If you need a loan for home renovation or improvements, look for the cheapest loan for the term you want to repay it over.

Before you compare home improvement loans, think about:

  • How much you need: Only borrow enough to cover the cost of your home improvements to avoid paying any unnecessary interest on your loan.

  • What you can afford to pay monthly: The term of your loan will affect how much you pay back each month. The longer the term, the cheaper your loan repayments.

This comparison only shows personal unsecured loans, which you can apply for without needing to secure it against your property.

If you own your home, you could apply for a secured loan instead.

Do you always get the advertised rate?

No, the advertised rate is often the best rate a lender can offer. The rate you get may differ depending on:

  • Your age: You need to be at least 18 years old to apply for most loans, but there is also an age cut off, such as 70.

  • Your income: The lender uses this to work out if you can afford to repay the loan, while taking your monthly outgoings into account.

  • Your credit history: If you meet the lenders loan eligibility criteria, your credit history will impact what rate you get.

  • Where your bank account is: Some lenders offer better rates if you have an existing account with them, such as a current account or savings account.

Some rates are only available if you borrow a set amount of money, within a set term.

For example, a lender may only offer you their best rate if you borrow between £7,500 and £14,999, over a term of 1 to 5 years.