The Best Type of Loan for Home Improvements
Improving your house can be a costly endeavor. Whether you're painting a hallway or adding a room then you may need to borrow some money to get the job done right and in a timely and professional manner. The two different types of house improvement financing available are known as "secured" and "unsecured" loans.
When you borrow money with an unsecured loan, you are not offering anything up for collateral. An unsecured loan is given based on your past credit rating and your current income level. You don't have to have any equity in order to borrow money with an unsecured loan. Most hardware store credit cards are essentially unsecured loans. Unsecured home improvement loans can usually be used if you have zero equity in your home.
One of the most common types of unsecured loans for house improvements is the credit card. Credit cards can be offered by a hardware store, but they can also be offered by a number of different banks. Almost any credit card can be used for a small home improvement project and the loan is almost always unsecured because no property of value needs to be put up to secure the loan. Unsecured loans are usually small and can be paid off quickly.
Secure loans are loans in which the lending institution has some sort of collateral or item which they technically "own" until you pay it off. When you finance a boat or buy a house with a mortgage the bank technically owns what you bought until you've paid off the debt amount plus interest. With a secured house improvement loan your house is the collateral. If you default on your loan then the bank can take your house or car and sell it in an effort to regain some of the money they lent you.
Secured home improvement loans often have more paperwork but they also usually offer a smaller interest rate because they are more safe for lending companies to give out due to the collateral involved. You may even be able to deduct the house improvement loan interest from your yearly income taxes!
Whichever type of house improvement financing you consider remember that you do have to pay the money back and you will be paying interest on the money owed. Be sure to thoroughly research all your financing options. Many home improvement plans are changed when people finally begin to understand how home improvement financing work.
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Comments on The Best Type of Loan for Home Improvements
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I agree with Jennifer about #1 and #2. I've been writing about pay day loans and car title loans on my blog recently(www.budgetblogger.com). When I worked in banking about 15 years ago, we approved loans which were basically the same thing. The interest rate on an unsecured loan was 18%, after fees the APR was closer to 25%. You're right, sometimes stuff just happens, and when you're living paycheck to paycheck there aren't a lot of options.
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The problem is that the UK is about to offer NO financial support for anyone, save for secured loans for undergrads. Postgrads I imagine will just have to pay cash up front – no govt. suppled credit card….
This looks interesting. I'll have to check it out.
How to get a home improvement loan:
He May be able to get help from the Home Improvement Loan Program (HILP) as well.
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