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Best Home Improvement Loans for March 2024

SoFi offers the best overall home improvement loans, according to our research, due to its flexible repayment terms, same-day funding, competitive rates, and more. We researched 70 personal loan lenders and evaluated them on 31 factors, including borrower requirements, rates, fees, terms, and more.

If youre not seeing anything in the results that are a good fit for your needs, consider warranties from these companies:
Company APR Credit Score est. Loan Amount More Details
Best Overall
SoFi
APR With Autopay Discount
8.99% - 29.49%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$5,000 - $100,000
See Details Check Rates
Best for Large Projects
LightStream
APR With Autopay Discount
7.49% - 25.49%
Recommended Minimum Credit Score
680
This lender does not disclose its minimum credit score requirements.
Loan Amount
$5,000 - $100,000
See Details Check Rates
Best for Repayment Terms
First Tech Federal Credit Union
APR Range
8.94% - 18.00%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$500 - $50,000
See Details Check Rates
Best for Small Loans
Patelco Credit Union
APR Range
8.95% - 17.90%
Recommended Minimum Credit Score
640
This lender does not disclose its minimum credit score requirements.
Loan Amount
$300 - $100,000
See Details Check Rates
Best for Emergency Loans
Regions
APR With Autopay Discount
9.24% - 29.99%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$2,000 - $50,000
See Details Check Rates
Best for Bad Credit
Upgrade
APR With Autopay Discount
8.49% - 35.99%
Recommended Minimum Credit Score
620
This lender does not disclose its minimum credit score requirements.
Loan Amount
$1,000 - $50,000
See Details Check Rates
Best Big Bank
U.S. Bank
APR With Autopay Discount
8.74% - 24.99%
Recommended Minimum Credit Score
660
This lender does not disclose its minimum credit score requirements.
Loan Amount
$1,000 - $50,000
See Details Check Rates
Best for Military Members
Navy Federal Credit Union
APR Range
8.99% - 18.00%
Recommended Minimum Credit Score
Not Disclosed
This lender does not disclose its minimum credit score requirements.
Loan Amount
$250 - $50,000
See Details Check Rates
Why Trust Us
70
Lenders reviewed
31
Loan features considered
1,680
Data points analyzed
173
Primary data sources used
Investopedia collected key data points from several lenders to identify the most important factors to borrowers. We used this data to review each lender for fees, accessibility, repayment terms, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right borrowing decision for their needs.

Compare Personal Loan Rates with Our Partners at Fiona.com

Best Overall : SoFi

Investopedia's Rating
4.8

  • APR Range: 8.99% - 29.49%
  • Loan Amount: $5,000 - $100,000
  • Loan Terms: 24 months - 84 months
Why We Chose It

SoFi offers flexible home improvement loans with same-day funding for eligible applicants. Loans also have several repayment terms and allow you to borrow up to $100,000. SoFi is our top pick due to its easy application process, lack of fees (including late payment fees), and competitive rates compared to others in the industry.

SoFi doesn’t allow co-signers, but it does allow co-applicants, making it easier to qualify if you apply with someone who has a better credit history. SoFi has easily accessible customer service options, with live chat available on the website as well as phone and email support available seven days per week.

Pros & Cons
Pros
  • Same-day funding available

  • Borrow up to $100,000

  • No late fees or origination fees

Cons
  • $5,000 minimum loan amount

Qualifications
  • Must be at least the age of majority in your state and able to enter into a binding contract
  • Must be a U.S. citizen, eligible permanent resident, or non-permanent resident alien (including DACA recipients and asylum seekers); documentation may be required
  • Available nationwide
  • Must be employed, have sufficient income from other sources, or have an offer of employment to start within the next 90 days
Company Overview

Founded in 2011 as a student loan refinancing company, SoFi is headquartered in San Francisco and also has offices in Healdsburg, California, and New York City. In addition to personal loans, it offers online checking and savings accounts, investment options, and more.

Best for Large Projects : LightStream

Investopedia's Rating
4.0

  • APR Range: 7.49% - 25.49%
  • Loan Amount: $5,000 - $100,000
  • Loan Terms: 24 months - 144 months
Why We Chose It

LightStream is a leading online lender that offers personal loans up to $100,000, making it a great option for major home improvement projects. LightStream offers low interest rates, a wide range of repayment terms (up to 12 years), and no fees whatsoever (no application, origination, prepayment, or late payment fees).

