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$40K Home Improvement Loan

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Home Improvement Loan For $40,000

A $40,000 home improvement loan is a large investment in your home that should hopefully increase the value of your home, help to create some equity, and if you are trying to sell your home, make it more attractive to potential buyers. Before securing a loan, you will want to make sure you find the best deal and verify the legitimacy of the lender if you are unfamiliar with them. Aside from your personal bank or credit union, there are many lender options available online that can help you secure the funding you need to start on your home improvement projects as soon as possible.

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Learn More About $40K Home Improvement Loan

From traditional banks to online lenders, the marketplace for home improvement loans is growing. While fewer financial institutions offer $40,000 home improvement loans, there are still plenty of lenders to choose from.

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What lenders offer $40,000 home improvement loans?

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 $40,000 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 $40,000 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: 8.99% -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%
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 a business day

Is $40,000 enough for home improvements?

A $40,000 home improvement project is more than enough to tackle a great number of projects as well as maximize the projects that can bring the highest return on investment. If you are thinking about selling your home, you can do plenty with $40,000 that can increase home value, enhance curb appeal, and make it move-in ready for the next owner. Having a move-in-ready home available on the real estate market is a real selling point to many people out there looking to purchase a new home.

How can you get a $40,000 home improvement loan?

If you are looking for a $40,000 home improvement loan, then you may be pleasantly surprised to find out that the process to obtain the loan is actually quite simple. You can either go speak to someone at your personal bank or credit union, or you could prequalify online and begin browsing loan offers from all the various online lenders who offer $40,000 home improvement loans.
If you search for a home improvement loan online, you can take advantage of the ability to compare several lenders who are all competition for your business. Online lenders may be able to offer you more competitive interest rates, better terms, and even additional perks like unemployment protection and rate reductions when you enroll in auto-pay.
If you are ready to find an online lender to fund your $40,000 home improvement loan, the first step is to prequalify. It can save you time and money to start by checking offers at Acorn Finance. 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 $40,000 get you in home improvements?

In terms of home improvements, $40,000 can go as far as you make it go. If you choose to DIY most of the work, you can get more projects completed. A $40,000 home improvement project could consist of anything from a kitchen remodel to finishing a basement. It may also be used for outdoor home improvement projects such as building a deck or landscaping. Before taking out a loan you should gather some estimates and do some research to determine how much your project should cost. Borrowing the appropriate amount is important. If you borrow too much, you may end up paying more to borrow money than you needed to. If you borrow too little, you may run out of funds and find it more expensive or complicated to take out another loan.

Can you get a $40K personal loan for home improvements?

Yes, a $40K personal loan spent on home improvement projects may be a smart way to spend the money acquired through a loan. Home improvement projects tend to create value and do not depreciate like the purchase of a car, boat, RV, or other uses of a $40,000 loan.

What is the monthly payment on a $40K loan for home improvements?

Monthly payments on $40,000 vary greatly based on the APR and the length of the repayment period. By using a loan calculator, you may be able to estimate what kind of monthly payments you may be looking at if you took on a $40,000 loan.
A $40,000 personal home improvement loan at an 11.5% APR over 5-years would have an estimated monthly payment of $880. The same $40,000 personal home improvement loan over 3-years may have monthly payments closer to $1,319. The 3-year year loan would require a borrower to pay around $7,485.45 in interest over the life of the loan whereas the 5-year loan would require interest payments in excess of $12,782.26.
If you know your credit score, you can look up current average personal loan interest rates based on credit category, and once you have a ballpark figure around what kind of APR you may be subject to, you can use a basic loan calculator to play around with some numbers to get a better idea of what kind of monthly payments you may be required to pay on a $40,000 personal home improvement loan.

Can you write off $40,000 worth of home improvements from a loan?

Only certain home improvements that add to the overall livability and value of your home are eligible for tax deductions. That may be replacing old plumbing, putting on a new roof, or repairing the HVAC system. Additionally, you may want to look into what kinds of tax incentives you can get for making your house more energy-efficient. There are a number of energy efficiency repairs that could be completed that could potentially decrease your tax burden.

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What can I do with a $40,000 personal loan?

A $40,000 personal loan has a number of uses, including (but not limited to):
Home improvement Buying a car Wedding costs
Debt consolidation Medical bills Startup business costs

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