Personal loan for home improvement?

[Milano]

Hi folks,

When we bought our home there was some unfinished work the seller was supposed to handle to get permits from the town. Long story short, he's ignored the contract, I'm paying out of pocket and then having to sue.

This has been an arduous process and after 4 years and $18,000 in my own cash, it's time for work to actually begin.. and I need a loan for another $18k.

I have offers from Amex, Discover.. I'm a NFCU member... Mortgage with WF.. I'm not really sure who or what to go with and look for, I've never taken a loan before? I know one thing, I absolutely can't afford any of them but I'll have to figure it out like everything else. Amex and NFCU offer me 7.4x%.. is that the best I can do? HELOCs seem to all have closing costs and want me to borrow $35k. 

Any advice? Contractor starts working tomorrow. Should be less than a week worth of work.

[CreditCuriosity]

Lightstream is VERY good assuming you have excellent credit starting at 6.74% used them before when rates were lower, but will all PL,CC rates are rising with the fed rate increases.  Couldn't of been happier myself them now since paid off.  

That is a home improvement loan.  Rates are lower on other types just depends on loan type you are looking for.  Assume home improvement?  This would be unsecured where heloc is secured so think you are coming out ahead assuming as mentioned excellent credit.  Another option to consider and funds in same business day assuming weekday

[Milano]

Thank you. I'll check them out right now. Yes, my credit is pretty good. I haven't hit 810 yet but I keep bouncing between 793-804. ❤️ I appreciate your quick answer... It's a hell of a time for me to have this expense. I just started a new job 3 months ago (came with an initial $4/hr pay cut), my wife is pregnant and my son has just begun private school. 💸💸💸

[CreditCuriosity]

Scores certainly are good enough now whether DTI and other things fall in line as mentioned just an option.

[SouthJamaica]

---

@Milano wrote:

Hi folks,

When we bought our home there was some unfinished work the seller was supposed to handle to get permits from the town. Long story short, he's ignored the contract, I'm paying out of pocket and then having to sue.

This has been an arduous process and after 4 years and $18,000 in my own cash, it's time for work to actually begin.. and I need a loan for another $18k.

I have offers from Amex, Discover.. I'm a NFCU member... Mortgage with WF.. I'm not really sure who or what to go with and look for, I've never taken a loan before? I know one thing, I absolutely can't afford any of them but I'll have to figure it out like everything else. Amex and NFCU offer me 7.4x%.. is that the best I can do? HELOCs seem to all have closing costs and want me to borrow $35k. 

Any advice? Contractor starts working tomorrow. Should be less than a week worth of work.

---

I think you should take out one of the 7.4% personal loans, preferably NFCU.

Not good to borrow against your home.

I agree with @CreditCuriosity that Lightstream is good, too -- a no-hassle, fast-moving application process.

But I would go with the lowest rate.

[creditfan]

---

@Milano wrote:

Hi folks,

When we bought our home there was some unfinished work the seller was supposed to handle to get permits from the town. Long story short, he's ignored the contract, I'm paying out of pocket and then having to sue.

This has been an arduous process and after 4 years and $18,000 in my own cash, it's time for work to actually begin.. and I need a loan for another $18k.

I have offers from Amex, Discover.. I'm a NFCU member... Mortgage with WF.. I'm not really sure who or what to go with and look for, I've never taken a loan before? I know one thing, I absolutely can't afford any of them but I'll have to figure it out like everything else. Amex and NFCU offer me 7.4x%.. is that the best I can do? HELOCs seem to all have closing costs and want me to borrow $35k. 

Any advice? Contractor starts working tomorrow. Should be less than a week worth of work.

---

most HELCOs do not have closing costs

If you can get in with BCU they have Home Improvement LOC low ARP https://bcu.org/Loans-and-Mortgages/Personal-Loans/Home-Improvement-Line-of-Credit  and not require colateral

[blossom_rebuilding]

If you are still taking input, I recently had an Amex personal loan preapproval for 5.98%, which allowed me to borrow only a small portion of what I was preapproved for (I took out $8000 to also fund some home improvement projects). Funds arrived in my bank account the next day, no hard pull, favorable repayment term (three years, affordable monthly payment, no prepayment penalty). I'm no expert in HELOC, but the personal loan worked out pretty well for me.

[pizzadude]

With interest rates going up again you should probably go with the ~7% personal loan as I'm sure it'll be adjusting higher soon. 

[Citylights18]

---

@creditfan wrote:

---

@Milano wrote:

Hi folks,

When we bought our home there was some unfinished work the seller was supposed to handle to get permits from the town. Long story short, he's ignored the contract, I'm paying out of pocket and then having to sue.

This has been an arduous process and after 4 years and $18,000 in my own cash, it's time for work to actually begin.. and I need a loan for another $18k.

I have offers from Amex, Discover.. I'm a NFCU member... Mortgage with WF.. I'm not really sure who or what to go with and look for, I've never taken a loan before? I know one thing, I absolutely can't afford any of them but I'll have to figure it out like everything else. Amex and NFCU offer me 7.4x%.. is that the best I can do? HELOCs seem to all have closing costs and want me to borrow $35k. 

Any advice? Contractor starts working tomorrow. Should be less than a week worth of work.

---

most HELCOs do not have closing costs

If you can get in with BCU they have Home Improvement LOC low ARP https://bcu.org/Loans-and-Mortgages/Personal-Loans/Home-Improvement-Line-of-Credit  and not require colateral

---

It says you need to own a house. Is there a lien requirement?

What is the monthly payment requirement? If its 2 or 3 percent of balance owed its not going to do you very good. Might be as well off just taking out the HELOC. In these kind of discussions it gets down to payment.