LightStream home improvement loans are paid directly to your bank account, so you can fund your project how you wish. Funds may arrive the same day you apply, depending on your bank policies and approval from LightStream. 

LightStream does allow co-applicants, which can help you qualify if you personally don’t meet the credit and financial requirements. LightStream doesn’t offer pre-qualification, however, so you’ll need to complete a full application to qualify, which requires a hard credit pull.

Overall, LightStream offers some of the best loan terms and rates for large home improvement projects—if you have the credit to qualify.

Pros & Cons
Pros
  • Borrow up to $100,000

  • Long repayment terms

  • Low interest rates

  • Funds may arrive the same day

Cons
  • $5,000 minimum loan amount

  • No pre-qualification

  • Good to excellent credit required

Qualifications
  • Must be at least the age of majority in your state
  • Must be a U.S. citizen, eligible permanent resident, or non-permanent resident alien
  • Must reside in one of the 50 U.S. states or Washington, D.C. 
  • Qualify based on financial history, credit score, and other factors
Company Overview

Lightstream, with offices in Atlanta, is a division of Truist Financial Corporation, which also owns Truist Bank.

Best for Repayment Terms : First Tech Federal Credit Union

Investopedia's Rating
4.6

  • APR Range: 8.94% - 18.00%
  • Loan Amount: $500 - $50,000
  • Loan Terms: 24 months - 84 months
Why We Chose It

First Tech Federal Credit Union is a credit union that anyone can join that also happens to offer a wide range of personal loan payment terms. You can get a loan that allows up to 84 months to pay back funds you borrow for a home improvement project. In addition, there's a 45-day deferred payment option for your first payment if you need a little time to get your budget in order.

If you join the credit union, you’ll score some member perks as well as a competitive APR (even at the higher end) for your loan. Though specific credit score requirements are not disclosed, First Tech FCU states that it will work with members to find the right option.

Pros & Cons
Pros
  • Easy to join credit union

  • No origination fees

  • Option to defer first payment for 45 days

  • Open to applicants with fair credit

Cons
  • No loan discounts available

  • Maximum loan amount of $50,000 is lower than some other lenders

Qualifications
  • Must become a member of First Tech FCU (if you don’t meet the demographic eligibility requirements, you can join the Computer History Museum or the Financial Fitness Association)
  • Must be the age of majority in your state
Company Overview

First Tech is headquartered in Beaverton, Oregon, and dates back to 1952 when it was formed by employees of Hewlett-Packard and Tektronix.

Best for Small Loans : Patelco Credit Union

Investopedia's Rating
4.7

  • APR Range: 8.95% - 17.90%
  • Loan Amount: $300 - $100,000
  • Loan Terms: 6 months - 84 months
Why We Chose It

If you prefer to work with a credit union, Patelco Credit Union is our top pick for home improvement loans. It offers a large loan amount range of up to $100,000, which can fund a wide variety of home improvement project types.

Patelco has a competitive APR range and no origination fees. It also rewards good payment behavior with its LevelUp program, which allows you to earn a 0.5% interest rate discount for every 12 months of on-time payments you make (up to 1.5% total).

You’ll have to take the extra step of joining the credit union in order to take out a loan, but membership comes with a slew of perks. Membership is open to those who meet employer or location eligibility or anyone who joins the Financial Fitness Association for $8, a cost that Patelco will cover for the first year.

Pros & Cons
Pros
  • Competitive APR

  • Rate discount program

  • Pre-qualification is available

Cons
  • Branches are only in California

  • Membership is required to take a loan

Qualifications
  • Must become a member of Patelco Credit Union
  • Must provide Social Security number, photo ID, and proof of home address
  • Must have a 640 minimum credit score
Company Overview


Patelco was established in 1936 by employees of Pacific Telephone and Telegraph Company, now part of AT&T. It is headquartered in Dublin, California.

Best for Emergency Loans : Regions

Investopedia's Rating
4.3

  • APR Range: 9.24% - 29.99%
  • Loan Amount: $2,000 - $50,000
  • Loan Terms: 36 months - 60 months
Why We Chose It

If you’re a Regions Bank customer, you can apply for an unsecured loan of up to $50,000 and get same-day funding. This can be a helpful option if you need emergency funding for a major home repair. Minimum rates are also competitive for those with a strong credit history, making it a strong contender.

