The majority of people spend most of their time at home, whether they are awake or asleep. It’s also one of the best long term investments most people can make; therefore it makes sense to look after it.

Why take out a home improvement loan?

Investing money to improve your home has many advantages, not only can it make your property a better place to live for you and your family but it can also help to increase its value should you wish to sell up and move on in the future.

If you and your family are settled in a specific area though, you may not want to disrupt it; so making improvements to your house rather than moving elsewhere could be a wise decision in the long run.

Often, making home improvements works out a lot cheaper than buying a larger or more expensive property so it’s definitely something worth considering if you’re looking to make long term investments with your property.

However, larger home improvement projects may require more significant outlay so it’s important to weigh up your options before thinking about applying for a loan to improve your home – the outlay might not guarantee an increase in value so it’s important to do your research beforehand about your property and current market.

What home improvements can I make with a loan?

There are many different ways that you can use a loan to improve your home. Common uses for a home improvement loan are:

  • A new kitchen – We spend over three years of our lives in the kitchen so why not make it as nice as possible for you and your family? A good kitchen is a key selling point if you ever look to sell in the future.
  • A new or extra bathroom suite – Similarly, a new, bigger or an extra bathroom suite could potentially add value to your home so it’s worth investing money and time into making it look and feel great.
  • A loft conversion – Running out of bedrooms for your children? A loft conversion could be the perfect solution. If you’ve got loft space and aren’t using it to your advantage, you could be missing out on a worthwhile investment.
  • A garden makeover – When the sun (occasionally) shines in the UK summer months, there’s not many better things to do than bask in the glory of a nice garden with a tasty BBQ. By making improvements to your back yard, you could be the envy of all your friends.
  • Stylish interiors – Release the inner stylist in you by revamping your home décor. If you’re fed up of beige and grey putting a damper on your mood, then try adding some extra colour and spice to your walls. It will make your home much more attractive to potential buyers in the future if you wish to sell up.
  • Exterior improvements – What’s good about the inside if your home if the outside isn’t too pretty? If you have chipped paintwork or your windows need some TLC, then making necessary improvements can make a real difference to your home.

Home improvement loans for emergencies

The above home improvements are all planned expenses which could add value to your home, but what if you have an unexpected emergency such as your boiler breaking down or damage to your property in adverse weather conditions?

If your boiler does pack in for example, a new one could end up costing you a lot of money which you hadn’t planned for and therefore you don’t have the necessary funds to cover the emergency bill and your regular monthly bills.

There’s no need to panic though, because 118 118 Money have got your back with personal loans from £1,000 up to £5,000 to cover such emergencies and help you out of a sticky situation.

I have bad credit…can I still apply for a loan?

Even if you have a less than perfect credit score, at 118 118 Money we can help you out. We look beyond your credit profile and wherever possible, we try to say ‘Yes’ to customers who we feel are capable of managing their repayments comfortably.

We aim to accept, so even if you’ve been rejected for credit by your bank or other lenders, you can still apply and get accepted for an unsecured personal loan with 118 118 Money.

Want to find out if you’re likely to be accepted without affecting your credit score? Try our QuickCheck before you apply – it’s simple and easy to apply after QuickCheck.

We offer loans from £1,000 to £5,000 repayable over a variety of terms from 12, 18, to 24 months. We offer a representative 99.9% APR, but we’re flexible and might offer you an even lower APR; we base our judgement on your circumstances, not just your credit score. What’s more, we’ll keep your offer valid for up to 5 days, so you can shop around to find the best deal for you.

How do I apply for a home improvement loan?

In order to apply for a loan with 118 118 money you must live in the UK, be aged 18-70 years old, hold a current bank account and debit card, and have a consistent monthly net income of £700 per month. It’s important to understand that other lenders may have other criteria.

When you apply for a loan with us, please ensure your application is as detailed and honest as possible as this will help your chances and speed up the application process. We will need to know how you intend to use the loan, just so we can get a better idea of your application.

If accepted, how long will it take to receive the funds?

If all is well with your application and no further information is required, you could receive the money within 24 hours of being approved.

We recommend shopping around when making planned home improvements, but if you need something quickly (like a new boiler or to take advantage of that sale offer) then we can help you get your money into your bank quick, most of the time within 24 hours of being accepted.

Representative example: Amount of credit £1,800 for 24 months. Interest rate: 71.3% pa (fixed). 24 scheduled monthly payments of £142.65. Total amount payable: £3,423.67Representative 99.9% APR. 

Rates from 35.9% APR - 99.9% APR fixed.