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Home Improvement Loan

The loan you need to put your home-improvement plans into action.

Apply for an Unsecured Loan Apply for a Secured Loan

Or call 1-800-561-9433

Home Improvement Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
Unsecured 9.34% 9.34% $523.18 60
Secured 10 Year Fixed 9.09% 9.28% 0.000 $636.00 120
Secured 15 Year Fixed 9.84% 9.98% 0.000 $532.00 180

Unsecured Fixed Rate Home Improvement Loan: Annual Percentage Rate (APR) effective as of March 1, 2024, and subject to change without notice. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. APR calculation and example monthly payments based on loan amount of $25,000, FICO® score of 730 or greater, and term of 60 months. Rate includes 0.25% reduction for automated payments. Additional conditions may apply. Subject to credit approval. Maximum Loan Amount of $25,000.

Secured Home Improvement Closed-End Loan: Annual Percentage Rate (APR) effective as of March 1, 2024, and subject to change without notice. Combined Loan to Value 101% to 133%. Maximum Loan Amount of $250,000. APRs above are calculated using loan amounts of $50,000, credit score of 710 or greater and loan to value of greater than 100% for a single-family residence. Closing Costs: A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. The actual closing costs generally range between $500 to $1,200, depending on the location of the property, the amount of the loan and other factors. Example Monthly Payments: Are figured on loan amounts of $50,000 and do not include hazard insurance, property taxes, or flood insurance. Your actual payment may be higher. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Tax Deductibility: Elements Financial does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Home Improvement Loan

You name the project, we’ll provide the secured or unsecured loan.

KEY FEATURES

  • Must be used for a home improvement project
  • A good option if you don’t have sufficient equity in your home
  • Available as a secured or unsecured loan
  • Fixed rates
  • Interest rate can be slightly higher than home equity options

Calculate How Much You Can Borrow

SECURED VS. UNSECURED LOAN

Secured Loan: 
  • Borrow money by pledging an asset (your home) as collateral
  • Access to up to $250,000 (up to 133% of the current value of your home)
  • 10-year or 15-year fixed rate
Unsecured Loan: 
  • Borrow money without using collateral
  • Access to up to $25,000
  • Fixed-rate, terms vary

Compare Home Equity Options

What’s the difference between a Secured and an Unsecured Home Improvement Loan?

Both provide you with cash for a home improvement project and can be a good option if you don’t have sufficient equity in your home to qualify for a home equity option. The key difference is a secured loan is guaranteed by collateral (your home), and an unsecured loan is not protected by any collateral.

Secured Home Improvement Loan

A secured home improvement loan is connected to a piece of collateral—in this case, your home. With a secured loan, you can borrow larger sums of money, up to 133% of the current value of your home (not to exceed $250,000). Secured loans also typically have lower interest rates than unsecured loans and can be easier to get if you need to rebuild your credit. If you do not repay the loan as agreed, the lender can take possession of the collateral. 

Unsecured Home Improvement Loan

An unsecured home improvement loan is not tied to collateral. It may be a good option if you have a high credit rating. If you qualify, you may borrow up to $25,000.

Use the chart below to determine which is better for your needs. As always, your support team at Elements is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.

  Home Improvement Loan - Unsecured Home Improvement Loan - Secured
What It Is Borrow money without using collateral Borrow money by pledging an asset (your home) as collateral
Key Benefits

Easy access to funds

Can be easier to get if you need to rebuild credit

Access to larger funds

A Good Option If You

Need funds specifically for a home improvement project

Have a high credit rating

You need funds specifically for a home improvement project

Have lower equity in your home

Can Use It For

Home improvements

Home improvements

APR

Fixed rate, terms vary: 9.34%

10 Year Fixed: 9.28%

15 Year Fixed: 9.98%

Closing Costs $140 processing fee Typically between $500 to $1,200
No Prepayment Penalties
No Annual Fee
Available Amounts Up to $25,000 Up to $250,000 (up to 133% of current value of your home)

What can I use the loan for?

A man doing some deck improvements

As its name implies, a home improvement loan must be used for projects related to your home. For example, have you been wanting to add on a deck, update your kitchen, replace your fence, or put in a fireplace? These are the types of projects you could use a home improvement loan for.

Get Started

What are the fees?

An older couple doing some painting in their house

  • There are no prepayment penalties or an annual fee associated with a home improvement loan. 
  • The unsecured home improvement loan has a $140 processing fee. 
  • For a secured home improvement loan, closing fees typically run between $500 and $1,200.

Why should I go to Elements for my Home Improvement Loan?

A couple planning home improvements with blueprints

Like a Bank, Only Better!

Better Rates. Fewer Fees.

Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

Trusted Advice. Fresh Approach.

We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with personalized guidance about your home improvement loan.

Respected Locally. Accessed Globally.

Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally1. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

High Tech. Human Touch.

Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

Get Started

How do I apply?

Screenshot of Elements online application

3 Easy Steps to Apply

  1. Apply online - You can apply online in as little as 10 minutes! Submit your application anytime or call 1-800-561-9433 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.
  2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
  3. Schedule your closing - We'll contact you with a decision within 10 business days and schedule a closing at a location convenient to you if approved. That's it — your loan can be put to work on your home improvement project!

Apply Now

How Much Can I Borrow From My Home Equity?

Home Equity Calculator

Results

in a home equity loan or line of credit
  1. 1 Based on asset size as of 12/31/2022.