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Nearly any personal loan can be used for home renovations. So, if you're looking to remodel your kitchen, upgrade baths, or build a patio, an unsecured personal loan from your bank, credit union, or an online lender will do the trick. We've combed through lenders to find those offering some of the best personal loans.
Lending Partner | Min. Credit Score | Loan Amounts | Apr Range | Next Steps |
---|---|---|---|---|
2024 Award Winner
LightStream
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: Good credit | Loan Amounts: $5,000 - $100,000 | APR Range: 6.99%-25.49% (w/ AutoPay)* | |
2024 Award Winner
SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 680 | Loan Amounts: $5,000 - $100,000 | APR Range: Fixed: 8.99%-29.99% APR (with all discounts) | |
2024 Award Winner
Upstart
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: None | Loan Amounts: $1,000 - $50,000 | APR Range: 7.80% - 35.99% | |
Discover Personal Loan
Rating image, 5.0 out of 5 stars.
5.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 660 | Loan Amounts: $2,500 - $40,000 | APR Range: 7.99% - 24.99% |
Check Rates for Discover Personal Loan
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Avant
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 580 | Loan Amounts: $2,000 - $35,000 | APR Range: 9.95% - 35.99% |
Check Rates for Avant
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2024 Award Winner
Upgrade
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 580 | Loan Amounts: $1,000 - $50,000 | APR Range: 9.99%- 35.99% APR |
Check Rates for Upgrade
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2024 Award Winner
Citi® Personal Loan
Rating image, 4.5 out of 5 stars.
4.5/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 720 | Loan Amounts: $2,000 - $30,000 | APR Range: 11.49% - 20.49% | |
Wells Fargo Personal Loan
Rating image, 4.0 out of 5 stars.
4.0/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
= Best = Excellent = Good = Fair = Poor |
Min. Credit Score: 660 | Loan Amounts: $3,000 - $100,000 | APR Range: 7.49% - 23.24% |
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Rates as of 8-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Personal loans are made available by Citibank, N.A., Equal Housing lender
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
LightStream makes our best renovation loans list because of its high loan limit ($100,000), very low interest rates, and absence of fees. Lending requirements are strict, but qualified borrowers enjoy a very low cost loan. The repayment term on larger loans is up to 12 years.
We chose SoFi as a best renovation loans lender because of the high loan limit ($100,000). That amount will allow you to get significant work done on your home. SoFi offers low rates and does not require loan fees. Members get perks like estate planning help.
We selected Upstart as a best renovation loans lender because qualified applicants can get a competitive low interest rate here. Compared to credit cards or point-of-sale financing, some borrowers will save on interest by applying with Upstart.
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Discover makes our list of best renovation loan lenders because there is no origination fee (saving you up to 8% of your loan amount) and interest rates are lower than what many other lenders charge. You can borrow up to $35,000, which will cover many renovation projects. If you're approved for a debt consolidation loan, Discover will pay your creditors for you.
No cosigners accepted
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We chose Avant as a best renovation loans lender because applicants with a score as low as 580 can borrow up to $35,000 for up to five years. Most loans fund within one day. If your project is small, you can borrow as little as $2,000.
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We chose Upgrade for best renovation loans because you can borrow up to $50,000, which is enough for many renovation projects. Well qualified applicants can get a very low interest rate, including discounts for auto pay and for using their vehicle as collateral against the loan (if approved).
A Citi® Personal Loan is a top choice for a renovation loan because of its borrowing flexibility and relatively low interest rates. Whether you need just $2,000 for that urgent repair or more, there are no origination fees or prepayment penalties so every dollar counts toward building your dream space.
We chose Wells Fargo for renovation loans because rates are among the lowest you'll find (even for applicants with fair credit). Loans are available up to $100,000, which is enough to cover a wide range of renovation projects. Wells Fargo customers might qualify for a lower rate or higher limit. Co-applicants (which are different from cosigners) are also allowed, assuming your co-applicant has stronger credit.
A home renovation loan or home improvement loan is a type of personal loan. Since most of the best personal loan lenders don't ask why you want to borrow money, you can use the funds on anything that strikes your fancy -- including as an unsecured home improvement loan. If your kitchen is so outdated June Cleaver would be right at home, you may be ready to modernize with the latest kitchen appliances and designs. And if your sump pump has stopped working and you have a flooded basement, you may need to make a home improvement. A home improvement loan is not your only option, but it may be one of the best.
