$30K Home Improvement Loans

How can I get a $30K home improvement loan?

If you are looking for a $30K home improvement loan, you have many options to choose from. You could consider obtaining a home equity loan, a home equity line of credit, a cash-out refinance, an FHA 203k rehabilitation loan, a Fannie Mae HomeStyle loan, or a personal home improvement loan. All of these options are available to you, however, some options may be better than others depending on your situation.

Do you own your home and have some equity built up? Then a home equity loan or a home equity line of credit may be a great option for you. Are you looking to purchase an older home that is in need of some major repairs before it is move-in ready? Then an FHA 203k rehabilitation loan may be the first loan program you check out.

Are you looking to refinance your current mortgage for a lower interest rate? Then cash-out refinance through a private lender or a HomeStyle renovation loan from Fannie Mae could be your best option.

Do you already have a second mortgage taken out on your home or maybe you do not like the idea of using your home as collateral to secure funds for home improvement projects? Then a personal home improvement loan can get you the money you need without using an asset as collateral.

However, if you have a low credit score, you could still be asked to use an asset or to have a cosigner secure a personal home improvement loan. There are plenty of financing options for someone looking for a $30K home improvement loan, and with some research, you can then determine which option is best for you and your home improvement goals.

What credit score do I need for a $30K home improvement loan?

Credit score minimum requirements for a $30K home improvement loan varies by the type of loan and the lender. If you are looking for a $30,000 home improvement loan from a traditional financial institution like your bank or credit union, you may find that they may have more strict requirements to qualify. A credit union may have less stringent qualification requirements than a bank, however, they both will require much more than an online lender. Banks and credit unions may require a minimum credit score of at least 680 or 690 to qualify for a personal home improvement loan that totals $30,000. When it comes to online lenders, most online lenders may want to see a credit score in the 610 to 640 range. You may find lenders that are willing to go as low as 580 or even 550 for a personal home improvement loan, however, for an amount like $30,000, if your credit score is below 580, you may be required to find a cosigner or to use an asset as collateral to secure the loan. Some examples of collateral may include personal real estate, home equity, personal vehicles, future paychecks, a significant checking or savings account, investment accounts, stocks, fine art, jewelry, and collectibles. If you are thinking about using a home equity loan, home equity line of credit, or a cash-out refinance to acquire $30,000 to be used for home renovations, then you may want to have a minimum credit score of 620. If your credit score is below 620, then you could always work toward qualifying for an FHA 203k rehabilitation loan. Minimum credit score requirements for FHA loans are as follows. A credit score of 580 or above can qualify for an FHA loan with a 3.5% down payment. A credit score between 500 and 579 can qualify for an FHA loan with a 10% down payment.

How do I qualify for a $30K home improvement loan?

The main things that lenders look at when deciding whether or not to approve a $30K home improvement loan include credit history, debt-to-income ratio, employment history, and possibly check and savings account details. Lenders reserve the right to review any additional financial information when a loan application is in review for processing.

How long can a $30,000 home improvement loan be?

If you are using a personal home improvement loan to obtain the $30,000 necessary to complete some home renovation projects then you may find out that loan repayment periods can vary depending on the lender. Some lenders may extend long-term personal loans spanning 10 or 12-years, while others may cap their personal loans at 7 or even 5-years. It really depends on the lender and what they are willing to do. That is why you may want to consider prequalifying for a $30,000 personal home improvement loan so you can review offers from multiple lenders to see what kind of repayment periods the different lenders offer.

Can you get $30,000 in a home improvement loan online?

Yes, online lending has grown into a large and dynamic market where consumers can shop multiple lenders at the same time and lock in the best interest rates and the most favorable terms. Because the online lending market is so dynamic, competition is fierce between lenders, which helps to keep interest rates lower and encourages lenders to create special programs to help attract borrowers. In the past, you were kind of at the mercy of your personal bank, however, thanks to online lending, the market has expanded greatly.

Is a home improvement loan the best way to finance a $30K home improvement project?

A home improvement loan, whether it is a personal loan, home equity loan, a home equity line of credit, an FHA loan, or a cash-out refinance may be the best way to obtain $30,000 if you do not have the cash sitting in savings. Even if you do have the money in your savings account, you may want to decide to hold on to your savings and opt for financing instead. You never know when you may need to use some of that savings for emergency expenses.

What can you do with a $30K home improvement loan?

A $30K personal home improvement loan can be used for whatever you choose. You could spend the entire $30,000 on one large project like a full kitchen renovation or installing an inground pool, or you can spread it out over several smaller projects. You could do a full landscaping project, install a concrete driveway, and still have enough left over to do some interior painting. The best part of a $30K personal home improvement loan is that once the funds hit your account, it does not matter how you use it.

