Search
Recommended Sites
Related Links






   

Article Content

Bad Credit Home Improvement Loans Home Improvement Personal Loan Options

Home improvement projects are expensive, and most homeowners choose to finance the project. Having a high credit rating makes obtaining a home improvement loan easy. While bad credit will not enable a homeowner from securing financing, the chances of getting a good rate are low. Here are a few options available to help homeowners get approved for a bad credit home improvement loan.

Secured Home Improvement Loan

If your credit rating is low, lenders will not approve a loan application for an unsecured loan. Hence, homeowners must resort to applying for a secured personal loan, which requires collateral.

When home improvements are necessary, many homeowners take advantage of their home's equity. There are two types of home equity loan options, and both are secured by your home's equity. If applying for a home equity loan, homeowners may acquire a lump sum of money that can be used for any purpose. Common uses include home improvement projects, debt consolidation, etc.

Another option involves the home equity line of credit. With this loan option, homeowners open a line of credit with a mortgage lender. As needed, the homeowner may withdraw funds from the account using a debit card or checkbook. This option is ideal for homeowners who are undertaking many home improvement projects over an extended length of time.

Other Loan Options for Home Improvement Projects

Because home equity loan options are secured by a

home's equity, homeowners must maintain regular payments. Defaulting on a home equity loan has serious consequences. To avoid the risk of losing their home and equity, some homeowners explore other options.

If needing to finance a quick, low-cost home improvement project, homeowners with poor credit may consider applying for a short term cash advance loan. Some cash advance lenders offer loans up to $3000. This is ideal for small home improvement projects.

Cash advance loan companies require repayment of funds within 14 to 30 days. Before applying for a short term loan, borrowers should evaluate their personal finances. Loans require no credit check or collateral. However, if a borrower fails to repay the loan or make payment arrangements, the loan company can seek a judgment against the borrower.


About the Author:

Try using www.abcloanguide.com for a list of Recommended Bad Credit Home Equity Loan Companies online. Their recommended companies are reputable and competitive in their rates.


Read more articles by: Carrie Reeder

This article is distributed by: www.iSnare.com

Written by: Carrie Reeder

Informative Articles

Bad Credit Home Improvement Loans - Options For Getting A Loan With Poor Credit
Home improvements are costly. For this reason, many homeowners choose to finance the project. There are many ways to raise funds to complete home improvements. Although some people choose to use a credit card or store charge card, high finance fees...

Home Improvement - Don't Exceed Comps In Your Area
For most homeowners, the pride of ownership includes a consistent home improvement effort. While this makes sense, be careful you don't improve the property so much that you can't recover the costs when it is sold. Home Improvement You've...

Home Improvement Financing
Loans are the easiest way to finance your home improvement projects. Financing is not difficult if you are working and you are able to afford repayments on a loan. You don't have to be squeaky clean to get credit anymore which is fantastic as...

Home Improvement Help
Help can be found easily when it comes to home improvements. You can hire a local handy man to come and help you or you can pull in some favours from friends and family members, either way it is very easy for help to come and guide you through...

Washington Home Improvement
Everyone wants their home to look clean and attractive. In certain climates however, this can require a constant stream of effort that would wear anybody out. Many areas of the Washington state area have climates, which are more prone to cause the...

Recommended Products