Pros & Cons
Pros
  • No origination fees

  • Same-day funding

  • Auto-pay rate discount available

Cons
  • Only available in 16 states

  • You must have a Regions deposit account for at least six months to be loan eligible

  • Larger late fees ($100 or 5% of unpaid loan, whichever is less)

Qualifications
  • Must be at least 18 years old in most states
  • Have a deposit account with Regions for at least six months
  • Must meet credit qualifications
Company Overview

Though Regions is a large regional bank, it operates in only 16 states, and you must have an existing banking relationship to access its home improvement personal loans. Headquartered in Birmingham, Alabama, Regions dates back to 1928.

Best for Bad Credit : Upgrade

Investopedia's Rating
4.6

  • APR Range: 8.49% - 35.99%
  • Loan Amount: $1,000 - $50,000
  • Loan Terms: 24 months - 84 months
Why We Chose It

Upgrade is a financial technology company that works with partner banks to offer personal loans for home improvement projects with flexible repayment terms and up to $50,000 in funding. Upgrade also allows co-applicants, which can increase your chances of qualifying if you have poor credit and you apply with someone with stronger credit.

Upgrade offers a simple online application process, or you can call in and apply over the phone. A decision is made within minutes, and you can check your rate and loan terms before completing your application. 

Upgrade does charge an origination fee on all personal loans, which can reach as high as 9.99%; this will be deducted from your total loan amount. And payments 15 days late or more are charged a $10 late fee. But if you have poor credit, a higher borrowing cost is expected; with Upgrade, you’ll have fewer hoops to jump through.

Pros & Cons
Pros
  • Can apply with a co-applicant

  • Funding available next day

  • Allows joint applicants

Cons
  • 1.85% to 9.99% origination fee

  • Late payment fee of $10

Qualifications
  • Must be a U.S. citizen or permanent resident, or living in the U.S. on a valid visa
  • Must be at least 18 years old in most states 
  • Must provide a verifiable bank account
  • Must provide a valid email address
Company Overview

Upgrade, headquartered in San Francisco, partners with Cross River Bank to issue home improvement loans. Upgrade was founded in 2017, and Cross River, headquartered in Teaneck, New Jersey, dates back to 2008.

Best Big Bank : U.S. Bank

Investopedia's Rating
4.7

  • APR Range: 8.74% - 24.99%
  • Loan Amount: $1,000 - $50,000
  • Loan Terms: 12 months - 84 months
Why We Chose It

If you prefer to borrow from a large bank for your home improvement project, U.S. Bank offers its banking customers a personal loan with favorable terms. People who are not U.S. Bank customers can still borrow, but they are limited to loans up to $25,000 and a 60-month term, as opposed to customers, who can borrow up to $50,000 and pay it back over 84 months.

U.S. Bank scores well for customer service, earning the top ranking for California banks in JD Power’s 2023 U.S. Retail Banking Satisfaction Survey. Besides competitive interest rates, we also like that borrowers with average credit scores are eligible and funding is quick.

Pros & Cons
Pros
  • Can apply in branch

  • Quick funding

  • No origination fees

Cons
  • Non-customers have fewer loan options

  • Not available in all states

  • Top loan amount is lower than some

Qualifications
  • Must have a credit score of 660 (or 720 if you’re not a customer)
  • Must be the age of majority in your state
  • Must live in one of the 27 states in which U.S. Bank operates
  • Must have a valid Social Security number
Company Overview

U.S. Bank dates back to 1863 when it began as First National Bank of Cincinnati. It is headquartered in Minneapolis.

Best for Military Members : Navy Federal Credit Union

Investopedia's Rating
4.4

  • APR Range: 8.99% - 18.00%
  • Loan Amount: $250 - $50,000
  • Loan Terms: 6 months - 180 months
Why We Chose It

Navy Federal offers home improvement loans to members, and membership is open to all military members and their families. Navy Federal offers low rates and super flexible repayment terms (up to 15 years in length), and borrowers can get loans as small as $250.

Overall, Navy Federal offers competitive rates on home improvement loans, especially those with terms under three years in length. Loans up to 36 months come with rates as low as 8.99%, but that rate jumps up to 15.29% for loans that are 37 months or longer.

Navy Federal does require higher loan minimums for longer-term loans. Loans with rate terms over 60 months require a $25,000 minimum, and terms over 84 months require a $30,000 minimum. The lender doesn’t offer a pre-qualification tool, so you will need to complete a full application to get your rate information.