Most of these loans are distributed in a lump sum you repay on a monthly basis. If your credit score is high enough, lenders offer you their best interest rates and repayment terms. If not, you may still qualify for a loan, but can expect to pay more in interest.
If you would prefer to tap into your home's equity, it's worth looking into a home equity loan or a line of credit (HELOC). A cash-out refinance is another way to finance home improvements. Mortgage terms vary, so check with your lender if you're considering one of these options.
READ MORE: How Much Personal Loan Can I Get?
Many people finance home improvements with renovation loans. Here are some commonly-financed projects:
You can also use a loan to finance emergency home repairs.
The perfect loans for renovations offer a combination of low interest rates, comfortable repayment terms, and the right amount of money. The best way to get to the ideal loan is to ask yourself a few questions.
With an unsecured loan, your signature serves as your promise of repayment. With a secured personal loan, you agree to put something of value up as collateral. This could be your home, vehicle, jewelry, property, or retirement plan. Secured loans feature lower interest rates. That's because lenders know that their interests are protected if you default on payments. In your loan shopping, choose the type of loan that best serves your needs.
Interest rates vary widely depending on your credit history. A higher score reassures lenders that you have a strong history of repaying debt on time. Lenders also want to know you earn enough money to cover the monthly payments. If your score is low and the renovations are not urgent, it may be best to pause the renovation process. First, improve your credit score enough to qualify for the best interest rates and terms. Your wallet will thank you.
None of us knows what the future holds. Even if you score a lower interest rate, ask yourself if you have an emergency fund in place with enough money in it to cover three to six months' worth of bills if anything goes wrong. Also review your monthly budget and make sure you can cover the monthly payment easily. No home renovation loan is worth sleepless nights.
A personal loan is not your only path to home renovation. Here are some alternatives:
Cash is the best way to finance improvement projects, provided you have extra funds. Spending cash from your savings account means you know precisely how much you can afford to spend. Most importantly, it means you don't have any new debt.
If you cannot afford to pay for an entire home renovation project at once, pay as you go. Let's say you abhor your current bathroom and want a total remodel. Perhaps you retile the floors when the funds are available. Months later, you paint the cabinets and replace the hardware. Doing a little at a time allows you to avoid more debt. In addition, taking your time gives you space to think about your renovations in detail.
Using a credit card for a small renovation or home repair makes sense only if you qualify for a credit card with a 0% promotional APR. It's essential to remember how long the promotion lasts (typically 12 to 18 months). The moment the promotion expires, the interest rate on the card will revert to its regular rate.
This type of loan uses the collateral in your home to finance your loan. A home equity loan typically offers a lower interest rate. That's because lenders know that if you fail to make payments they can repossess your home, sell it, and recoup their losses.
Another type of secured loan is a HELOC. What sets a HELOC apart from a home equity loan is that a HELOC allows a borrower to open a revolving line of credit and tap into home equity as needed. Once you receive loan approval, you're offered a borrowing limit. Say you borrow $40,000. Once that money is repaid, you can borrow that amount again until the loan term ends. One thing to keep in mind is that your payment can change, based on how much you borrow at any given time.
If you want to make home renovations while taking advantage of current low mortgage refinance interest rates, a cash-out refinance is a viable option. Imagine that your home is worth $300,000, but you only owe $150,000. That means you have $150,000 in home equity. Say your home needs $50,000 in renovations. You refinance the mortgage at today's low rate and pull out $50,000 to complete the projects around your house. Keep in mind that you now have $50,000 less in home equity, but you didn't go deep in debt to improve your home.
A HomeStyle® loan is backed by the federal government through the Fannie Mae program. It's available to new buyers and to homeowners who would like to refinance a mortgage and add enough to the principal to make home renovations.
Similar to the home improvement mortgage loans mentioned, the Veteran's Administration now backs the VA renovation loan, incorporating the cost of home improvements into the primary loan. This VA loan covers both the cost of financing (or refinancing) a home and upgrades.
Roughly speaking, the 203k loan is the FHA's version of the HomeStyle® Renovation loan or VA loan with home renovation capabilities. With as little as 3.5% down, an FHA borrower can take out enough money to purchase a home and make renovations using one simple mortgage.
Whether your interest in renovation financing has to do with creating your dream home or simply making sure your house functions as it should, you are wise to investigate your options. Take a look at the full costs of several types of renovation loans. In addition to the annual percentage rate you're charged, don't forget to factor in costs like the origination fee (if there is one) and closing costs. Finally, be sure you can easily afford the repayment term included in your loan offer.
