Blog / Will a Personal Loan Fund a Home Improvement Project?

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Home improvement projects cost money in savings and personal loans

If you are a homeowner looking to improve your home or make necessary repairs, you may not have the money available to handle the costs. Many home improvement projects can be exceedingly expensive -- as a result, homeowners may be reluctant to make any fixes or upgrades and opt to save money instead.

While putting money aside in savings to eventually make a repair is a great strategy, sometimes you may want to go ahead and get the improvement done ASAP. Whether it is to raise your property value or simply make your home feel more personalized, you will probably wonder what your best option is for securing the necessary funds.

That's where personal loans come in. When individuals and families need quick cash to cover the expenses of a home improvement project, qualifying for a personal loan can be a fantastic way to get the money in your pocket immediately and worry about repaying it later. You get the benefit of an improved home and not having to worry about breaking the bank to cover the costs.

What About Home Equity Loans?

Another way homeowners try to fund their home improvement projects is home equity loans. These loans have lower interest rates than personal loans because they typically take 20-30 years to pay off.

Why so long, you ask?

Because home equity loans are often used for the major home improvement projects like completely remodelling a property, adding rooms, improving the exterior and interior. Some of these loans range from $20,000 up to the many hundreds of thousands of dollars.

For many individuals with unstable income or uncertainty of their future finances, these loans can be exceedingly risky. If you cannot pay them back, you could lose your property, watch your credit score tank, and end up with a mountain of debt.

Personal loans allow individuals and families without home equity to borrow a lump sum from a lender like Atlas Credit and repay it within a scheduled amount of time. When you go the personal loan route, you are not required to put up your home or vehicle as collateral. Typically, this might mean your lender is stricter when it comes to approving your loan, but when you choose Atlas Credit, we approve personal loans even for borrowers with bad credit.

Traditionally, personal loans have been obtained exclusively from lenders like banks and credit unions. But more recently, thanks to advancements in technology, you can apply for a personal loan straight from the comfort of your own home.

Apply Online for a Personal Loan Today!

Want to give it a try? Finance your next home improvement project with a good credit, bad credit, or no credit personal loan of up to $1,400 from Atlas Credit. Contact us today or apply online to see if you qualify for a quick and easy personal loan!

For more financial advice from knowledgeable industry insiders, bookmark the Atlas Credit blog and check back each week!

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