Home Improvement Loans
How to Apply for a Home Improvement Loan
If you’re interested in applying for a home improvement loan online, we offer a few different options to make your application process quick and easy.
1. Apply Online
Complete your loan application 100% online by clicking here! For those that qualify, you may even be able to sign your documents electronically & have the funds deposited into your account without ever having to step foot in one of our branches!
2. Apply Over the Phone or In Person
Want to talk to a representative about your home improvement financing instead? With over 250+ locations, you can use the branch locator below to find the address or phone number for the branch nearest you and speak with one of our representatives who can help guide you through the best home renovation loan options available.
Home Improvement Loan Qualifications
While there are varying factors that determine the fate of a home renovation loan application, bad credit is the number one concern voiced by customers as they begin the application process. While your credit score is a factor to consider, we aim to work with you to structure your loan around a financing plan that suits you and your particular situation. That said, it’s always a good idea to pay close attention to your credit score and the factors affecting it. Some key items to keep in mind are:
- Bill payment history
- Credit utilization rate
- Debt-to-income ratio
- Length of credit history
- Number of credit inquiries (hard inquiries)
- Different types of credit
Ready to apply for a home improvement loan online?
We have a range of online loans and borrowing options to choose from.
Have questions?
Contact your nearest Tower Loan location today.
Our dedicated team members are here to serve and help every customer in a professional manner.
How Do Home Improvement Loans Work?
The decision to invest in renovating a home is typically not made lightly, but we know that ultimately the funding needed for home improvements is put to excellent use. Renovations often increase the value of a property, especially if your plan is to finish a basement or install updated appliances in your kitchen or bathroom. Repairs to flooring or roofing can also make your home safer, which is certainly worth the expense.
- The Process: After applying above and getting approved, you will receive funds from a home improvement loan in a lump sum, which should be repaid in monthly installments with interest over the loan term.
- The Benefits: Customers can receive funds through a home renovation loan quickly and don’t need to use their home as collateral.
- The Right Choice: A loan for a home improvement project can be the right choice for you if you know the total cost of your renovation project and you don’t have enough equity in your home at this point in time.
Why Thousands of Customers Love Tower Loan
What Makes a Home Improvement Loan Different?
Here at Tower Loan, we offer a simple online application that can be filled out anywhere you have access to the internet, saving you the time and stress of scheduling appointments with your bank or other loan providers. However, homeowners do have several other avenues they can take when considering home improvement loans:
Personal Loans
Personal loans apply to a wide range of situations and sudden expenses such as medical bills, expensive electronics, funeral bills, and more. They are also a popular option for people looking to consolidate debt.
Online Loans
Tower Loan is one of the few consumer finance companies to have the capability to make an online loan! If you apply within business hours, you can expect to hear a decision on your application within minutes.
Installment Loans
An installment loan is a type of personal loan repaid in monthly installments, usually at a fixed amount over that time period. Automatic withdrawals can help you keep track of due dates and deadlines.
What Can You Use a Home Improvement Loan For?
Since home improvement loans are essentially personal loans, there are very few limits to what you can use the funds for. The sky’s the limit when it comes to ways you can spend your loan. Here are just some ideas to help you get started:
- Kitchen Remodeling:
- Upgrade to energy-efficient appliances for a greener kitchen.
- Bathroom Addition:
- Expand your home with a new bathroom, whether a cozy half bath or a luxurious four-piece suite.
- Space Transformation:
- Convert underutilized areas like basements, attics, or storage spaces into functional living areas.
- Insulation Enhancement:
- Improve energy efficiency by insulating doors, windows, lights, ducts, and electrical sockets.
- Window and Lighting Upgrade:
- Enhance energy efficiency with modern, eco-friendly windows and lighting solutions.
- Flooring Renewal:
- Revitalize your floors with options like exposing original wood, laminate, or engineered wood.
- Deck or Sunroom Addition:
- Expand your living space with the addition of a deck or sunroom for relaxation and entertainment.
- Minor Updates:
- Elevate your home's appearance and functionality with simple fixes like fresh paint and updated fixtures.
Home Renovation Loan Rates & Interest
At Tower Loan, our interest rates for home remodeling loans are geared to make financing your project easy, which is why our rates tend to be lower than other loan providers, such as credit card loans.
That said, home improvement loan rates fluctuate due to the ebbs and flows of the market, and depend on your funding needs and personal situation. The loan rate is the percentage of the principal a lender charges to borrow money. Simply put, an interest rate is the cost of borrowing the principal loan amount.
Our personal loan rates are fixed, and our repayment system uses equal installment payments, so that you’ll always know what to expect for your budgeting purposes.
What to Expect With Tower Loan?
Our interest rates & APR vary based on a variety of factors. Once approved, your home improvement loan specialist will go over this process along with term options that best fit your lifestyle. Here is what you can expect:
1) Complete an application. This can be done online by clicking here or you can call or visit one of our local branches near you. We’ll request some of your personal, financial, and employment information to provide an immediate decision on your renovation loan application.
2) Verify your information. If you completed your application online, you may be able to answer a few identity questions to do this. Otherwise, you’ll have to visit the closest office near you to have a loan specialist verify your identity, income, and collateral (if applicable) as well as discuss your home improvement financing options.
3) Sign and receive your funds. For online home improvement loans, after choosing your term options, you can sign your documents electronically, then expect the funds to be deposited into the account you’ve provided. If in the office, you’ll review and sign your loan documents there and be provided a check with the necessary proceeds. Then, you’ll be all set!