Loans for Home Renovation

Is it time for a home renovation project? Renovating can be exciting. In addition to making your living space more functional and comfortable, it can help increase the value of your property. When you need a personal loan to pay for your project, banks like Customers Bank offer various financing options that make it convenient to pay for your project without draining your savings account.

About Us

Customers Bank is a super-community bank with over $20 billion in assets, offering commercial and consumer banking services along the I-95 corridor from Philadelphia to Boston; and in Chicago.

We currently provide loans to customers in Florida, Illinois, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, and Texas.

Personal Loans

Getting a personal loan from Customers Bank means no collateral is required, so you do not have to risk any assets. The loan amount and interest rate will depend on your credit score and financial history. Personal loans can have higher fees and closing costs than other options, and missing payments can affect your credit score.

The benefits of our personal loans include the following:

• $5,000 to $50,000 low-interest fixed-rate loans with 3- or 5-year terms
• No loan origination fees
• Check rates and terms in minutes without damaging your credit score
• Apply online and get a projected interest rate in minutes
• Fast funding as soon as the same day once all steps are completed and loan terms accepted
• Choose a repayment option that works best for you

Other Loan Options for Home Renovation

Home Equity Loans

Home equity loans enable you to borrow against the equity you have established in your home. These are secured loans that utilize your house as collateral.

Pros:

• Lower interest rate compared to personal loans
• No collateral required
• Fixed repayment period
• Can increase the value of your home

Cons:

• Loan amounts are limited based on the equity in your home
• Can result in foreclosures if you default on the loan
• Negatively affects your credit score if you miss payments

Home Equity Lines of Credit (HELOC)

HELOCs are a convenient way to finance your home renovation project. A HELOC is a type of home equity loan that provides borrowers with a line of credit, instead of a lump sum loan amount. This means that you can borrow money as you need it, and repay it as you go.

Pros:

• Lower interest rate compared to personal loans
• Can be used for many purposes
• No collateral is required

Cons:

• Variable interest rates that can change over time
• Can result in foreclosures if you default on the loan
• Negatively affects your credit score if you miss payments

The Bottom Line

The best way to finance a home renovation will always be through saving and budgeting, but personal loans are an excellent solution when you come up short. Evaluate Customer Bank’s flexible financing options, such as our 3- and 5-year terms and fast-funding capabilities. Talk to one of our expert lenders about the right loan option for you. Then, apply for a personal loan to fund your project.