Question 1

What credit score do you need for a home improvement loan?

Accepted Answer

Credit score requirements for a home improvement loan vary by lender, but through Upstart, personal loans, including those for home improvement, are available to borrowers across a range of credit profiles.

Upstart’s technology analyzes your full financial profile and considers more than just your credit score. Factors like income, education10, employment, and other information are also taken into account, which allows qualified borrowers to see personalized loan options.

Question 2

Do I need home equity to qualify for a home improvement loan?

Accepted Answer

Not always. While some loan options like HELOCs leverage home equity, many home improvement loans—especially personal loans—do not.

Upstart finds unsecured12 home improvement loan options that don’t require you to tap into your home’s equity, allowing you to fund your project without using your home as collateral or going through an appraisal process.

Question 3

Can I get a home improvement loan without collateral?

Accepted Answer

Often, yes. Personal loans through Upstart, including ones for home improvement, are unsecured.12 They typically don't require collateral like your home or other assets, and you can finance home improvements without putting your property at risk.

Question 4

What are current rates for home improvement loans?

Accepted Answer

Through Upstart, personal loans for home improvement offer rates between 6.2% to 35.99% APR2, depending on your credit and financial profile, income, loan amount, and term.

If you’re a homeowner with equity and are planning a renovation, a HELOC by Upstart Home Lending may offer an even lower rate.

You can start by checking your rate on a personal loan through Upstart. If you tell us you have home equity we'll show you any HELOC offers you may qualify for.

Question 5

What fees are included in a home improvement loan?

Accepted Answer

Personal loans for home improvement through Upstart may include certain fees, depending on your loan terms and state of residence.

Common fees may include:

Origination fee: A one-time fee that may be charged when your loan is issued. If applicable, it’s typically deducted from your loan proceeds before funds are sent.
Late payment fee: May apply if a payment is not made by the due date.
Returned payment (ACH) fee: May be charged if a payment is returned due to insufficient funds.

Not all loans include the same fees, and amounts may vary. You’ll always see any applicable fees clearly disclosed in your loan agreement before you accept your loan, so you can review the total cost upfront and with confidence.

Question 6

Are low interest home improvement loans available?

Accepted Answer

Personal loans through Upstart may offer competitive fixed rates based on your unique financial profile, so you can fund home projects without tapping into your home equity. Rates though Upstart are as low as 6.2% to 35.99% APR.2

Secured options like HELOCs may offer even lower rates, but require using your home as collateral. If your application shows you have home equity, Upstart will show you any HELOC offers you may qualify for.

Question 7

Do home improvement loans through Upstart have fixed or variable rates?

Accepted Answer

Whether your loan has a fixed or variable rate will depend on which option you choose. Personal loans through Upstart have fixed rates and predictable monthly payments, which can make it easier to budget for a home improvement project.

If you’re a homeowner with equity, a HELOC by Upstart Home Lending may offer a lower rate—but HELOCs typically have variable rates16.

When you apply for a loan through Upstart, we'll guide you through the process to help you find the right loan option for you.

Question 8

Is a home improvement loan the same as a personal loan?

Accepted Answer

Personal loans through Upstart are often used for home improvement, renovation, or repair projects. They're typically unsecured11 and can be used for a wide range of upgrades.

If you're a qualified homeowner, Upstart's application process may also show you HELOC offers from Upstart Home Lending.

Question 9

Are home improvement loans through Upstart secured or unsecured?

Accepted Answer

Home improvement loans can be either secured or unsecured, depending on the type of financing. Secured loans—like HELOCs—use your home as collateral, while unsecured loans do not.

Loan options available through Upstart include unsecured home improvement loans12, so you don’t need to put your home or other assets up as collateral. For borrowers prioritizing lower rates who have home equity, a secured option like a HELOC by Upstart Home Lending may also be worth considering.

If you're a qualified homeowner, Upstart's application process may also show you HELOC offers from Upstart Home Lending.

Question 10

What’s the difference between a personal loan and a HELOC for home improvement?

Accepted Answer

A personal loan and a HELOC are both good ways to finance home improvements, but they work differently.

A personal loan typically provides a lump sum with a fixed rate and predictable monthly payments, and it doesn’t require home equity. A HELOC is a line of credit secured by your home, often with lower rates for qualified borrowers, but typlically comes with variable rates and a longer application process.

Through Upstart, you can explore personal loan options for faster funding and simplicity, or consider a HELOC by Upstart Home Lending if you’re planning a larger project and want to leverage your home equity.

Question 11

How long does it take to get approved for a personal loan for home improvement?

Accepted Answer

Upstart makes the personal loan application process quick and easy. You can check your rate in minutes, with no impact to your credit score5.

Most applicants receive an instant decision after submitting a completed application6.
If approved, you could get funds sent in as fast as 24 hours3.

When the money becomes available in your account depends on your bank’s processing times and policies.

Question 12

What documents are needed to apply for a personal loan for home improvement?

Accepted Answer

Applying through Upstart is quick and 100% online. Many applicants receive an instant decision6 without needing to upload additional documents, though some may be asked to verify details like identity or income depending on their application.

Common documents for a personal loan include:

Government-issued photo ID (such as a driver’s license, passport, or state ID)
Proof of income and employment (such as a recent pay stub, tax return, job offer letter, or benefits letter)
Address verification (such as a recent utility bill)

Documents should be clear, legible, recent (typically within the last 30 days for income), and match the details you provided in your application.

If additional verification is needed, Upstart will notify you with instructions on how to securely upload the required documents.

Question 13

Can I get a home improvement loan with bad credit?

Accepted Answer

It is possible to get a home improvement loan with bad credit, though not guaranteed. Rates and terms will vary based on your unique financial profile.

Upstart finds loan options for borrowers across a range of credit profiles, including bad credit borrowers and good credit borrowers. Upstart looks beyond the traditional credit score to see a more complete financial picture, offering personalized borrowing solutions. And, checking your rate won’t impact your credit score5.

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