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Using your personal loan for home improvement Home > Personal Loans > Home Improvement Personal Loans

Home Improvement personal loans

Home improvement personal loans explained

There are few greater financial assets than a house, so it makes perfect sense that many people wish to maximise the value of their home wherever and whenever they can.

In most cases, home improvement is a long-term investment that not only allows homeowners and their families to enjoy better living conditions, it also may allow them to list their house at a higher price should they ever decide to sell it in future. However, getting the required funds together to invest in a property in this way tends to be easier said than done.

This makes a home improvement personal loan a solid option for many homeowners who are looking to transform their property into the dream home they’ve always wanted – sooner rather than later.

Whether your focus is maintenance, comfort, creating additional space or saving energy, a home improvement loan may help you enjoy the home of your dreams far quicker than you would otherwise. It may be that you’ve finally decided to fund that conservatory or extension you’ve always wanted, or that a brand new kitchen is becoming less of a luxury item and more of a necessity.

Before you apply for an unsecured home improvement loan through Progressive Money, make sure to read through some of our most frequently asked questions.

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What can a home improvement personal loan be used for?

A home improvement personal loan is a good option for people looking to improve the condition of their home, while also boosting their chances of re-selling at a higher value. Our team of loan experts take the time to explain our personal loans to you, so you can be sure that you will understand all your options before coming to a decision.

If you’re looking to obtain credit, our personal loans for home improvement may be able to help you fund the following projects:

  • Kitchen renovation
  • New bathroom
  • Conservatory / garden installation
  • Extra space
  • Double glazing

Do I qualify for a debt consolidation personal loan?

In order to apply for an unsecured home improvement loan through Progressive Money, you must meet the following criteria:

  • Aged 18-70
  • Employed
  • A homeowner
  • Live in the UK
  • Able to afford monthly repayments comfortably from your regular income

How much can I borrow?

Progressive Money offer personal loans from £1,000 up to the value of £15,000.

How long do I have to repay my loan?

We offer flexible repayment periods of up to 10 years. Our team of expert loan advisers can talk you through all repayment options available to you.

Although opting for a longer repayment schedule may reduce the amount you are due to pay back each month, remember that it also means that you are in debt for a longer period of time.

How much interest will I have to pay on my loan?

We believe in being completely transparent about all fees involved in your personal loan application. Interest rates vary with each application, and is dependent on various factors such as loan amount, repayment term, and credit history.

Progressive Money charge an acceptance fee of 10% of the loan amount and an administration fee of £390 for the administration of the loan, which you can pay up front or choose to add into the loan amount. For example, if you are applying for a £7,500 home improvement loan, you may expect to pay an acceptance fee of £750 and an administration fee of £390.

We say no to “computer says no”

At Progressive Money, we listen to you. Your application will be individually assessed by an Underwriter and not by a computer. A personal account manager will be there for you to discuss any queries you have regarding your account right through until the completion of your loan term. Remember your personal account manager is always just a quick call away.

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