Home Improvement Loans




Please enter a value between $1,000-$50,000



Get approved for up to $50,000 and choose your loan term from anywhere between 6-60 months. We offer rates as low as 4.6% APR from Canada's top lenders.

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Home Renovation Loans

Does your house needs maintenance, repair, or remodeling—but you don’t have the funds on hand to undertake the project? One of the best options at your disposal is a home improvement loan.

Your home is one of the largest long-term investments you will ever make. As such, you need to maintain it properly to ensure that it maintains (or grows) its value, all while providing a suitable living space for your household.

Just imagine what you could do with enough money to modernize that old 70s-era kitchen, to add a four-season sunroom looking out over your wooded back yard, or to add another bedroom and bathroom to accommodate your growing family! Most people don’t have $10,000 or more burning a hole in their pocket, but a home renovation loan financed over many years could be affordable if you can afford to make moderate monthly payments.

Making Your Home Improvement Dreams A Reality

A home improvement loan is essentially an unsecured personal loan that you can acquire without providing collateral. Unlike some other types of loans that homeowners use for renovations, you won’t need to put your home title on the table with our loans. Our home improvement loans also benefit from fixed interest rates – unlike using credit cards, which have variable rates.

*Actual Quoting Data. Based On A Good Credit Score.




Please enter a value between $1,000-$50,000



Home Improvement Financing Options

While a home improvement loan is an excellent option for funding a project, you do have several other routes you could take, including credit cards, home equity loan or line-of-credit, and cash-out refinancing. Here are some insights into each of them.

Credit Cards: The simplest and quickest method of financing home improvements is using your credit card if you have an adequate credit limit. After all, it doesn’t require filling out a loan application. Keep in mind, though, that credit cards have a much higher interest rate than other financing options, so it might not be the best choice, money-wise. We only recommend this option if your project is relatively small, you need the money fast, or you want to increase your credit score.

Home Equity Loan (HEL): Home equity loans require specific collateral – your house. You can borrow against your home’s equity, which the lender calculates by having an appraiser assess its value and then subtracting the outstanding balance from any existing mortgage loans. The advantage of this loan is that it generally offers cheaper interest rates compared to a personal loan.

Home Equity Line of Credit (HELOC): A HELOC is similar to a HEL, where you use your home equity to help fund your projects, but it functions more like a credit card. With this method, you can borrow at a pre-approved limit, pay the money back, and borrow again as long as the credit line stays open. The most significant difference between HELOC and HEL is that the former has adjustable interest rates that can rise and fall over your term.

Cash-out Refinancing: As the name suggests, this method lets you refinance a new mortgage loan to get a bigger balance than your immediate debt. Then, you can pay your existing mortgage and use the extra money for home improvements. Many people opt for this route because it gives borrowers all the benefits of a standard refinancing, including a lower interest rate and potentially other beneficial modifications.

What to Consider Before Starting a Home Renovation Project

Goals: Every successful remodeling project begins with a clear roadmap of your goals and how you can achieve them. Separate your needs and wants and find which steps of the project require professional assistance. For major improvements, you might require a contractor to draw up potential sketches or blueprints of the finished project.

Budget: The best loan for home renovation needs to match your set budget – with a bit of leeway in case of emergency. Renovations frequently end up costing more than estimated. Your budget encompasses every potential cost, including permits, labour costs, building materials, and furniture costs.

Completion Timeline: With a remodeling plan in place, you can put together an estimated timeline. Which steps need completing first, and which ones can you carry out concurrently? Unless you’re doing a small DIY project, you’ll need a contractor to assess the completion time of every part of the renovation process.

Potential Disruption: You might need to make other alternate living arrangements since some projects can disrupt your household’s everyday home life. For bedroom remodels, you might set up temporary sleeping space in the living room. If you’re planning a kitchen renovation, where are you going to cook in the meantime?

Using a Home Improvement Loan to Increase Your Home’s Value

You can spend thousands on home improvements thinking that they add value to your property, but their impact might be minimal. Before acquiring a loan for home improvements, you need to research and find out which projects might have the most considerable influence on your home’s value:

Interior Improvements: Décor updates are a cheap and effective method of improving home value. A well-furnished home helps prospective buyers envision themselves in the living space and attract more interest when listed on the market.

If you want to invest in something more substantial, renovating a bathroom or kitchen can yield higher returns on investment. Both rooms have a functional purpose that influences the day-to-day activities of the household. As such, you can use these updates as significant selling points if you ever choose to put your home up for sale.

Exterior Improvements: Another way you can raise your home’s value is through curb appeal. Landscaping, slapping on a fresh coat of paint, or replacing the siding can significantly improve a home’s aesthetic appeal and help its performance on the housing market.

More extensive changes, like redesigning the porch or installing a new roof, can also drastically transform your property and raise its value. Before locking yourself into a more significant project, always check what the market wants first, so you don’t spend more than necessary.

Tech Updates: You can replace outdated technology – security systems, air conditioning, lighting, etc. – for convenience, comfort, and safety. Both you and potential buyers can also benefit from upgraded technologies in terms of potential savings. Energy-efficient appliances, solar panels, smart thermostats, water-saving bathroom fixtures, and other home improvements can considerably lower your monthly utility bills.

Apply for a Home Improvement Loan Today

Looking for a cheap home improvement loan that meets your needs might seem like a difficult undertaking – but it doesn’t have to be. MyChoice can help ease your financing woes by matching you with lenders that offer friendly payment terms, quick payouts, and the best rates.

When you apply for a loan through My Choice and LoanConnect, lenders will assess your income, outstanding debts, credit history, and other financial information that determines your ability to repay the borrowed money. With the aid of an online aggregator like My Choice, you can quickly find the best quotes from established lenders that check all of your boxes.




Please enter a value between $1,000-$50,000



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