Lending Partner | Min. Credit Score | Loan Amounts | APR Range | Best For |
---|---|---|---|---|
LightStream | Good credit | $5,000 - $100,000 | 6.99%-25.49% (w/ AutoPay)* | Borrowers with good credit |
SoFi Personal Loans | 680 | $5,000 - $100,000 | Fixed: 8.99%-29.99% APR (with all discounts) | Low APR for borrowers with high income |
Upstart | None | $1,000 - $50,000 | 7.80% - 35.99% | Reducing high interest debt |
Discover Personal Loan | 660 | $2,500 - $40,000 | 7.99% - 24.99% | Debt consolidation |
Avant | 580 | $2,000 - $35,000 | 9.95% - 35.99% | Borrowers with poor credit scores |
Upgrade | 580 | $1,000 - $50,000 | 9.99%- 35.99% APR | Debt consolidation and fair credit |
Citi® Personal Loan | 720 | $2,000 - $30,000 | 11.49% - 20.49% | Debt consolidation and long repayment terms |
Wells Fargo Personal Loan | 660 | $3,000 - $100,000 | 7.49% - 23.24% | Low APR and fast funding |
Typically, there is nothing that sets an unsecured renovation loan apart from any other type of unsecured personal loan. That means that the lender has little interest in how the funds are used or what kind of renovations they cover. The thing the lender cares about is whether the loan is repaid as promised.
How much you can borrow for home renovations is primarily based upon two factors: Your credit score and debt-to-income ratio.
It depends on the lender. Some lenders can fund your loan within a day while others take up to two weeks. If loan funding time is important to you, it's a good idea to ask this question of lenders before applying for a loan.
It is possible to qualify for a personal loan with a credit score as low as 580. The caveat is this: The lower your credit score, the higher the interest rate you can expect to pay. If your credit score impedes your ability to land a low interest rate, you may want to consider working to boost your score before taking out a loan.
While there are exceptions to the rule, personal loans terms typically run from one to 10 years. It is common to find loan terms ranging from three to five years.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.
Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 9.99%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.
*SoFi Personal Loan Disclaimer
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 03/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.
Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.
Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.
Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.
Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $10,000 loan at 8.49% APR with a term of 5 years would result in 60 monthly payments of $205.12. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
*Upstart Loan Disclaimer
The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Rates as of 8-01-2024. Your APR may be as low as 11.49% or as high as 20.49% for the term of your loan. The lowest rate quoted assumes excellent credit and a loan term of 24 or 36 months. Your APR will depend on a variety of factors including your creditworthiness, term of loan, and existing relationship with Citi. Citi offers personal loans with a period of repayment between 12 and 60-month terms. For example, if you borrow $10,000 for 36 months at 15.99% APR, to repay your loan you will have to make 36 monthly payments of approximately $351.52.
There is a 0.5% APR discount if you enroll in automatic payments at loan origination. Additionally, existing Citigold and Citi Priority customers will receive a 0.25% discount to the APR. If you are in default, your APR may increase by 2.00%. Rates subject to change without notice.
To check for offers you may qualify for, Citi conducts a soft credit inquiry. If you are presented with an offer and choose to proceed with the application process, Citi will conduct a hard credit inquiry which may have an impact on your credit score.
Citi® Personal Loan proceeds cannot be used to pay for post-secondary education expenses or for business purposes. Credit cards issued by Citibank, N.A. or its affiliates, as well as Checking Plus and Ready Credit accounts, are not eligible for debt consolidation, and Citibank will not issue payoff checks for these accounts. If you are unsure of the issuer on the account, please visit https://www.citi.com/affiliatesproducts for a list of Citi products and affiliates.
If you are approved for a personal loan with Citi, you can get your funds the same day with a Citi deposit account, or up to 2 business days for a non-Citi account when using direct deposit. Or, you can select to receive a check by mail in approximately 5 business days.
Terms, conditions, and fees for accounts, products, programs and services are subject to change at any time. You must be at least 18 years of age (21 years of age in Puerto Rico). Co-applicants are not permitted.
If you apply online, you must agree to receive the loan note and all other account disclosures provided with your loan origination in an electronic format and provide your signature electronically.
Personal loans are made available by Citibank, N.A., Equal Housing lender