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$20,000 Home Improvement Loans

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$20K Home Improvement Loans

There are many lenders who offer $20,000 home improvement loans including most banks, credit unions, and online lenders. Borrowing money to make home improvements can be a smart investment. It can increase the value of your home as well as improve the quality of your life.

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Learn More About $20K Home Improvement Loan

Here are some of the most trusted and respected online lenders who can help you secure your $20,000 home improvement loan.

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What lenders offer $20,000 home improvement loans?

With so many options for lending organizations out there, it can be a bit overwhelming to know who can be trusted and which lenders have a good reputation. Online lenders have a reputation for offering some of the most competitive home improvement loans with fast funding. Since they have less overhead and are more accessible, they can often pass along better deals to their customers. Shopping loan offers online is much easier than going from bank to bank. In addition, there are online platforms that allow you to shop several home improvement loan offers at once. Acorn Finance is an online platform that allows consumers to check personal loan offers from top national lenders, some of which are mentioned below.
Here are some of the most trusted and respected online lenders who can help you secure your $40,000 home improvement loan.


LightStream is a top-rated lender that can offer $20,000 home improvement loans to borrowers with good to excellent credit.
Loan amounts: $5,000 – $100,000
APR: 6.99% -16.49%
Terms: 2 – 12 years
Origination fee: None
Minimum credit score requirement: 660
Funding time: As soon as one business day (although funding times may vary)


SoFi is a top competitor of LightStream. SoFi can offer $20,000 home improvement loans, but is best for borrowers with decent income and a good credit score.
Loan amounts: $5,000 – $100,000
APR: 5.99% -20.94%
Terms: 2 – 7 years
Origination fee: None
Minimum credit score requirement: 680
Funding time: As soon as one business day (although funding times may vary)


Prosper is a peer-to-peer lender with a maximum loan amount of $40,000. They are well-known for their unique lending model and outstanding customer service.
Loan amounts: $2,000 – $40,000
APR: 7.95% -35.99%
Terms: 3 and 5 years
Origination fee: 2.41% to 5%
Minimum credit score requirement: 600
Funding time: Normally in 5 business days (although funding times may vary)


Upgrade is an online lender that can help borrowers with credit challenges. As an added bonus, they offer several discount opportunities and unique loan features.
Loan amounts: $1,000 – $50,000
APR: 6.94% -35.97%
Terms: 3 – 7 years
Origination fee: 2.9% – 8%
Minimum credit score requirement: 560
Funding time: As soon as one business day (although funding times may vary)


Axos Bank can offer home improvement loans up to $50,000 with the flexibility to change your payment date. Compared to other lenders on our list, their offers may not be as competitive.
Loan amounts: $5,000 – $50,000
APR: 7.99% -35.97%
Terms: 1 – 5 years
Origination fee: 0% – 2%
Minimum credit score requirement: 700
Funding time: As soon as one business day (although funding times may vary)


LendingUSA can offer personal loans for a wide range of uses, including home improvements.
Loan amounts: $1,000 – $47,500 (can vary by term and loan purpose)
APR: Up to 29.99%
Terms:3 & 5 years
Origination fee: Up to 8%
Minimum credit score requirement: 620
Funding time: As soon as same business day


UniversalCredit can help borrowers with bad credit obtain personal loans. They are best known for debt consolidation loans.
Loan amounts: $1,000 – $50,000
APR: 8.93% -35.43%
Terms: 3 – 5 years
Origination fee:4.25% – 8%
Minimum credit score requirement: 560
Funding time: As soon as same business day

Is $20,000 enough for home improvements?

Yes, $20,000 is a good sum of money to accomplish many different home improvement projects. You can either use the $20,000 all in one project like a bathroom remodel or you can spread it out to accomplish multiple smaller projects like some backyard landscaping, new carpeting in the bedrooms, and a paint job for the kitchen. A home improvement loan of $20,000 is an excellent sum of money to get a good chunk of home repairs and upgrades complete without increasing your debt burden by an astronomical amount. A $20,000 home improvement loan is reasonable enough that it could be paid off in a short amount of time allowing you to complete your projects, make your monthly payments, and in the meantime, you can start planning which projects you would like to complete next. Once the loan is paid off, you can simply take out a new loan to get started on what you had envisioned for the next stage of your home's transformation.

