If you’re reading this, it’s because you or someone you know needs a renovation
loan. And, to compound the problem, bad credit. Well, do not despair. It’s not a
hopeless situation. You’ve come to the right place. In fact, contrary to what you may
think or have heard, you can get it faster than you think. Still interested? Read on!
What is a renovation loan?
First things first, let’s seek to understand why you’re here—a renovation loan. A
renovation loan is a type of loan that is used to finance the cost of repairing or
renovating a home. Renovation loans can be used to finance both the interior and
exterior repairs of a home. Common repairs that are covered by renovation loans
include painting, repairs to the roof or foundation, and updating the plumbing or
Typically, renovation loans are offered as either home equity loans or home
improvement loans. Home equity loans are based on the equity that you (the
borrower) have in your home. On the other hand, home improvement loans are
unsecured personal loans that can be used for any purpose.
Getting a renovation loan with poor credit
If you have poor credit, you may still be able to get a renovation loan from a lender.
However, not all lenders can meet you at the point of your needs. As a matter of
fact, some lenders are more flexible than others. These lenders can provide you with
a common-sense solution to your lending problems.
To get a renovation loan with poor credit, there are a few things you can do to
improve your chances: