Can a personal loan get you the bathroom of your dreams?
A bathroom remodel can be a great investment. Your bathroom is where you start and end your day, washing your face, getting ready for the day, and relaxing with a hot shower. A great shower can make a world of difference after a long hard day. Bathroom remodels can also up the value of your home, making it a good investment depending on what improvements you make.
Unfortunately, bathroom remodels don’t come cheap, and few people have enough money to pay for a bathroom remodel without some source of funding.
How much does a bathroom remodel typically cost?
The average cost for a bathroom remodel is around $21k, according to Remodeling magazine’s 2020 Cost report. For a more upscale bathroom remodel, you are looking at around $67k. The cost of your remodel will depend on what you are looking to update, what portion of the project you are willing to do yourself vs hiring a contract for, and the materials you choose. For example, if you are looking to redo bathroom countertops, you will pay for demolition, new sinks, new countertop, and plumbing installation. You may also have to pay for new cabinets. You can save money by demolishing the existing countertop yourself and choosing cheaper materials.
How do I get a personal loan for a bathroom remodel?
Personal loans are general loans that can be used for just about anything including a bathroom remodel. Borrowers with excellent credit will get the best interest rates and loan terms, but there are lenders who will lend to borrowers with lower credit scores. In addition to your credit, personal loan lenders will consider your income and debt-to-income ratio when qualifying you for funding.
You can apply online for a personal loan for your bathroom remodel. You can borrow anywhere from $1,000 to $30,000 depending on the lender, your income and credit score. You can request funding through BrighterPays.com through a short form. We will take your information and send it through our lender network to find you a funding partner.
How does it work?
Personal loans are unsecured loans, so you won’t need to put down collateral to get funded. They are fixed loans, so you will owe the same amount each month for the life of the loan. Unlike a home equity loan, a personal loan is delivered in one lump sum. Typically, electronically transferred to your account. The funding process is fast, and you can see funds in your account in as soon as one business day. This makes personal loans ideal for any emergency repairs you need to make quickly.
What are some personal loan alternatives?
There are some alternatives to personal loans for a bathroom remodel. You could take out a home equity line of credit, which is a secured loan backed by your home. This type of loan typically has a lower interest rate, because the lender can take ownership of your home if you fail to repay your loan on time. You could also use a credit card to pay for your bathroom remodel, but credit cards often have higher interest rates than personal loans.
This post is not intended to be a solicitation for a loan. BrighterPays.com provides these blogs for entertainment and informational purposes only. Remember to consider all your financial options before making any decisions related to credit.