How to Finance Your Home Improvement Projects

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Big home projects can be exciting – and expensive. At Leap, we work with thousands of contractors and make it simple for homeowners like you to choose a financing solution that works for your budget, timeline, and comfort level.

There are two major types of home improvement financing: secured vs. unsecured. Explore your options below and find the one that fits your needs. We’ve partnered with top lenders to give you flexible options that fit your needs.

Option 1:
Secured by Your Home: Home Equity Line of Credit (HELOC)

Option 2:
Prefer not to use your home as collateral? An unsecured personal loan offers quick and simple financing.

Competitive Interest Rates – Secured by your home, home equity lines of credit may provide a lower-rate alternative to most standard project loans.*
Higher Borrowing Limits – Access up to $750,000, perfect for multi-phase projects.
Flexible Draws – Borrow only what you need, when you need it.
Fast, Fully Digital Process – Apply in 5 minutes and get funded in as few as 5 days.
Longer, Affordable Payments – Lower monthly payments and flexible repayment options.
Potential Tax Benefits – Interest may be deductible if used for home improvements (consult a tax advisor).

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No Collateral Required – Borrow without putting your home at risk.
Fast Funding – Quick online application with same-day funding available (conditions apply).
Fixed Payments – Know exactly what you’ll pay each month with no surprises.
Flexible Project Use – Cover everything from kitchens and bathrooms to roofing, pools, and landscaping.
Hands-Off for Contractors – Customers apply directly, no paperwork for your contractor.
Large Loan Amounts – Borrow $5,000–$100,000 depending on your needs.
No Fees or Prepayment Penalties – Full transparency and flexibility.

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Best For:

Homeowners planning larger projects or wanting to maximize project scope while keeping monthly payments manageable.

Best For:

Homeowners with great credit who want a fast, straightforward loan for smaller projects or prefer not to use their home as security.

FAQs

To qualify for a HELOC, you must have sufficient equity in your home, meaning the amount you owe must be less than the home’s current value. Lenders typically allow borrowing up to 85% of the home’s value minus what you owe. Besides equity, lenders consider factors like credit score, credit history, employment, income, debt payments, and debt-to-income ratio to determine approval, credit line amount, and interest rate. The qualification requirements are similar to applying for a mortgage, so it’s important to research and ensure you meet specific lender requirements before applying.

Figure’s HELOC and a Personal Loan have similar online application processes, often completed online. Personal Loans can be funded in as little as 24 hours, making them one of the fastest ways to access cash. However, Figure’s HELOC is one of the fastest HELOCs out there, with approval in just 5 minutes and funding in as few as 5 days. Since it’s secured by your home, it also typically comes with a lower rate and longer repayment terms, meaning a lower monthly payment compared to a Personal Loan.

Figure’s HELOC can be in the 1st, 2nd, or 3rd lien position, which means you can get one whether or not you already have a mortgage. With a Cash-Out Refinance, you need to replace the existing first-lien mortgage, so if you already have a low mortgage rate, getting a cash-out refinance can cost you a lot of money. Additionally, the standard application process is often longer for a Cash Out Refinance than for a Figure HELOC.

Figure’s HELOC is very similar to a standard Home Equity Loan. Both have lower rates than personal loans, are secured by the home like cash-out refinances, and are disbursed in a lump sum. The difference is that closing a HELOC from Figure is far faster than closing a Home Equity loan from a bank or mortgage lender. Figure’s HELOC can get approval in 5 minutes and funding in as few as 5 days. Standard Home Equity Loans can take many weeks, even up to 40 days, to complete.

Figure’s automated application process is fast and easy and getting your rate won’t impact your credit. If you aren’t approved your first time, don’t fret! You can always reapply if your situation changes (like your credit score goes up or you get to pay down some of your mortgage.) A HELOC isn’t right for everybody and you could try a Personal Loan, Credit Card, or other funding option.

The most common options include:
· Home Equity Line of Credit (HELOC): Allows you to borrow against your home equity with flexible terms. Figure offers a fast, fully digital HELOC process where you can apply in just 5 minutes and get funding in as few as 5 days.
· Home Equity Loan: A lump-sum loan secured by your home.
· Cash-Out Refinance: Refinances your mortgage for a higher amount to access cash.
· Personal Loans: Unsecured loans with fixed rates, suitable for smaller projects.
· Credit Cards: Best for minor updates but typically have higher interest rates.

Consider these factors, and let Figure simplify the decision-making process:
1. Project Scope: For larger renovations, Figure’s HELOC offers a flexible credit line to match your timeline and costs.
2. Interest Rates: Figure’s HELOC rates are competitive and often lower than personal loans or credit cards.
3. Repayment Flexibility: With Figure, you can draw funds as needed and only pay interest on what you borrow.
4. Home Equity: Figure lets you borrow up to $750,000, depending on your equity, and their platform can quickly calculate your eligibility.
5. Application Speed: Skip the lengthy paperwork—Figure’s 100% digital process gets you funded fast, so you can focus on your project.

