Although having a home can be very rewarding, it can also be quite a bit of work, and to maintain it, you may also need to have the monetary resources to get your projects completed. From redoing an outdated kitchen to going solar on your roof, you have several options to pay for repairs or enhancements, including the use of equity as a loan or credit line and a Visa or Mastercard. However, if you don’t have enough equity in your residence or you’d prefer not to let the debt on your credit cards rise, a traditional loan can be an excellent route to take. Your house is an investment, and a loan can offer the funding needed to strengthen your investment with improvements, updates, or repairs. However, not all loans are the same, and there are always risks you’ll want to think about before making a decision. Loans used for house improvement is like any traditional unsecured loan: You are not required to use a home to guarantee it, the APR you receive hinges on the creditworthiness you currently have, which means scheduling monthly payments into a budget can surely be done comfortably. The rate, in most cases, is usually fixed as well. Consider a traditional loan if you don’t have enough equity in your property, your renovation project is relatively small, and you can pay off the loan within seven years. All lenders look at your creditworthiness, but some online lenders also use other circumstances, such as education, profession, and income. Most lenders offer the same range of rates for their loans regardless of why you’re borrowing.