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Home Improvement Loans in Connecticut

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Connecticut Home Improvement Loans

Connecticut homeowners can utilize home improvement loans to afford emergency repairs or make value increasing improvements. With a variety of home improvement loans available, a little bit of research can get you headed in the right direction. Check offers for home improvement loans in Connecticut at Acorn Finance today!

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How to Get a Home Improvement Loan in Connecticut

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Pre-qualify

Fill out an easy online form to check for pre-qualified offers with no impact to your credit score
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Select offer

Compare terms and payment options to select the offer that’s best for you
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Finish application

Complete your application on your selected lender’s website
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Receive funding

After your loan is approved, your funds should arrive within 1-2 business days2

Simple Home Improvement Financing for Connecticut Homeowners

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Helping Homeowners Get Home Improvement Loans in Connecticut

Is getting a home improvement loan in Connecticut worth it?

Do you want to increase the value of your home while making it more comfortable for you and your family? Do you want to achieve all this and not deplete your entire savings at the same time? Then getting a home improvement loan is one way to get the money you need now to do the improvements you want now, and then pay it back over time with monthly payments. Keep reading for more information about home improvement loans in Connecticut.

Home Improvement Loans in Connecticut: Frequently Asked Questions

How do home improvement loans work in Connecticut?

Home improvement loans in Connecticut work the same as most home improvement loans in other states. There are multiple home improvement loan options available that you first must consider. For example, would you like to borrow against the equity you have built up in your home? If so, then you may want to explore both home equity loans and home equity lines of credit options. If you have at least 20% of the equity in your home, you can borrow up to 85% of that total equity in the form of a home equity loan or HELOC.

Consider this, if your home has a current appraised value of $450,000, but you have already paid off over $200,000 of the original mortgage, that means you have about $250,000 of equity. Depending on the lender, you may be able to borrow up to 80% or 85% of that $250,000 to pay for home repairs, renovations, and improvements. The main downside to home equity loans and HELOCs is that if you should happen to fall into a position where you are unable to pay back the loan, the lender can foreclose on your home and sell it to recover their losses.

Don't want to borrow against the equity in your home? No problem - check out unsecured home improvement loans. These loans are essentially just a personal loan but intended for the use of home improvement loans. They may come with lower loan amounts and higher rates than secured loans, but they can be funded faster and involve a lot less risk for borrowers. Unsecured home improvement loans are usually funded as a lump sum minus fees and repaid in equal monthly installments with interest. With the term predetermined these loans are easy to manage. Interested? Check offers now with no credit impact.

Last, you may want to consider a home improvement loan through the US government. The US government has a number of special loan programs and grants that are designed to help all types of homeowners or prospective homeowners get the money they need to renovate and/or purchase older homes. The most common government loan programs used for home renovations can be found through HUD, the FHA, Freddie Mac, Fannie Mae, the VA, USDA, and the Bureau of Indian Affairs.

The specifics on how the loan works will depend on the type of home improvement loan you choose.

How do you apply for a home improvement loan?

Applying for a home improvement loan is easy. The most common places that people look for home improvement loans include banks, credit unions, and online lenders. Before applying for a home improvement loan, you should review your credit profile and your finances and compare them to some of the minimum requirements that banks, credit unions, and lenders have. If you think you are eligible for a home improvement loan, then the next best step is to prequalify for the loan amount you are seeking. When you prequalify for a loan amount, you can then begin to review personalized loan offers from banks, credit unions, and online lenders to determine which lender is able to offer you the best deal. Ready to check offers? Explore offers from top national lenders at Acorn Finance.

How do you choose the right home improvement loan in Connecticut?

Choosing the right home improvement loan will start with a determination of how much money you need to borrow and what you can afford in terms of payments. Once you understand your needs, you can start exploring the various types of loans available.

Should you decide that an unsecured home improvement loan is best, you can check offers within 60 seconds or less at Acorn Finance. Our network of top national lending partners can offer personal loans with APRs as low as 4.49%, depending on credit score.

Find Connecticut Home Improvement Loans at Acorn Finance

Finding the right home improvement loan can be a time consuming and difficult. At Acorn Finance, we have done our best to make the process for finding the right loan much easier. Check offers from our network of trusted lenders without an impact to your credit score! Many homeowners have lots of questions, so here are our common tips when it comes to searching for the right home improvement loans in Connecticut.

Learn More About Home Improvement Loan in Connecticut:

What are the requirements to get a home improvement loan in Connecticut?