Figure’s HELOC is designed for flexibility and speed:
· Apply in just 5 minutes using their fully digital platform.
· Access funds in as few as 5 days.
· Redraw funds when needed during your draw period, perfect for multi-phase renovations.

If you use your funds for home improvement, interest payments from a home equity loan or home equity line of credit might be tax deductible when filing your annual taxes. Be sure to consult a tax advisor regarding the deductibility of interest and charges.

FAQs

A home equity loan is also referred to as a second mortgage. Just as with a home improvement loan, you receive requested funds up front and repay them over a designated period of time. Unlike home improvement loans, home equity loans do require you to use your home as collateral and, typically, you must own 20% or more of your home to apply.

For minor renovations, using your credit card could be a good option. Some credit cards offer zero percent introductory APR, meaning you don’t have to pay interest for the first few months. However, using a credit card can result in extraordinarily high interest rates if you don’t pay your balance back before the introductory offer expires. If you’re using a credit card that does not offer zero percent interest, it’s important to pay back the entire amount you owe before your next billing period. It’s also important to note that credit cards offer variable interest rates, meaning the amount you pay can decrease or increase depending on market fluctuations. A LightStream home improvement loan features lower interest rates than a credit card, so you can save more of your hard-earned money. Our low, fixed-rates make it easy to plan for your monthly expenses and stick to a budget.

Home improvement loans allow you to borrow funds for your home improvement project without requiring collateral, a home title, or an appraisal. LightStream loans have a quick, easy online application that you can complete from any device and the comfort of your home. You can borrow between $5,000 and $100,000, and choose a repayment period that works best for you. LightStream loans have no restrictions on the type of home improvement project your funds can cover.

Here is how it works:
– Apply online. You will receive a response shortly (during business hours).
– Accept the loan agreement. Once approved, e-sign your loan agreement and set up your loan for funding.
– That’s it! Use your loan. Receive your funds as early as today! 2

With a LightStream loan, funds are deposited directly into your account, so you can shop your contractor as a cash buyer and take full control of your project.

Home improvement loans are paid back in installments, or regular monthly payments, depending on the size of the loan and the lender. LightStream home improvement loans have flexible terms up to 20 years * so you can choose a repayment period that works best for you.

The best way to get a home improvement loan without equity is by applying for an unsecured personal loan. LightStream unsecured home improvement loans allow you the flexibility to tackle your home improvement project without going over your budget.

When you have good credit, LightStream by Truist offers low-interest, fixed-rate loans, from $5,000 to $100,000, for practically any home improvement project you want.

LightStream loan funds can be used to pay for contractors, appliances, finishes, furniture, landscaping, and much more. Your funds will cover all expenses related to your home improvement project.

– Low, fixed rates
– Predictable monthly payment
– Lower APR than a credit card
– Fast application
– Easy to get funds
– Funds are directly deposited into your account as soon the day you apply when conditions are met

Rates as low as 6.74%. The unsecured LightStream loan has no fees or prepayment penalties. There are also no appraisals or home equity requirements. When you have good credit, you deserve a low-interest, fixed-rate loan. You can be confident that’s what you’ll get with LightStream, because we back our low rates with our Rate Beat Program. 1

A home improvement loan is an unsecured personal loan that allows you to borrow money for home upgrades, repairs, renovations and additions. Typically offered by banks, credit unions and online lenders, home improvement loans are an easy, hassle-free way to get funds for your project.

Home improvement loans are a popular choice for home improvement projects because they offer a fast and easy way to finance your project. LightStream home improvement loans are unsecured, which means you don’t need to use your home as collateral and don’t need equity in your home.

Disclosures

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. At least 28.47% of approved applicants applying for the lowest rate qualified for the lowest rate available based on data from 07/01/2025 to 09/30/2025. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 6.74% APR with a term of 3 years would result in 36 monthly payments of $307.58. Maximum APR for a LightStream loan is 25.39%. Loan terms range from 24 – 240 months depending on the loan type.

1LightStream will offer a rate .10 percentage points lower than the rate offered on any competing lender’s unsecured loan provided that you were approved for that lower rate (with the same loan terms offered by LightStream) no later than 2 p.m. Eastern time two business days prior to loan funding. The Rate Beat Program excludes secured or collateralized loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile. Terms are subject to change at any time. If you believe you have been approved by another lender for a lower qualifying rate, log in to your account and click on “Submit Rate Beat Request” to review your Rate Beat eligibility and upload the required documentation.

2You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process.

Truist Bank is an Equal Housing Lender. © 2026 Truist Financial Corporation. Truist, LightStream, and the LightStream logos are service marks of Truist Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Advertiser Disclosure: The offers that appear on this site are from third party companies (“our partners”) from which Leap receives compensation. This compensation may impact how, where, and in what order the products appear on this site. The offers on the site do not represent all available financial services, companies, or products.

Leap is a technology company, not a lender. All financing is provided by third-party lending partners. Leap does not make credit decisions or provide direct loans.