Compare Unsecured Personal Loans With No Collateral

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What is a personal loan?

A personal loan, also called an unsecured loan or a signature loan, is a lump sum fixed loan amount given to a qualified borrower that is not secured by residential property or collateral. You can use a personal loan for any home improvement activity like adding square footage, renovating an existing space with no change to walls, or expanding a home by moving walls.

Prerequisites for sanctioning personal loans


18 or above

Credit History

Record of timely repayments in the past


Legal US resident

Employment History

A permanent job with a steady source of income

Bank Account

Verifiable account with a reputed bank

Monthly Debts

A low debt-to-income ratio -- usually, below 35%

Credit Score

620 or higher (300-575:Poor, 580-669:fair, 670-739:good,740-799:very good, 800-850: exceptional)

When should you go for a personal loan?

Personal loans are perfect when you don’t wish to put your home at risk​, since they are unsecured. Therefore, you don’t require any collateral -- in the form of your property -- while applying for this category of home improvement loan. In case of secured loans, the bank may seize your property if you default in your monthly payment(s). Moreover, if there’s a hit in the real estate market, you may owe more than the actual worth of your home in the long run.

Note: No collateral means higher interest rates. It is also ​ideal when you don’t have the required equity to apply for other loan options​. For example, if the worth of your home is $3,00,000 but you still owe $2,00,000, then your equity value is $1,00,000. In this case, you may get a home equity loan for the entire $2,00,000 -- which might come at a higher interest rate. Hence, under this circumstance, a personal loan is the better bet.

Not only this, personal loans are flexible. You can use them for a number of projects. Therefore, if you want cash for more than one small repair​, this is the right choice! Moreover, the life of the loan comes with a fixed interest rate and a longer payback term. So, it’s ideal if you wish to fit in your monthly installments into your budget and plan the repayment term for up to 6 years.

Additionally, ​when you want quick cash, personal loans are the go-to alternative​. They don’t have any requirement from the bank to appraise your home. Hence, the process is much faster. Furthermore, if you want a small amount, then always go for a personal loan. When you don’t have the time to spend innumerable hours on the paperwork for a home equity loan, this is the best option. You can get loan amounts at as low as $2500

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Loan key features

What are the key features of personal loans?

Loan Amount & Tenure
The amount of this unsecured personal loan can vary between $2,500 and $100,000. The term or length of the unsecured personal loan ranges from 24 months to 72 months

Fixed Interest Rate
A personal loan comes with fixed interest rates/ annual percentage rates, and fixed monthly installments with full principal & interest amount

Early Termination Fee
It might come with an early termination fee in the first 12 months and usually offers a limited repository of lenders

What are the pros and cons of home equity line of credit ?

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The pros

  • A simple and fast online process for loan applications.
  • Provides a great return on your investment.
  • Fixed rate and payments.
  • Not required to use funds for home improvement.
  • Good for short-term financing needs.
  • Can payoff loan early.
  • Little or no origination fees.
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The cons

  • Requires strong borrower qualifications.
  • Interest rates for unsecured loans likely higher than traditional secured loans.
  • Length of loan limited to 72 months.
  • Can not be used to refinance an existing loan.
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