Pros & Cons
Pros
  • Loan terms up to 15 years in length

  • No origination fees

  • Can borrow as little as $250

Cons
  • Membership required and not open to all

  • No pre-qualification

  • Minimum loan amounts are higher for longer terms

Qualifications
  • Must be a Navy Federal member (which requires being active duty military or veteran, a military family member, or an employee of the Department of Defense) 
  • Must be at least the age of majority in your state
  • Must be a U.S. citizen, eligible permanent resident, or non-permanent resident alien
  • Available in all 50 U.S. states and Washington, D.C.
Company Overview

Navy Federal opened its doors in 1933 and is headquartered in Merrifield, Virginia.

Compare the Best Home Improvement Loans for March 2024

Best For
APR Range
Average Origination Fee
Late Fee
Time to Receive Loan
Loan Amount
Latest Repayment
Reset All
SoFi Best Overall 8.99% - 29.49% 0.00% $0.00 0 days $5,000 - $100,000 84 months Check Rates
Hide, not for me
LightStream Best for Large Projects 7.49% - 25.49% 0.00% $0.00 0 days $5,000 - $100,000 144 months Check Rates
Hide, not for me
First Tech Federal Credit Union Best for Repayment Terms 8.94% - 18.00% 0.00% $15.00 - $25.00 0 days $500 - $50,000 84 months Check Rates
Hide, not for me
Patelco Credit Union Best for Small Loans 8.95% - 17.90% 0.00% 3% of loan payment or $5, whichever is higher 0 days $300 - $100,000 84 months Check Rates
Hide, not for me
Regions Best for Emergency Loans 9.24% - 29.99% 0.00% 5.00% - $100.00 0 days $2,000 - $50,000 60 months Check Rates
Hide, not for me
Upgrade Best for Bad Credit 8.49% - 35.99% 1.85%–9.99% $10.00 1 day $1,000 - $50,000 84 months Check Rates
Hide, not for me
U.S. Bank Best Big Bank 8.74% - 24.99% 0.00% $25.00 0 days $1,000 - $50,000 84 months Check Rates
Hide, not for me
Navy Federal Credit Union Best for Military Members 8.99% - 18.00% 0.00% $29.00 0 days $250 - $50,000 180 months Check Rates
Hide, not for me
*APR ranges for some companies include a discount for automatic payments or existing bank customers.

The Bottom Line

Overall, SoFi offers the best mix of competitive rates and loan terms, in addition to the versatility of being able to borrow a small or a large amount. The other options on this list are aimed at borrowers with specific needs, like fast funding (Regions Bank), large loan amounts (LightStream), or flexible repayment terms (First Tech Federal Credit Union).

Guide to Choosing the Best Home Improvement Loans

What Is a Home Improvement Loan and How Does It Work?

A home improvement loan typically is an unsecured personal loan used for home improvement, home remodeling, or repairs, but it may be any type of loan used for home improvements. For example, home equity loans and home equity lines of credit (HELOCs) are secured forms of financing that can be used to fund home improvement projects.

For smaller upgrades, personal loans can be a good financing option since they have less stringent requirements, allow for faster funding, and allow you to make fixed payments. Home improvement loans work in basically the same way as any other personal loan. You research lenders, choose the loan amount and term that’s best for you, get a rate quote, and then select a lender to which you’ll submit a full application. If approved, you can usually receive funds within a business day or two.

Home Improvement the Second Most Common Reason for a Loan

According to Investopedia's 2023 Personal Loan Borrowers' Survey, home improvement is the second most common reason cited for seeking a personal loan.

Determine the Amount You Need for a Home Improvement Loan 

The first step to getting a home improvement loan is to estimate how much you’ll need to borrow. Websites like HomeAdvisor can provide you with a project cost estimate based on typical costs in your area. To get the most accurate pricing, seek out a few quotes from contractors and suppliers. Some contractors offer their own financing programs, but you should always compare the rates and terms offered with a traditional personal loan.

Shorter Repayment Terms Can Save You Money

Based on data from 18 lenders, the average personal loan interest rate is 23.88% for terms of about 48 months. However, the Fed reports that 24-month personal loans have an average rate of 12.35%.

If you can afford the higher monthly payments that come with a shorter term, it could save you a lot of money. The chart below shows the potential savings of a 24-month term as opposed to a 48-month term on a $20,000 home improvement loan:

$20,000 Home Improvement Loan
Loan Term APR* Monthly Payment Total Interest Paid
24 months 12.35% $944.74 $2,673.80
48 months 23.88% $650.71 $11,234.11
*24-month rate based on the most recent Fed data; 48-month rate based on aggregate, anonymized offer data from potential borrowers who pre-qualified in Fiona's lender marketplace in February 2024 and reported on March 4, 2024.

