Using a Personal Loan for Home Improvement
Whether it's a kitchen refresh, a new roof, or fixing something that's been on your list for years, home improvement projects rarely fit into a single paycheque. A personal loan lets you start the project now and pay it off over a term that matches the investment. It's one of several reasons Canadians borrow that we cover in detail.
What It Typically Covers
- Kitchen and bathroom renovations
- Roofing, siding, and windows
- Flooring and painting
- Contractor and permit fees
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How Much Do You Typically Need?
For home improvement, borrowers often look at around $4,000 — though the right amount depends on your specific situation.
Pros
- Fast approval — often within minutes
- Soft credit check only, so checking rates doesn't hurt your score
- Repayment term sized to the amount, keeping payments manageable
- Available to a wide range of credit profiles
Things to Consider
- Get multiple contractor quotes — renovation costs can vary substantially for the same scope of work.
- Improvements like kitchens and bathrooms typically add the most resale value if you're planning to sell later.
- A secured option like a HELOC may offer a lower rate than a personal loan if you have home equity available.
How to Apply for a Home Improvement Loan
Step 1
Apply in 2 minutes
Tell us you're covering home improvement and a bit about your situation. No paperwork.
Step 2
Compare offers
See real offers from vetted lenders, matched to your credit profile.
Step 3
Get funded
Accept an offer and funds typically land within 24 hours.