A personal loan is a lumpsum fixed loan amount given to a qualified borrower that is not secured by residential property or collateral. The amount of this unsecured personal loan varies between $2,500 and $100,000, and is highly dependent upon the borrower’s credit score, qualifications and ability to repay the loan.
The term, or length of the unsecured personal loan, varies between 24 month and 72 months. The primary benefit of this type of personal loan is ease of application and speed. In most cases qualified borrowers can obtain the funds within a few days. The interest rate and monthly payments are fixed. Interest rates are higher than conventional secured financing, but less than revolving credit cards. The interest depends upon the borrower’s qualification, the loan amount, and the length of the loan.
Home Renovation projects can be financed and provide a great return on your investment. Not only you could be adding equity to your home but you will have many options to remodel your home. Whether it is unsecured personal loans, home equity loan, cash outs or personal loans. Check the appropriate home remodel loans for your situation and let Kukun match you with the right loan and right lender.