How can you get a $20,000 home improvement loan?

There are many ways you can get a $20,000 home improvement loan. You can first approach your personal bank or credit union to see what kind of financing options are available for personal loans. Based on your credit score, you may be offered various secured and unsecured personal loan options that may come with different repayment options and interest rates. If you are curious about what the best interest rates are available, maybe for a borrower with your credit profile, you may want to explore a personal loan option through an online lender. Whether you compare offers from a few different banks or a mix of banks and online lenders, you should always check a few offers before selecting one. Most lenders offer a prequalification process that should allow you to receive a personalized offer without impacting your credit score.
The process of getting prequalified with multiple lenders can be time consuming, but it doesn't have to be. At Acorn Finance you can check offers by completing one form. Acorn Finance has a network of top national lenders that can offer personal loans up to $100,000, depending on credit score. Within 60 seconds or less you can check offers with no impact on your credit score.
Next, choose the offer that is best for your needs and take the next step with the lender. Most of our lending partners can fund loans in as little as 24-hours, although funding times may vary.

What will $20,000 get you in home improvements?

There are plenty of home improvement projects that you can complete for $20,00 or less. You could remodel a bathroom, install new flooring, install a cement driveway or patio, paint the house, replace your roof, complete a backyard landscaping project, put in some new doors and windows, or complete a modest kitchen renovation. $20,000 is a good sum of money to get a lot done without taking on a large amount of debt.

Can you get a $20K personal loan for home improvements?

Yes, a $20K secured or unsecured personal loan is an extremely common way to fund home improvements. Many lending institutions offer home improvement loans to homeowners looking to give their homes a fresh new feel and look. Whether you are installing a new cement driveway, building a deck, or installing new flooring, many banks, credit unions, and online lenders can help you finance your project with a $20K personal loan.

What is the monthly payment on a $20K loan for home improvements?

Monthly payments on a $20K personal home improvement loan are determined by the APR and the loan term. A 5-year loan is going to have much lower monthly payments than a 3-year loan. The best way to estimate monthly payments on a $20K home improvement loan is to prequalify. When you pre qualify you can alter the loan term to get an estimated monthly payment based on the interest rate you would likely qualify for based on your credit score. The next best thing you can do is use a loan calculator to get some estimated monthly payment figures.

Can you write off $20,000 worth of home improvements from a loan?

Only certain home improvements are eligible for tax deductions. The IRS makes a distinction between what are true improvements and what are only simple repairs. Only true improvements are tax-deductible. True improvements, also called capital improvements, are renovations that add value to your home, prolong its useful life, or adapt it to new uses. Some examples of capital improvements may include a new roof, a new HVAC system, or a new hot water heater. Since the answer is not as clear as a simple yes or no, if you have any questions about whether or not your home improvement projects are considered tax-deductible, you should consult with your tax consultant.

How can I get a $20K in a home improvement loan?

It is possible to get a 20K home improvement loan in a few different ways. Here is a breakdown of some of the most common types of financing that people choose when looking to complete $20,000 worth of renovations on their homes.