Average Home Improvement Costs

The table below shows nationwide cost estimates for common home improvement projects based on Zonda Media's 2023 Cost Vs. Value Report.

Repair or Upgrade Cost*
Kitchen Remodel $26,790–$154,483
Bathroom Addition $57,090–$104,733
Bathroom Remodel $24,606–$76,827
Roof Replacement $29,136–$47,414
Window Replacement $20,091–$24,376
Deck Addition $17,051–$23,430
Siding Replacement $16,348–$19,361
HVAC Conversion $17,747
Garage Door Replacement $4,302
*Cost ranges represent differences in project scope, selected materials, and other variables.

Keep an Eye on the Fed's Target Federal Funds Rate

The Fed held rates steady at its most recent meeting March 19-20—the fifth consecutive meeting at which it has done so. From March 2022 through July 2023, the Fed increased its target rate range 11 times, from near zero to 5.25–5.50%. Before that rate-hiking campaign, the average APR for a 24-month personal loan from commercial banks was 9.38%. That number has risen along with the Fed's rate hikes to 12.35%.

Fed members indicated that they expect to cut rates later this year, but until that happens, lending rates are unlikely to get any lower. Because personal loans typically are fixed-rate products, the rate you get when take out your loan is the rate you'll have for the duration of that loan. Lending rates typically will rise or fall along with what the Fed does, so if you expect to have a longer repayment term, it might be a good idea to wait until later this year or next year to get a personal loan. The Fed is scheduled to meet again April 30–May 1.

How to Compare Home Improvement Loans

There’s a lot to consider when looking at your options for home improvement loans. Evaluate each potential lender based on the following:

  • Annual percentage rate (APR): APR is the annual cost of the loan in interest and fees. Use it to compare how much you’ll pay to borrow the money. 
  • Fees: Determine whether the lender charges an origination fee, late fees, prepayment fees, or any other charges. It's worth your time to look for lenders with few or no fees.
  • Loan amounts: Opt for a lender that can provide you with the exact amount you need. Avoid borrowing more than you need.
  • Loan terms: Make sure the lender offers a term that will allow you to comfortably afford your fixed monthly payments.
  • Discounts: Find out if you can get a lower rate for enrolling in automatic payments, applying with a co-signer, or borrowing from a bank you already do business with.
  • Speed of funding: If you need the money quickly, be sure to select a lender with fast funding. Many lenders offer next-day or even same-day funding.
  • Ease of application: Some lenders have complicated applications. The best lenders make it easy to apply with a simple application process.
  • Customer service: Make sure that the lender offers customer service hours and channels (online, phone, etc.) that are convenient for you.
  • Lender reputation: Check out what other borrowers are saying about the lender. While it’s common for lenders to have mixed reviews, an abundance of negative reviews is a bad sign.
  • Borrower requirements: You may not qualify for our top pick if you have fair or poor credit. When comparing lenders, go through the pre-qualification process each time to see if you’re eligible, especially if you have less-than-perfect credit.

How to Apply For a Home Improvement Loan

  1. Get pre-qualified: Visit three lenders you're comfortable with based on your research and get pre-qualified with each so you can compare offers. Pre-qualification will not affect your credit score.
  2. Choose a loan offer: The lenders you choose may each offer you multiple loan options. Choose the amount and term that best suits your needs.
  3. Complete a formal application: Once you’ve selected a loan, gather the necessary information and documents. You’ll likely need to provide information like your Social Security number and proof of income.
  4. Get funded (and make a plan for repayment): Upon approval, most lenders will deliver funds within a few days. From there, build out a new budget that includes loan repayment. This way, you can set up automatic payments and feel confident that you’ll always have the funds available to cover your monthly installment.