The main requirements for getting a home improvement loan in Connecticut include having a decent credit score, a sizable income, and a low amount of existing debt. Other loan types may have other requirements that you may need to consider as well. For example, a home equity loan or home equity line of credit requires that you have a minimum of 20% equity built up in your home before you can be eligible for a home improvement loan or line of credit. Each loan type and lender is going to have their own requirements for qualification, so it is important to conduct diligent research to make sure you have a good chance of qualifying for the loan type you are looking for.

See More Home Improvement Loans by State:

What can you use a home improvement loan for?

Homeowners use home improvement loans for all sorts of projects. Some examples include roof replacements, kitchen remodels, new flooring, replacing doors and windows, constructing an addition or deck or patio, and renovating the back yard with a large-scale landscaping project. These are just a few of the ways people use the funds from their home improvement loan. If you obtain a personal home improvement loan, then once approved, you are free to use the money however you like - as long as there are no spending restrictions. Other home improvement loans may require specific building plans or have some restrictions on how the funds can be used.

How much can you borrow with a home improvement loan?

Maximum loan amounts vary depending on the lender and what you qualify for. Personal home improvement loans are available up to $100,000 - depending on credit score. Remember that not all lenders will offer loans up to $100,000, some may cap them much lower, and again what you qualify for will vary depending on credit score and other requirements. The best way to determine what you can qualify for is to check offers at Acorn Finance. Our lending partners can offer APRs as low as 4.49%, depending on credit score. Plus, most lending partners can fund loans within a few business days of approval.

Pros & Cons of Home Improvement Loans in Connecticut

When considering your options for home improvement loans in Connecticut, it's recommended to review the advantages and disadvantages of acquiring a loan.

Pros

  • The main advantage of a home improvement loan is that they offer access to a lump sum of cash that can be funded quickly. At Acorn Finance, our lending partners can fund loans in just a few business days – although funding times may vary. Another advantage can be the opportunity to save your cash for a true emergency when a loan may not be an option.

Cons

  • The main disadvantage of a home improvement loan is the addition of an extra debt payment each month along with interest and fees. If you are already stretching your budget thin every month and not able to save any money, can you really afford an additional debt payment each month on a home improvement loan? This is something you will want to consider seriously before taking out a loan. If you’re unsure you can afford a loan, first take a look at what payments might actually cost by checking offers.

Frequently Asked Questions

What is the easiest way to get a home improvement loan in Connecticut?

The process of obtaining a home improvement loan, as well as the qualifying criteria, can differ based on the type of home improvement loan that you are seeking. It is crucial to assess the scope of your project and determine your needs, as well as what your budget is, before deciding how to proceed. 

That said, the easiest way to get a home improvement loan in Connecticut can look different from homeowner to homeowner. Connecticut residents that have sufficient equity in their home may opt for a HELOC or a home equity loan. While others may want to obtain an unsecured personal loan or home improvement loan to fund their home improvement project(s). Properly preparing and comparing offers can help simplify the process. Here are some steps you can take to help the process of obtaining a home improvement loan in Connecticut go smoother. 

  • Check your credit: Knowing your score ahead of time can be pivotal in the decision making process. Whether the result of knowing your score is increased confidence or concern, you can take action in the right direction. If needed, invest some time into boosting your score before applying for a loan. Utilizing a credit monitoring service can help you identify ways to do so. 
  • Compare offers: From project estimates to loan offers, look over the numbers and the lender or contractor you will be doing business with, At Acorn Finance, you can compare home improvement loan offers up to $100,000, depending on credit score, with no credit score impact.
  • Proceed with the lender of your choice: Once you are confident you’ve found the right offer, you can accept the offer and finalize the approval with the lender. After accepting the offer you may need to submit more information or documentation. 
  • Approval: Once approved, funds can be deposited in as little as 1-2 business days, although funding times may vary. 
  • Begin your project: With borrowed funds, you can now begin home improvement projects. Repayment will typically begin on the next monthly cycle after funds are issued. 

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How does your credit score affect your home improvement loan options?

Your credit score can determine much more than simply being approved or denied for a home improvement loan. Your home improvement loan options may be limited with a lower score and come with less favorable offers. Offers will be more likely to be returned for borrowers with fair, good, average, or excellent credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

Why are online home improvement loans the best option?

For some Connecticut homeowners, online home improvement loans are the best option for bridging the financial gap needed to cover the costs of a home improvement project. Online home improvement loans offer borrowers several benefits including. . .