What financing companies fund $30K in home improvement loans?

There are many lenders that offer $30K home improvement loans. Here are some of the top-rated lenders that Acorn Finance has partnered with to bring you affordable finance options.

• LightStream
• Upgrade
• Prosper
• SoFi
• Axos
• Best Egg
• OneMain Financial
• ONE
• Point
• Unison
• Spring EQ
• Lending Point

Is a $30K home improvement loan worth it?

A $30K personal home improvement loan may be worth it if you have some renovations you would like to complete but do not have the cash to pay for it on your own. A loan can give you the $30,000 upfront and allow you to make monthly payments until the loan is paid off in full.

What are the best $30k home renovation loans? 

To qualify for a $30,000 loan, with or without collateral, you’ll likely need to be a strong applicant. We mention this because your financial position can impact the best $30l home renovation loan. We all have our own unique situations and future plans, which can impact loan offers and loan decisions, both by the borrower and the lender. Comparing offers is one of the best ways to confidently determine which offer is best. Offers are based on qualifications, as well as what the lender can offer. 

The most obvious component to compare is the payment, but that’s not the end-all decision maker for the best loan. As you compare offers, consider the following as well to help you identify the best offer and lender. 

• Origination fees: Also known as an upfront fee, origination fees can be charged by a lender to process a new loan. Origination fees are generally calculated as a percentage of the total loan amount. Lenders such as LightStream and SoFi do not charge origination fees. However, they also have more strict requirements to qualify compared to other lenders. Check offers from these top lenders and more at Acorn Finance with no credit score impact.
• Fixed APR: Fixed monthly payments are more predictable and often simpler to budget. If you’re a homeowner with a budget, keeping your budget intact means ensuring you can keep up with the cost of ownership. Some home improvement loans come in the form of installment loans and are generally funded as a lump sum upfront. Then, they are repaid over a predetermined period with interest. Repayment is typically monthly, although some lenders offer flexible options. If the APR is fixed, the payment is fixed too, If the APR is variable, then the required monthly payment is variable too. While variable rates can sometimes benefit borrowers, some of the best loans come with fixed APRs. 
• No early repayment penalties: The lenders featured on our list, do not charge repayment penalties. This gives borrowers the opportunity to pay off their loan early to save money on interest and potentially other fees too. As a result of paying off the loan your credit score may go up. Lenders make money on APR, and therefore, some want you to keep the loan as long as possible. However, the faster the lender has the money back, the faster they can move forward with making more money. Some of the best lenders encourage borrowers to repay loans early by not charging repayment penalties.
• Streamlined application process: We love hassle-free processes, don’t you? Some lenders can be difficult to do business with. A red flag that challenges are ahead starts with the application process. Find lenders with streamlined application processes that can deliver fast loan decisions. At Acorn Finance you can check rates in a matter of seconds with just a little bit of personal information. Our platform leverages advanced technology to match borrowers and lenders. As a result, you can narrow down the best loan options faster.
• Funding options and speed: Some lenders can fund loans faster than others. Even if you’re not in a hurry you will want to work with a lender that prioritizes customer experience, and that includes the loan process including funding. Some lenders may provide you a choice, for example, ACH’d to your account or check in the mail. Additionally, they should  be able to provide an estimate of how long it will take to receive the funds. First, you’ll need to get your loan fully approved. At Acorn, our lending partners can fund approved loans in as little as 1-2 business days, although funding times may vary. 
• Borrower perks: Some lenders offer perks for borrowers such as credit monitoring services or auto payment discounts. Additionally, some lenders offer convenient smartphone apps and online portals to manage accounts. Review the lender and what they can offer as part of your decision as to who is best.
• Support: While you may be asking to borrow money, you’re still a customer. Read customer reviews and notice how the lender makes customers feel. You will be doing business with the lender you choose and therefore, you want a lender that’s easy to work with and delivers top notch customer service. 
• APR: In most cases, the loan process starts with a pre qualified offer. Following the offer, the borrower accepts the offer, and the underwriting process begins. Once the applicant is verified, a final approval is usually issued. The offer can change during this process depending on what the lender finds. Be sure you monitor the APR and other factors of the loan to ensure you are getting the deal you originally said yes to. Focusing on total loan costs is a more accurate representation of the cost of the loan compared to the monthly payment. 

Do you need credit history to get a personal loan for $35,000 or more?

You'll need credit history for any kind of personal loan, even if you intend to apply with a co-borrower. Most lenders ask for a credit score of at least 620.

What else goes into your credit history? Although some people don't realize this, your credit history is more than just your credit score. Your credit scores are calculated based on the information in your credit report, or credit history.

