimum credit score of 550.

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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Our pick for

Joint bathroom remodel loans

Prosper
Check rate

on Prosper's website

Prosper

4.5

NerdWallet rating 
Prosper

Est. APR

7.95 - 35.99%

Loan Amount

$2,000 - $40,000

Min. Credit Score

640
Check rate

on Prosper's website


Min. Credit Score

640

Key facts

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

Pros

  • Option to change your payment date.

  • Offers joint loan.

  • Offers wide range of loan amounts. 


Cons

  • No rate discount for autopay.

  • Charges origination and late fees.

  • Borrowers can choose from only two repayment term options.

Qualifications

  • Minimum credit score: 640; borrower average is 726.

  • Minimum credit history: 2 years.

  • Minimum income: No minimum income requirement; borrower average is $113,000.

  • Maximum debt-to-income ratio: 50% (excluding mortgage); borrower average is 18% with housing payment.

  • No bankruptcies filed within the past year.

  • At least three open accounts on credit report.

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

  • Must be at least 18 years old.

  • Must provide Social Security number and a U.S. bank account.


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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Our pick for

Bathroom remodel loans with low rates

SoFi
Check rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

5.99 - 18.85%

Loan Amount

$5,000 - $100,000

Min. Credit Score

680
Check rate

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

  • No fees.

  • Offers co-sign and joint loan options.

  • Offers .25% rate discount for setting up autopay.

  • Offers unemployment protection.

  • Provides mobile app to manage your loan.

Cons

  • No secured loan option.

Qualifications

  • Must legally be an adult in your state.

  • Must be a U.S. citizen, permanent resident or visa holder.

  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of February 25, 2021, 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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Our pick for

Bathroom remodel loans for bank customers

Wells Fargo Personal Loan
See my rates

on NerdWallet's secure website

Wells Fargo Personal Loan

4.5

NerdWallet rating 
Wells Fargo Personal Loan

Est. APR

5.74 - 24.24%

Loan Amount

$3,000 - $100,000

Min. Credit Score

None
See my rates

on NerdWallet's secure website


Min. Credit Score

None

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

  • Competitive rates among similar lenders.

  • No origination fee.

  • Joint loan option.

  • Offers wide range of loan amounts and repayment terms.

  • Existing customers can get a .25% rate discount for setting up autopay.

Cons

  • No option to pre-qualify.

  • Charges $39 late fee.

  • Some features only available to existing customers.

Qualifications

  • Must provide Social Security number.

  • Must provide contact details, including a permanent address, email and telephone number.

  • Must provide employment and income (documentation may be required to verify this information) and monthly mortgage or rent payment amount.

Available Term Lengths

1 to 7 years

Fees

  • Origination fee: None.

  • Late fee: $39.

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How much does a bathroom remodel cost?

The average cost for a midrange bathroom remodel is $24,424, according to Remodeling magazine’s 2021 Cost vs. Value report. A more extensive “upscale” project costs an average of $75,692.

What to know about bathroom remodel loans

Bathroom remodel loans share some characteristics with home equity loans, and others with credit cards. Here are the highlights.

Borrowers with good to excellent credit get the lowest rates. Annual percentage rates on personal loans range from 6% to 36%. Because these loans are unsecured, 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 are likely to get the best rates.

Funding is fast. Some online lenders can fund your loan within a day or two, so you can get started quickly. Banks and credit unions can typically get you the funds in under a week, which is faster than most home equity financing. 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. Personal loans can be $1,000 to $100,000. You should have a solid estimate of the project’s cost so you can decide if a loan is the right fit and apply for the correct amount.

The loan isn’t secured by your home. Unlike a home equity loan or line of credit, personal loans don’t require you to put up your home — or anything else — as collateral.

You repay in fixed installments. Most personal loans have fixed interest rates, which means your monthly payments 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:

  1. 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.

  2. 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.

  3. Pre-qualify. Many online lenders and some banks allow you to pre-qualify for a personal loan online, so you can see your potential loan amount and rate without affecting your credit score. You can pre-qualify with multiple lenders on NerdWallet to compare offers.

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

Other bathroom remodel financing options

Home equity

Rates are often lower on home equity loans and lines of credit than on personal loans, but it can take a few weeks to get your funds. Also, using equity requires you to use your home as collateral to get the funds, meaning the lender can take your home if you can’t repay.

If you finance a home improvement project with your equity, you may be able to deduct the interest on your taxes.

Home equity lines of credit (HELOCs): If you’re approved for a HELOC, you’ll be able to use those funds on a remodel 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 long-term renovations where you might need to draw more funds along the way.

Home equity loans: Home equity loans give you a fixed amount of money that you repay in 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 and are comfortable repaying right away.

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 more expensive projects that balance the effort and cost of an appraisal, closing costs and other fees.

Government programs

You can use an FHA Title I loan for remodels that 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, but you can use them to your advantage with a little planning.

0% APR credit cards: These cards have promotional periods — usually 12 to 18 months — when you can use them without incurring any interest. They 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 July 23, 2021

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

  • Marcus by Goldman Sachs: Best for Bathroom remodel loans with no fees
  • Upgrade: Best for Bathroom remodel loans with credit building tools
  • Avant: Best for Bathroom remodel loans for low credit scores
  • Prosper: Best for Joint bathroom remodel loans
  • SoFi: Best for Bathroom remodel loans with low rates
  • Wells Fargo Personal Loan: Best for Bathroom remodel loans for bank customers

Frequently asked questions