  • Convenience: Shopping for an online home improvement loan in Connecticut can be done from the comfort of your own home, when it’s convenient for you. No appointments or button up shirts necessary. 
  • More options, less work: The internet allows borrowers to access lenders nationwide. At Acorn, you can check offers from top national lenders online with no credit score impact. 
  • Fast approvals: Some online lenders can offer loan decisions within minutes. Funding times may vary, but some lenders can have funds in your account in as little as one business day. 

What are the best home improvement loans in Connecticut? 

The best home improvement loans for one homeowner may look vastly different than the best home improvement loans for another homeowner. This is because every individual has their own unique set of goals, budget requirements, and preferences when it comes to loan structures. As you compare offers, consider the following to help you pick out the best offer. 

  • Origination fees: Also known as an upfront fee, origination fees can be charged by a lender to process a new loan. Origination fees are generally calculated as a percentage of the total loan amount. 
  • Fixed APR: Fixed monthly payments are more predictable and often simpler to budget. If the APR is fixed, the payment should be fixed too, If the APR is variable, then the required monthly payment is likely variable too. While variable rates can sometimes benefit borrowers, some of the best loans come with fixed APRs. 
  • No early repayment penalties: The lenders featured on our list, do not charge repayment penalties. This gives borrowers the opportunity to pay off their loan early to save money on interest and potentially other fees too. As a result of paying off the loan your credit score may go up.
  • Streamlined application process: We love hassle-free processes, don’t you? Some lenders can be difficult to do business with. A red flag that challenges are ahead starts with the application process. Find lenders with streamlined application processes that can deliver fast loan decisions. At Acorn Finance you can check rates in a matter of seconds with just a little bit of personal information. Our platform leverages advanced technology to match borrowers and lenders. As a result, you can narrow down the best loan options faster.
  • Funding options and speed: At Acorn Finance, our lending partners can fund loans in as little as 1-2 business days, although funding times may vary. Fast funding can be a reflection of a streamlined process and a lender that’s using advanced technology. 
  • Borrower perks: Some lenders offer perks for borrowers such as credit monitoring services or auto payment discounts. Additionally, some lenders offer convenient smartphone apps and online portals to manage accounts. Review the lender and what they can offer as part of your decision as to who is best.
  • Support: While you may be asking to borrow money, you’re still a customer. Read customer reviews and notice how the lender makes customers feel. You will be doing business with the lender you choose and therefore, you want a lender that’s easy to work with and delivers top notch customer service. 
  • APR: In most cases, the loan process starts with a pre qualified offer. Following the offer, the borrower accepts the offer, and the underwriting process begins. Once the applicant is verified, a final approval is usually issued. The offer can change during this process depending on what the lender finds. Be sure you monitor the APR and other factors of the loan to ensure you are getting the deal you originally said yes to. Focusing on total loan costs is a more accurate representation of the cost of the loan compared to the monthly payment. 

How do you compare Connecticut home improvement loans?

Whatever your needs, preferences, and goals are - comparing offers can help you adhere to all of them. To compare offers, you can shop online or visit local banks or credit unions. Some local banks and credit unions may also offer online offers. While applying with each source or lender individually is one way to compare offers, you can save time using a platform such as Acorn Finance. Check rates from our network of top national lenders in a matter of seconds with no credit score impact.

When are home improvement loans in Connecticut worth it?

Whether or not home improvement loans in Connecticut are worth it will be situationally dependent. For some homeowners, obtaining a home improvement loan is not a wish, but a need. Home improvement loans can be utilized for repairs or replacements of necessary components of a home. 

Homeowners can use home improvement loans for roof financing, emergency flooring financingappliance financing, and more. These examples can be urgent situations that leave you with few options. On the other hand, some homeowners may simply want to improve the aesthetic of their home. Evaluate your situation, needs, and ability to repay to determine if a home improvement loan in Connecticut is worth it. 

Why choose Acorn Finance for comparing home improvement loans in Connecticut?

Similar to purchasing your home, you will want to know what’s available when it comes to getting a loan. The larger the loan, the more importance you may place on the offer. Planning home improvement projects comes with enough stress as it is. At Acorn, we want to simplify the process of finding the best home improvement loan offer. We’ve created a platform that allows you to check home improvement loan rates in seconds with no credit score impact. With access to top national lenders and home improvement loan offers of up to $100,000, depending on credit score, Acorn Finance empowers Conneticuthomeowners. If you value your time, and money, visit Acorn to find the best home improvement loan offers.

