Got Bad Credit? How to Get a Home Improvement Loan


Home renovations can be very expensive. From labor to permits to materials, every aspect of a major home improvement project is going to cost a significant amount of money. Fortunately, it's possible to get a home improvement loan to finance the work you want to do.

But, what if you have bad credit? Can you still obtain a home improvement loan? It won't be easy, but it's definitely possible to get financing, even with a bad credit score.

To learn how you can secure home improvement financing, despite your bad credit rating, keep reading.

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1. Be prepared to pay a higher interest rate.

It's easy to get a loan if you have bad credit; getting a loan with a low interest rate is the hard part. While you can negotiate your terms down toward something more affordable, you will still need to accept that you won't be offered the same interest terms as someone with a high credit score.

2. Ask family and friends.

If banks and lenders aren't able to offer you an affordable rate, consider turning to family and friends for a personal loan. Before borrowing from someone close to you, always negotiate the terms and have a written contract drawn up by legal professional. Expections after the exchange of money with people close to you can destroy relationships, so stick to your terms and your payment plan to keep your relationship healthy.

3. Get several quotes.

Don't try one lender and then give up if you're rejected or offered a too-high interest rate. Try several lending branches to compare interest rates. Bear in mind, though, each time you apply for credit can negatively affect your credit score. Try to limit your queries to two or three credit providers.

4. Build on a good relationship.

If you already have a good relationship with one specific lender, work on building that relationship. Call up that lender and explain that despite your bad credit rating, you've always paid them on time and you have a long relationship with them. Often, lenders can be persuaded to negotiate their terms, particularly if you're an existing customer.

5. Try store credit.

As a last option, you may need to use store credit or credit cards to finance your home renovation project. Typically, store and consumer credit cards carry higher interest rates, so be mentally prepared before inquiring.

Remember, rebuilding your credit isn't easy. Start by always making your payments on time and staying committed to responsibly managing your debts.


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