We know you take great pride in your home. Making improvements around your house not only provides a better home for you and your family – it can also increase your home’s value, but those improvements come with up-front costs. With the help of Best Egg®, that new kitchen or swimming pool is not out of reach. A simple, fixed-rate loan can make your dreams a reality.
Paying out of pocket or borrowing against your home’s value are not always ideal options for covering the cost of a large project. Financing your home improvement project with high rate credit cards could leave you paying more in the long run. A personal loan from Best Egg is the smarter, simpler option.
Fixed APR from 5.99%-29.99%*
Research your options without impacting your credit score
Pay back options with either 3 or 5 year terms
With a single monthly payment, you’ll make the exact same payment on the exact same day every month, and know exactly when your loan will be paid off. Best Egg personal loans range from $2,000 to $35,000 with Annual Percentage Rates (APRs) ranging from 5.99% to 29.99%* and for qualified applicants, 3 or 5 year terms are available*. You can even set up your loan to automatically withdraw your payment directly from a bank account, so there’s one less thing on your to-do list. Of course, there’s never any penalty for paying more than your monthly payment in order to pay your loan off early. We encourage you to eliminate your debt!
Subject to loan approval and verifications, your money could be deposited into your bank account in as little as one business day. That means you’ll have the money you need to start (and finish) your job sooner, without having to cut corners.
Home Equity Loans vs. Personal Loan: which is better?
Home equity loans are the first place people turn to when they have a home improvement expense, but are they the right choice for everyone?
Home Equity Loans and Home Equity Lines of Credit (HELOC) are secured loans that banks issue when customers want to invest in their home. Getting a Home Equity Loan or HELOC will usually require a home appraisal, which can take weeks to request and process.
Home Equity Loans and HELOCs tend to benefit longtime homeowners with okay credit over homeowners of a few years with good credit.
In addition to the cost of waiting for a home appraisal, the process of obtaining a Home Equity Loan or HELOC usually has fees and closing costs. Even if you plan to build equity on your home, you still may spend a lot of money upfront just to get a Home Equity Loan or HELOC in order to pay for necessary repairs.
Check out the major differences between a Home Equity Line of Credit vs a Personal Loan:
Fixed APR and monthly payment
Unsecured (no collateral needed)
Home equity not required
Receive funds in as little as one business day
No prepayment penalties
Spend your loan whenever and however you choose
Secured (requires collateral)
Home equity required
Likely wait for weeks to months for appraisals, approvals and processing
Possible prepayment penalties and closing fees
Harder to access the money over the term period
Personal loans, like Best Egg Home Improvement Loans can be used for home improvement projects. You receive your rates and terms based on your credit profile and what you need.
They do not require a borrower to place their home or other assets up for collateral, and you don’t need to have the magic home equity value to get the money you need.