Pros and cons of lenders Home Improvement Loans in Connecticut:

LightStream

Best for home improvement loans 

Minimum qualifications: 

  • Minimum credit score requirement of 660 or above 
  • Minimum income requirement of $50,000/year

Pros:

  • No origination fees
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Competitive loan offers
  • Allows co-signer
  • Large personal loans available 
  • Flexible repayment periods up to 12 years

Cons:

  • Strict qualification requirements
  • No access to pre-qualify through the LightStream website (When applying directly, you can get pre-approved but not pre-qualified, therefore, you may be subject to a hard credit pull. To get pre-qualified with LightStream, check offers through Acorn Finance to see if you qualify.)
  • No direct payment to creditors for debt consolidation loans

SoFi

Best for online personal loans for borrowers with next-to-perfect credit

Minimum qualifications:

  • Minimum credit score requirement of 680 or above 
  • Minimum income requirement of $50,000/year

Pros:

  • Flexible loan amounts and repayment terms
  • No origination fees
  • Competitive interest rates
  • Funding as soon as one business day on approved loans, although funding times can vary
  • Allows cosigner applications
  • Unemployment protection available

Cons:

  • High credit score requirement
  • Approvals may take 3 days or more

Best Egg

Best for personal loans for borrowers with fair credit 

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 

Pros:

  • Fair credit scores can qualify
  • No minimum income requirement
  • Same or next day funding available, although funding times can vary

Cons:

  • Not available in some states
  • Origination fees between 0.99% and 6.99%
  • Higher APRs

Prosper

Best for peer-to-peer loans

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • No minimum income requirement 

Pros:

  • Low threshold for credit score
  • No minimum income requirement
  • Flexibility to change payment dates
  • Offers peer-to-peer lending

Cons:

  • Long funding times
  • Origination and late fees may apply
  • No rate discount for autopay is available
  • Restrictive repayment periods
  • Funding may take about 5 business days 

Upgrade

Best for bad credit personal loans 

Minimum qualifications:

  • Minimum credit score requirement of 560 or above 
  • No minimum income requirement

Pros:

  • Low credit score requirement
  • No early payoff penalty
  • Joint applications allowed
  • Funding as soon as one business day on approved loans, although funding times can vary

Cons:

  • Origination fees between 2.9% to 8%
  • Higher APRs, especially for subprime borrowers

Axos Bank

Best for refinancing existing personal loan

Minimum qualifications:

  • Minimum credit score requirement of 700 or above 
  • Minimum income requirement $48,000/year

Pros:

  • Low origination fees
  • Mobile app to manage loans
  • Fast funding times
  • Funding as soon as one business day on approved loans, although funding times can vary

Cons:

  • High credit score requirement
  • Origination fee up to 2%

OneMain Financial

Best for borrowers with less-than-perfect credit who need fast funding for a personal loan

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $7,200/year

Pros:

  • Low credit score requirement
  • Offers secured loan option
  • Low income requirement
  • Flexibility to choose your payment date
  • Fast funding times

Cons:

  • High interest compared to similar lenders
  • Origination fee between 1% – 10% (or flat fee up to $500 depending on state)

LendingPoint

Best for fair credit personal loans with fast funding

Minimum qualifications:

  • Minimum credit score requirement of 600 or above 
  • Minimum income requirement $30,000/year

Pros:

  • Low origination fees
  • Relaxed credit score and income requirements
  • Same or next-day funding is available, although funding times can vary

Cons:

  • No joint applications
  • High loan costs
  • Short repayment periods 

Lending USA

LendingUSA is best for one-time purchases or uses, such as cosmetic surgery financing, pet financing, funeral financing, and more. LendingUSA offers loans for a variety of industries. Loans can be obtained through the LendingUSA website or through a merchant partner that refers to LendingUSA. 

One of the main highlights of LendingUSA is their offer to pay off a loan balance within 6 months. By doing so, 

no interest will be charged to the principal. 

Reprise Financial

Reprise Financial can help borrowers find personal loan offers that meet their needs. In order to help borrowers obtain funds quickly, Reprise works to streamline the personal loan process. With customized payment options and fixed rates, check personal loan offers at Reprise Financial. 

Similar to Acorn, one of the main highlights of Reprise financial is the ability to shop and compare offers. 

Universal Credit

For borrowers with bad credit, Universal Credit may be your golden ticket to the funds you need. With a minimum credit score requirement of only 560, Universal Credit is a top choice for subprime borrowers. While loan costs may be higher, they usually are when it comes to borrowing money with bad credit. 

One of the main highlights of Universal Credit is their relaxed requirements. 

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