Pros & Cons of Getting a Home Improvement Loan

Pros
  • Get your loan proceeds fairly quickly

  • Repay in predictable fixed monthly payments

  • No need for collateral, such as your home or vehicle

Cons
  • Home improvement loan rates can be higher than secured forms of financing

  • Risk of default if your financial situation changes

  • Paid as a lump sum when you may prefer a credit line

Alternatives to a Home Improvement Loan

In addition to home improvement loans or personal loans, you can consider other ways of funding a home improvement project, including secured or unsecured loan options. Here are some alternatives to a home improvement loan:

  • Home equity loan: Home equity loans are secured by the equity in your home and allow you to borrow a lump sum from the value in your home that exceeds your loan amount. 
  • Home equity line of credit (HELOC): HELOCs are revolving lines of credit with a maximum limit that allows you to borrow what you need, pay it back later, and potentially reborrow it. They’re helpful for ongoing projects. Like home equity loans, they're secured by your home equity.
  • Cash-out refinancing: With cash-out refinancing, you replace your current mortgage with a new mortgage for a larger amount than you owe, and you keep the difference as cash.
  • Credit card: If you have sufficient credit available, you may be able to finance a home improvement with a credit card. This may not be your best choice, as credit card interest rates are often higher than other options. Not paying off your credit card balances each month could quickly increase your total costs.
  • Contractor financing: Some contractors offer financing programs through partner lenders. The lender typically pays the contractor directly for the work.

Home Improvement Loan vs. Equity Financing

If your project is large and expensive and you have substantial home equity, consider a home equity loan or a home equity line of credit (HELOC). A home equity loan will likely have lower interest rates than a home improvement loan or personal loan, since you'll be offering collateral (your home), but it can take longer to get the funds.

Home Improvement Loan Home Equity Loan
Loan Type Unsecured Secured on home equity
Loan Term 2 to 5 years 5 to 20 years
Interest Rate Fixed Fixed (variable with a HELOC)
Appraisal Required No Yes
Closing Costs No Yes
Approval Time A few days A month or more
Loan Amount $250 to $100,000 Typically up to 80% of home equity

The key difference between a home improvement loan and a home equity loan is that the latter is secured by your home equity. This affects every aspect of the loan, from the application process (lengthier with a secured loan) to the amount you can borrow (usually higher with a secured loan, but limited by the amount of equity you have in your home) to the interest rate you'll pay (usually lower with a secured loan because the collateral reduces lender risk).

Tax Benefits of a Home Equity Loan

If you have a home equity loan or line of credit, you may deduct the interest you pay on the home equity loan. The IRS allows you to deduct mortgage interest on the first $750,000 of indebtedness, and the home equity loan counts as long as all of the loan funds are used to upgrade, repair, or improve your home. Consult a tax professional for details.

Why You Should Trust Us

Investopedia collected and analyzed hundreds of key data points from over 70 companies across three months to identify the most important factors for readers choosing a home improvement loan. We used this data to review each company for rates, fees, repayment terms, credit requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999, and has been helping readers find the best home improvement loans since 2016.

Frequently Asked Questions

How We Pick the Best Home Improvement Loans

To evaluate and rank personal loan providers we collected hundreds of data points across 70 lenders, including traditional banks, credit unions, fintechs, and special interest finance companies. We researched and evaluated APRs, loan amounts and terms, fees, customer experience, and much more. To rank the lenders in our database and to generate star ratings, we weighted the data we collected, based in part on what consumers told us were the most important features of a personal loan and lender in a survey we conducted. We grouped those factors into four broad areas:

  • Loan costs (advertised APR, fees, and six other factors): 29.25%
  • Loan terms (loan amount, repayment term, and three other factors): 22.25%
  • Borrowing requirements (credit score, membership requirement, and six other factors): 28.5%
  • Additional features (online application, pre-qualification, and eight other factors): 20%

Learn more about how we evaluated personal loans in our complete methodology.

Guide to Personal Loans

Learn more about personal loans:

Couple examining fabric swatches in new home improvement loan

Resolution Productions / Getty Images

Article Sources
Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy.
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  2. SoFi. “FAQ - Personal Loans.”

  3. SoFi. "Contact Us."

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  5. Lightstream. "About Us."

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  8. Patelco. “LevelUp.”

  9. Patelco. “Patelco Membership.”

  10. Patelco Credit Union. "Our Mission."

  11. Federal Deposit Insurance Corporation. "Regions Bank."

  12. Upgrade. "What Is Upgrade?"

  13. LinkedIn. "Upgrade, Inc."

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  15. U.S. Bank. “Home Improvement Personal Loan.”

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  17. U.S. Bank. "Learn How Our Past Is Shaping Our Future."

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  19. Navy Federal Credit Union. "About Navy Federal Credit Union."

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  21. Remodeling by JLC. "2023 Cost Vs. Value Report."

  22. Board of Governors of the Federal Reserve. “Consumer Credit - G19.”

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  25. Remodeling by JLC. "2023 Cost vs Value Report."