Best Home Improvement Loans 2019

Key facts

Marcus loans start at $3,500 and stand out for low rates, no fees, and flexible loan terms and payment options.

Pros

• No fees.

• Flexible payment options.

• Directly pays creditors for debt consolidation loans.

Cons

• Requires good credit.

• No co-sign option.

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.

• 660+ credit score.

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. 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.

Key facts

An option for existing Wells Fargo customers, offering rate discounts and a co-sign option with its personal loans.

Pros

• Offers co-sign and 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

• Typically have a good credit score, above 600.

Available Term Lengths

1 to 7 years

Fees

• Origination fee: None.

Disclaimer

Key facts

LightStream offers no fees and low rates on home improvement loans. Borrowers with excellent credit may qualify for extended terms up to 12 years.

Pros

• No fees.

• Co-sign option.

• Low starting rates.

Cons

• Does not offer pre-qualification on its website.

• Requires several years of credit history.

Qualifications

• Minimum credit score of 660.

• No minimum income specified.

• Maximum debt-to-income ratio varies depending on loan purpose.

Available Term Lengths

2 to 7 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which, may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

Key facts

SoFi is a strong option for good-credit consumers, offering low rates, no fees and flexible payments.

Pros

• Low fixed and variable rates.

• Flexible payment options.

• Offers member perks.

Cons

• Strong credit and income required.

• Can take 7 days to fund.

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 17.88% APR (with AutoPay). Variable rates from 6.49% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of November 13, 2019 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.49% APR assumes current 1-month LIBOR rate of 1.81% plus 4.93% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.

Key facts

Earnest is a good option if you're new to credit and responsible with money. Offers low rates and no fees.

Pros

• No fees.

• Flexible payments.

Cons

• No co-sign or secured loan options.

• Requires permission to scan checking account.

Qualifications

• Minimum credit score: 680.

• Proof of consistent income.

• No open collections accounts.

• Live in the District of Columbia or a state other than Alabama, Delaware, Kentucky, Nevada or Rhode Island.

Available Term Lengths

3 to 5 years

Fees

• Origination fee: None.

• Late fee: None.

Disclaimer

To qualify, you must be a U.S. citizen or possess a 10-year (non-conditional) Permanent Resident Card, reside in a state Earnest lends in, and satisfy our minimum eligibility criteria. You may find more information on loan eligibility here: https://www.earnest.com/eligibility. Not all applicants will be approved for a loan, and not all applicants will qualify for the lowest rate. Approval and interest rate depend on the review of a complete application. Earnest offers personal loans with fixed interest rates between 6.99% APR and 18.24% APR for three, four, or five year terms. Earnest rate ranges are current as of 07/03/2019 and are subject to change based on market conditions and borrower eligibility. The information provided on this page is updated as of 07/03/19. Earnest reserves the right to change, pause, or terminate product offerings at any time without notice. Earnest loans are originated by Earnest Operations LLC. California Finance Lender License 6054788. NMLS # 1204917. Earnest Operations LLC is located at 303 2nd Street, Suite 401N, San Francisco, CA 94107. Terms and Conditions apply. Visit https://www.earnest.com/terms-of- service, e-mail us at [email protected], or call 888-601-2801 for more information on our personal loan product.