While a credit score refers to a single number that serves as an overall representation of your financial picture, a credit history includes a multitude of details. It has information on your payment history, the age of your accounts, how many hard inquiries there have been to your credit history, and more.

Both your credit score and credit history are important. However, payment history is the most important factor in your credit history when it comes to building your credit score. The payment history accounts for more than a third of your FICO score.

Can you get a $35,000 personal loan with bad credit?

You can, but you might not get the best interest rates and payment terms. You may want to consider applying with a co-borrower or cosigner if your credit score is sub-par.

What is the monthly payment on a $35,000 loan?

Depending on the life of the loan (how long you are making payments) and the interest rate, you can expect to pay around $400 to $4000 per month.

Just about all kinds of personal home improvement loans have payoff periods that fall within one and seven years. However, there are some that are just outside of these boundaries, too. These periods serve as the basis for the calculations in the range we gave you above.

That said, there are plenty of other variables that will go into the monthly payment on your $35,000 loan, too. The interest rate (or APR) is the biggest factor. However, you'll also want to consider whether the lender has an origination fee. If there are origination fees or any other fees that you're responsible for paying, you will often have these wrapped into the overall cost of your loan (thereby increasing your monthly payments).

If you're unsure whether you can afford a personal loan, it's a good idea to use a payment calculator so you can crunch the numbers and figure out what your monthly payment will be.

What is the interest rate on a $35,000 loan?

The average interest rate for a personal loan is 9.41%, although interest rates typically vary between 6% to 36%. The rate depends largely on your credit score and payment history.

In very rare cases, you may stumble across a personal loan with an APR of 2.49 to 9% – these are some of the lowest interest rates around. That said, it's uncommon to find personal loans with rates that low even if you have excellent credit.

If your credit is poor, you're unlikely to find a personal loan for home improvement or any other expense that has an interest rate lower than 25 to 36%. You may have better luck searching with a federal credit union – with a federal credit union, interest rates are capped at 18% even for borrowers with a poor credit history.

And if your credit score falls somewhere in the middle, you probably won't get the lowest interest rates offered by the lender – but you also won't find yourself paying the maximum.

How long does it take to get a $35K personal loan?

Personal loans take anywhere between one business day and two weeks. This is from the time of application to the time you have the funds in your bank account.

The process works like this. First, see what kinds of personal loans you qualify for by using a tool such as Acorn Finance. We'll see which loans you're pre qualified for without requiring a hard credit pull – a huge advantage!

Once you find a loan you like and decide how much you are going to borrow (again, make sure you consult your budget to be sure that the loan is right – and affordable – for you!), you need to start the application process. Check all of your credit scores and get updated credit reports from each of the major credit reporting agencies – TransUnion, Equifax, and Experian.

If you're worried about whether getting your credit score will impact your overall rating, don't be. These are known as soft inquiries and won't affect your creditworthiness.

You can get a free credit report from each of the agencies once per year. There are other reporting agencies like Credit Karma that will display your credit scores for free, too.

Then, decide where you want to get your loan. Although brick and mortar banks and credit unions offer the advantage of being in-person, so you can walk up whenever the mood strikes, they often take longer to process personal loans. You can also get a loan from an online bank, which tends to be faster.

Once you've found loans for which you're eligible, you need to get prequalified with the lender. You'll provide your name, address, income, and loan amount. There will be a soft credit inquiry and you'll know within a few seconds to a couple of days later whether you are eligible for the loan.

The lender, at this time, will also give you more information such as the expected loan amount, APR, monthly payment, fees, and type of interest. Then it's time to apply! If you're filling out applications for more than one lender, bunch the applications together and complete them all within 14 to 30 days. This is known as rate shopping and allows numerous inquiries to be treated as one so you don't have as much of a hit to your credit score.

You may have to provide documentation such as pay stubs, W2 forms, debt statements, and your Social Security number. Once all of your required materials are submitted, you just have to wait for the results. Approval and funding times vary, ranging from same-day approval to seven days. Once you're approved, you'll sign the papers and get your money.

Is getting a personal loan for $35K difficult?

The difficulty of getting a $35K personal loan really depends on your financial and credit situation. If you have little debt, decent income, and an excellent credit score, you shouldn't have a hard time qualifying for this kind of loan. On the other hand, if you have a low credit score and a higher debt-to-income ratio, getting a loan might be more challenging.

Pros & cons of $30k Home Improvement Loans:

Pros 

• Monthly payments (in most cases)
• Access to cash to make home improvements 
• Reserve cash savings for emergencies 
• Funding in as little as 1-2 business days on approved loans (although funding times can vary)
• Get prequalified in seconds 

Cons

• Interest and fees
• Taking on debt
• Risk of impacting credit score if payments are missed or loan is defaulted on

Other home improvement loans by amount

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