  • Construction to permanent loan:A construction to permanent loan gives you the money you need to complete your home renovations in installments which is often paid directly to the contractor at the completion of certain milestones. For this type of loan, you will be working directly with someone from the bank who will inspect the home to make sure construction is being completed as planned and on time. The bank will also have an appraisal of your home be conducted that will determine its current value and the potential value of the home once the renovations are complete. The value of the loan amount will be determined by the anticipated value of the home after the renovations. Once construction is complete, the remainder of the construction loan rolls into a new primary 15 or 30-year mortgage.
  • Fannie Mae HomeStyle loan:Fannie Mae is a government entity that can offer homeowners HomeStyle loans that allows a person to potentially borrow up to 95% of the future value of their home once renovations are complete. Many lenders may put a loan amount cap at 80% of the future value of a home which then does not require the homeowner to purchase a Private Mortgage Insurance policy. Any Homestyle loan that is extended for an amount that ranges between 80% to 95% of the total future value of the home and the homeowner is required to pay Private Mortgage Insurance.
  • FHA 203k rehabilitation loan:An FHA 203k rehabilitation loan allows a homeowner to potentially borrow up to 96.5% of the future value of their home. Again, anything above 80% of the future value of the home and the homeowner is required to pay Private Mortgage Insurance. An FHA loan is great for someone who may have less than stellar credit since FHA requirements tend to be less strict than private lenders. You could still qualify with a credit score as low as 500. If you have a credit score between 500 and 579, then you can still qualify for an FHA 203k rehabilitation loan with a 10% down payment. If you have a credit score of 580 or greater, you can qualify for the FHA loan with a 3.5% down payment.
  • Home equity loan:A home equity loan borrows against the equity in your home. Equity is determined by the difference between the value of your home and the current mortgage balance. This is a one-time fixed-rate loan that also uses the home as collateral to secure the loan.
  • Home equity line of credit:A home equity line of credit is similar to a home equity loan except that a HELOC is a revolving line of credit that you can borrow against. Borrow as little or as much as you want against the amount you qualify for over a predetermined length of time.
  • Cash-out refinance:If you are looking to refinance your home to take advantage of lower interest rates, you could consider refinancing your home for a larger amount and using the surplus money to fund your home improvement project.
  • Personal home improvement loan: All of the finance options listed above take some time to complete and they can come with more complex paperwork. A personal home improvement loan bypasses all of that and makes borrowing $20,000 extremely simple. If you qualify, you could complete the entire process in one day and receive the money in your account the next day.

There are plenty of ways to secure $20K to complete home renovations and repairs. The best option for you is the one that can save you the most money and that works best for your goals and circumstances.

What credit score do I need for a $20K home improvement loan?

If you are looking for a 20K home improvement loan through a private bank or an online lender, you may want to have a credit score somewhere between 610 and 640 for your best chances to qualify. Many lenders establish some sort of minimum credit score requirements within that range. Some lenders may even require a 660 or 680. That being said, if you are seeking a 20K home improvement loan through the FHA, you can have a credit score as low as 500 to qualify if you have at least a 10% down payment. A score of 580 or above, and you can again qualify for an FHA loan, but this time you will only need a down payment of 3.5%.

How do I qualify for a $20K home improvement loan?

To qualify for a $20K home improvement loan, you need a few different things going for you. First, you should have at least a fair credit score, however, the better the credit score, the better your chances to qualify, and the better your interest rate. Second, you need to be able to show that you have a good amount of income coming in each month with very little going out to pay existing debts. Most lenders require a debt-to-income ratio below 36%. Lastly, a lender may look into your employment history, your personal checking and savings accounts, along with other aspects to get a better idea of your financial situation.

How long can a $20,000 home improvement loan be?

If you are seeking a $20,000 personal home improvement loan, most lenders cap personal loan repayment periods at a maximum of 12-years. Some lenders may only offer a maximum repayment period of 5 or 7-years. It all depends on the lender.

Can you get $20,000 in a home improvement loan online?

Yes, shopping for home improvement loans online is actually a pretty intelligent way to find a $20,000 loan. Online lending has become a large industry in recent years, and because of that, consumers are finding that the loan process through an online loan is not only trustworthy and secure, it is ultra-convenient. The entire process can be done from home and it can be completed in less than a day. Additionally, once the loan is approved, it can be processed, and funds could hit a personal account in as little as 24-hours.

Is a home improvement loan the best way to finance a 20K home improvement project?

If you are looking to complete around 20K in home improvements, the simplest way with the least amount of paperwork and red tape is a personal home improvement loan. You simply qualify for a personal home improvement loan based on your credit score and debt-to-income ratio. Once approved, you can use the money however you see fit and do not need to involve the bank by needing mandatory home inspections and appraisals.

What can you do with a $20K home improvement loan?

With a 20K home improvement loan, you are only limited by your imagination. You could remodel a bathroom and install new flooring in some areas of your home. You could complete a cement driveway and add some landscaping features while you are at it. You could install a new deck or an outdoor kitchen. $20K is a good amount to accomplish a good number of tasks around the house.

What financing companies fund $20K in home improvement loans?

There are many lenders that offer $20K home improvement loans. Here are some of the top-rated lenders that Acorn Finance has partnered with to bring you affordable finance options.

How can I get a personal loan fast?

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