Discover the ease of home improvement loans

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Loan amountEnter from $2,000 - $40,000
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Next-day funding now available. Get your funds as soon as 1 business day after completing requirements.1

Imagine the possibilities with a home Improvement loan

Home Renovation and Home Improvement Loans through Prosper

Enjoy a pool or a new deck

Give yourself a place to relax and have fun every day.

Install energy efficient appliances

Lower your utility bills with solar panels, new washers, dryers, refrigerators, and more.

Increase your home value

Invest now with the help of a home improvement loan and boost your equity.

Redecorate your home

Freshen up your furnishings, rethink your color scheme, or redesign your lighting.

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Checking your rate will not affect your credit score

People trust Prosper people

Since 2005, over 1 million people have chosen Prosper to access low interest4 personal loans.

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3 quick steps to get your Home Improvement Loan

  • Prosper | Safe & Secure Low Interest Home Renovation and Home Improvement Loans through Prosper

    1. CHECK YOUR RATE

    Securely share your basic financial information to see what interest rate you may qualify for

  • Prosper | Flexible Online Home Renovation and Home Improvement Loans through Prosper

    2. CHOOSE YOUR MONTHLY PAYMENT

    Choose the loan length to customize your monthly payment and rate that work best for you to pay off over 3 years or 5 years.3

  • Prosper | Fast Next Business Day Online Home Renovation and Home Improvement Loans through Prosper

    3. GET YOUR FUNDS

    Receive your money lightning-fast1 through direct deposit

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Checking your rate will not affect your credit score

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“So it really is just a deck. But my new deck is attached to my home, and I when I sit out there I am reminded of the power of my own mind—and my heart.” #MyProsperStory

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Frequently Asked Questions (FAQs) about Personal Loans for home improvements & renovations

Find answers to our community’s questions below, or visit our Help Center to learn more.

How much can I borrow for my home improvement?

When you apply for a home improvement loan through Prosper, you may be able to access home improvement financing ranging from $2,000 to $40,0002.The more complex question may be: how much will you need to borrow for your home improvement or home renovation project? This bottom line is top of mind for most people when they set about to improve their home. And while it’s easy enough to get a kitchen reno quote from a contractor or to check out new washing machine prices online, oftentimes those numbers are just the beginning. It can be smart to build in some wiggle room to account for a costly construction permit or steep shipping costs. And remember, if you have cash left over from your home improvement loan after your renovation project’s complete, you can put it toward almost anything you want: a trip to the chiropractor, a new sound system, etc. That’s the beauty of flexible home financing options through Prosper.

How do home improvement loans work?

There are lots of different ways to refer to a “home improvement loan”—home renovation loan, home improvement financing, home repair loan, home remodel loan—and they all add up to the same thing: a versatile loan that you can put towards making your house feel more like your dream home.

Like other types of personal loans, a home improvement loan through prosper will have a fixed interest rate and a set monthly payment which you’ll agree to repay over either 3 or 5 years3(your choice). You can set up AutoPay to avoid worrying about your monthly payment. You can even choose to pay the whole thing off early—which carries no penalty fee and has the potential to save you considerable money in interest.

More good news: With a home improvement loan through Prosper you can earmark the money for a particular home-related cause (such as ridding yourself of those lime green tiles once and for all!), but once you take out the loan, you can use the money in the way that makes the most sense for you. For example: If wildfire smoke or storm damage finds you needing to cover an extended hotel stay, it’s completely okay to change your priorities (and decide to live with the lime green tiles for one more year). A home improvement loan through Prosper puts you in charge so you can use your loan money in almost any way that makes the most sense to you.

What type of loan is best for home improvement?

There are three different kinds of loans which most commonly people use for home improvement financing.

1) Construction loans

2) Personal loan for home improvement (aka home renovation loans, home improvement loans, home improvement financing, home repair loans, home remodel loans)

3) Home Equity Loan (aka HE-LOAN)

It’s important to understand the differences between these three home improvement financing loans before you pick the option that’s right for you.

Construction loans can be used to build a new home, add an addition, or renovate the home you’ve got. Whatever the project, in order to qualify, your lender will want to see evidence of a construction timeline, detailed plans, and a realistic budget. Keep in mind that it is usually harder to qualify for a construction loan than it is to obtain a mortgage or qualify for the other two loan types, but the size of a construction loan may be considerably larger than what is typically associated with personal loans for home improvements. That said, most construction loans come with variable interest rates and short terms. You’re generally expected to pay off the loan as soon as the construction project is complete—meaning that if you’re applying for a construction-only loan it must generally be paid off in one year or less[1].

Personal loans for home improvement (variously referred to as home renovation loans, home improvement loans, home improvement financing, home repair loans, and home remodel loans), are considerably more flexible than a construction loan. You don’t need to secure this kind of loan with any collateral, and you don’t need to own your home in order to take this kind of loan. You can use a personal loan for home improvement to buy new furniture or renovate your kitchen. If you want to undertake light updates to your rental apartment, that works too. And if you have money leftover when it’s all done, or even if you change your mind about what you want to use it for, you can use the money almost any way you see fit.

Unlike the first two options, a home equity loan (aka HE-LOAN), is a home financing option that requires borrowers to own their own house. In turn, they’re able to tap into the equity they’ve built in their home (calculated by subtracting whatever they still owe on their mortgage from the estimated total value of their home). HE-LOANS are generally large lumpsum loans which borrowers will set about repaying as soon as they receive the funds. Home equity loans, like personal loans for home improvement, are a very flexible option. You can use the money to build a pool or add solar panels to your home, or you can change your mind and put the money towards your higher interest debts. Also, like personal loans for home improvements, HE-LOANS generally come with fixed interest rates.

[1]https://www.bankrate.com/mortgages/construction-loans-explained/

Are home remodel loans rates fixed or variable?

Unlike most construction loans, Prosper’s home improvement loans through Prosper always have fixed rates are always fixed. That’s great news when you consider how challenging it can be to accurately predict and budget for a home improvement project. Fixed rates mean regular monthly payments that you can budget for well in advance. Better yet, if you find yourself with a little extra cash, then you can always choose to pay off your home remodel loan in its entirety. There are no pre-payment penalties on your loan through Prosper, and paying it off early could save you from paying money on interest. In other words, while a home improvement loan through Prosper comes with a fixed interest rate, and therefore a fixed APR, the product itself is quite flexible.

Learn more about financing home improvements & renovations

Check out these posts from Prosper’s blog to learn more about financing home improvement & renovation and decide what’s right for you