Home improvement projects can be costly, and zero interest home improvement loans can help you finance your plans. The most common home improvement loan types are home equity loans and FHA 203(k) loans. Although they aren’t zero interest loans, they do have a few other disadvantages. As with all loans, the origination fee can be up to 4.75 percent, and in some cases, there may be insufficient funds fees or late fees. The APR can also be high, with rates starting at 9.95 percent.
Wells Fargo
There are several ways to get zero interest home improvement loans. You can apply online or through the phone, but you must be a current customer of Wells Fargo. You cannot apply for these loans at a branch. You can also try out their new chatbot to get more information about the process. They also have a mobile app that is highly rated (4.8 stars on Apple and Google Play). The money is available as early as the next business day.
This home improvement loan from Wells Fargo offers a zero percent interest rate and a three-year term. The loan amount can be from three to ten thousand dollars, and there’s no origination fee. These loans can be used for a variety of home improvement projects, including kitchen remodeling, HVAC replacement, and more.
Avant
Before applying for an Avant zero interest home improvement loan, be sure to understand the application process. The application is simple and requires only basic personal information. If your application is approved, you will receive the funds electronically the following business day. If not, the loan may be declined. The application can be submitted online.
To qualify for an Avant zero interest home improvement loan, your credit score must be at least 580. However, if your credit score is lower than this, the company may be able to accommodate you. They typically offer loan terms of two to five years and don’t charge prepayment penalties. However, if you don’t have a lot of equity in your home, you may be required to have a much higher credit score.
SoFi
SoFi zero interest home improvement loans are offered in a variety of amounts, from $5K to $100K. The funds are wired directly into the applicant’s account. The website also offers a unique reward program for on-time payments. You can choose to skip a month of payments and extend the loan for up to a year, and there are no prepayment fees.
Another benefit of SoFi home improvement loans is the fact that they are completely unsecured, meaning you can borrow money without putting up any collateral. You can apply for the loan online or download the SoFi app for Android or iOS. Using these mobile applications, you can prequalify for a loan, but preapproval does not guarantee approval.
Upstart
If you want to make home improvements but can’t afford the cost of a traditional home improvement loan, Upstart may be the perfect solution. Upstart offers zero interest home improvement loans, personal loans, and education loans. Their philosophy is that your job history and earning potential should determine your interest rate, not your credit score. They also offer flexible terms and no prepayment penalties. You can apply for a loan online by answering a few simple questions about your employment and educational background. Upon prequalification, you’ll be given an estimated loan amount and terms.
Upstart differentiates itself from other online lenders by using artificial intelligence and non-traditional data to determine whether or not an applicant is a good fit for the loan. Traditionally, lenders focus on credit report, income, and debts when qualifying a borrower for a loan.
