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Can You Qualify for a Home Improvement Loan with No Equity?


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TERMINOLOGY

Many people wonder whether they can qualify for a home improvement loan with no equity. While it may be difficult, it is definitely not out of the question. Here are a few things to consider about getting a home improvement loan with no equity in your home.

Personal Loan

If you do not have any equity in your home, you may want to consider getting a personal loan instead of trying to get a home-equity loan. A personal loan is going to depend solely on your credit and the amount of income that you bring in. If you have a good credit score and a sufficient income to support the loan payment, you should be able to qualify for a personal loan.

Peer-to-Peer Loan

You might also want to consider looking at peer-to-peer loans. A peer-to-peer loan is a loan offered by an individual who has excess money that she wants to lend. You can find these types of loans on any one of the many peer-to-peer lending websites on the Internet. These sites match up borrowers with lenders and take a small fee for their service. They are still going to look at your credit history, but each lender is going to have different criteria from a traditional bank.