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Home Improvement Loans

  • The repayment amount is fixed
  • Tenants can improve their home
  • Some lenders offer no early repayment penalties

Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender

Our comparison service is free for you to use. Yes it’s free!!

Are you thinking how we make money then? – We receive a fee or commission from lenders whenever you obtain a loan through LoanTube.

3 Things to Know About Home Improvement Loans

Did you know that, once a home improvement project is completed, it makes three-quarters of Brits feel “happy” and “content”? 50% of us have improved our homes in the last five years. However, what should you look at if you are seeking a home improvement loan?

  • Look for a monthly repayment amount that suits you. By taking out a loan over a longer period, you reduce the size of your repayments (but this also means that you end up paying more interest over the course of the loan).
  • Look for a loan yourself via LoanTube instead of using a home improvement finance option presented to you by your installer. An installer will normally present you with one choice but thanks to the way LoanTube works, you can compare multiple lenders’ locked-in APRs instantly and choose the right loan for you. There’s no cost for our service and you’re under no obligation to take any loan that we suggest.
  • Look for home improvement loans, which are unsecured. That means you don’t have to put your home, car, or anything else of value as collateral that may stand at risk if you can’t repay the loan*.
Loan

When should you take Home Improvement Loans?

  • If your home needs urgent repair which cannot be delayed anymore
  • When you know that you can afford the repayment
  • If you want to increase the resale value of your home
  • Your home needs to be prepared for an upcoming event and there are other expenses as well, but you just need a helping hand to make small renovations

When should you not take Home Improvement Loans?

  • If you have enough cash to carry out home improvement use it rather than opting for a loan
  • When you are not sure you can afford the repayments*
  • When the repairs that are needed do not hold much importance

FAQs on Home Improvement Loans

What should be my minimum age while applying for a loan?

You must be 18 years of age or above. Our lenders lend only to customers who are aged 18 or above.

Do I need to have a job to apply for a home improvement loan?

That’s right. We can only consider your application if you’re in permanent or part-time employment. If you are unemployed, you may not be able to pass the lender’s affordability assessments. The exception is if you have other good sources of incomes like rental income and you can convince lenders that you can afford to pay the loan with those other incomes.

If I am bankrupt, I have an Individual Voluntary Arrangement (IVA), or I am on a debt management arrangement plan, should I apply?

We’re sorry but we can’t accept applications from you. People on IVA, Debt Management Plan and on Bankruptcy are considered as negative customers by lenders. It is a sign that you can’t really manage your finances. Due to this, we are very sure we won’t be able to find you a loan if you are on IVA or Debt Management Plan or have filed a bankruptcy in past.

What do you need to know about me to get a home improvement loan?

When you apply, we’d really appreciate it if you hand out details of where you are living, your residential status, where do you work (current employment status), your monthly expenditure and your earnings.

Do I need to provide you with a guarantor?

No – it’s only you we’ll be working with. We only deal in No Guarantor Loans.

Do I get an instant decision?

Depends. If we have all the information we and our lenders need, a “yes” or “no” answer from lenders who are willing to lend you with their APRs/quotes will be displayed on your screen on a real-time basis.

Does LoanTube lend me the money?

No, we do not. Because we are a credit broker. A broker pairs up borrowers and lenders. It’s important that you know that LoanTube and all the lenders we work with are licensed by the Financial Conduct Authority.

How do you choose which lenders to approach on my behalf?

When we become partners with a lender, one of the first things they do is to send us a list of the types of borrowers they would like to work with. You might be just the type of borrower one lender is looking for but another might not consider you. Our job is to pair you with the right lenders based on the information you give us.

How does LoanTube make money? Will it mean that I pay more?

We don’t charge you anything to apply for a loan on LoanTube. We don’t even charge if we find you a loan and you decide not to go ahead with it. We receive a “thank-you” payment from the lender when one of our applicants takes out a loan. If you’re approved, you’ll pay the lender exactly what you’d have paid them had you approached them directly.

Do you have to run a credit check?

Yes, we do need to run a soft credit check prior to sending you to any lender for their approval. But that is a good thing as Soft credit check won’t harm your credit score. Also, doing so helps us in knowing the right lenders for you even before we pass your details to them. So we don’t pass your details to any lender we already know won’t be able to lend you.

Can I change my mind?

Of course. If you want to stop your application at any point or you receive an offer but you decide that you don’t want to accept it, that’s fine. There’s no obligation to our service and you won’t be charged by us or our lenders.

Why trust LoanTube?

LoanTube is different. We try to bring you the cheapest possible rates that are available amongst our partner lenders. Although we cannot guarantee that we will find you a lender, you really do have better chances of finding a suitable loan with us because we work with multiple lenders.

How does it work? Our clever computer system compares real-time offers made directly by the lenders. This is all done in real-time and, once we have all the quotes, we will display the offers with their terms and conditions to you.

Taking out Loan and Change of Mind

It is up to you if you want to go ahead and take out of the loan. Please read the terms, conditions, and costs (including APRs and other fees/costs) of the loan to decide whether its right for you. If you accept, a loan agreement will be made between you and the lender but if you change your mind, you can cancel it within 14 days.

Your Quote

In the vast majority of the cases, the quote you see on our offer screen is the quote you get. Occasionally, a lender may need to ask additional questions and do additional checks on your application. The information you give or they obtain from their sources, makes your application significantly riskier, they may change the APRs/quotes of the loan, which could make it more expensive, but you are free to reject such offers. They may also withdraw the offer of a loan.

Our Service is Free

LoanTube’s service is free regardless of whether you find a loan or not, and whether you decide to take up the offer. Under no circumstances, will you pay anything for our services. We receive a payment from the lender in the form of a commission whenever a loan is taken out by a customer using our service.

How to Apply

You can apply for an unsecured personal loan with us anytime. It will not take much time to complete our loan application form. To start, click here.

Representative APR example

We compare loans that can be paid back over terms of between 1 month and 25 years. The APR interest rate you will be charged depends on your personal circumstances, and will be between 3% and 299%.

This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3%, APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22.

Caveats:

*Credit subject to status & affordability assessment.
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK