2016-03-14
7 Ways To Finance Home Improvement Jobs
Home improvements have a reputation as time consuming, costly undertakings that are more hassle than happiness. However, with the plethora of financing options available today, these projects don’t have to be panic-inducing endeavors. Based on the timeframe for the project and repayments, and your unique credit situation, you have options for all types of projects. Below are just seven possible ways to finance home improvement projects. Look at the options and weigh the pros and cons against your project size and budget and get building today!
Low Interest Credit Cards
Depending on your credit and the size of your project, you may be able to open a line of credit with a low- or no-interest rate attached. If your credit score is above average, you are likely to find offers for small- to mid-sized maximums. Keep in mind that to protect your credit, it’s ideal to use around 30 percent of the available credit on a credit card. This option may not be the wisest decision if the project exceeds your credit option’s comfort zone (again, keep in mind the 30 percent usage rule of thumb). It is also less ideal than other options if your credit is not healthy, as the interest rates you may rack up could extend beyond the project’s true cost.
HELs
Home Equity Loans are basically a second mortgage. While these loans are pricey and often come with a package of fees and closing costs (just like primary mortgages), you receive the money all at once and will typically have a fixed interest rate.
HELOC Loans
Unlike personal or unsecured loans, Home Equity Lines of Credit loans typically have lower interest rates and are revolving open credit lines. Keep in mind, however, that the benefit of HELOC loans is a double-edged sword, as the loans are secured with your home – in other words, your home becomes in jeopardy if you were to default on the loan. These loans are ideal for larger projects or ongoing repairs, as the credit line functions more similarly to a credit card (where you can borrow money periodically) than a HEL.
Cash-Out First Mortgage Refinancing
This option of financing home improvements involves replacing your current mortgage with a brand new one, and through the refinancing, having access to some cash. Cash-out refinancing typically comes with a long payout plan and thus a longer period to pay the money back. Keep in mind that by refinancing with a cash-out option will increase your APR, potentially raise your closing costs and your mortgage amount will increase. Another added bonus to this scenario is if you can refinance for a lower mortgage rate than the one you currently have for your home.
Online Unsecured Loans
Fund your project through non-traditional means, like online lending. Online loans boast lower rates than are typically seen from banks for personal, unsecured loans. The benefit is the transparent, all-online application process. Unlike HELOC loans, these loans have no security tied to your house so their risk level is less worrisome.
Cash Payments
Pay in cash and receive financial help the “old fashioned” way: If you can afford to pay in cash without any sweat, that’s preferable to accumulating debt. However, if you are interested in simultaneously building your credit and are in a financial situation where this is a feasible option, you may want to consider a small loan, which you pay off immediately with assets you already have access to. Depending on how long you have been preparing for this project and the expansiveness of the improvements, saving up ahead of time may be a savvy alternative to dipping into savings or opening a line of credit. It is important to assess your financial situation in its entirety: your credit, your income, your expenditure, your short- and long-term budgeting and what your future financial outlook may be down the road. If you are anticipating significant life events that may drain your savings beyond what you are used to, tackling a large home improvement project without the cash may be unwise.
The Bottom Line
Whatever your goals are, there are options to help you make your home improvement dreams come true without endangering your financial health. If you need help deciding on what option or options will meet your needs, talk with a financial planner or personal assistant.
Disclaimer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Engine by MoneyLion product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Engine by MoneyLion through hyperlinks, from third-party websites, are provided for informational purposes only. While Engine by MoneyLion finds these sources to be accurate, it does not endorse or guarantee any third-party content.
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MoneyLion
MoneyLion Wins “Best Financial Literacy Tool” and “Best API” at Benzinga’s 2022 Global Fintech Awards
MoneyLion’s consumer and enterprise businesses were recognized as winners of Benzinga’s 2022 Global Fintech Awards at this year’s Fintech Deal Day
New York, December 14, 2022-- MoneyLion Inc. (“MoneyLion”) (NYSE: ML), the go-to destination for personalized financial content, products and advice, is proud to announce that it has been named “Best Financial Literacy Tool” at Benzinga’s 2022 Global Fintech Awards. MoneyLion’s enterprise business, Even Financial, was also named as the winner for “Best API.”
MoneyLion and Even Financial were honored alongside other top Fintechs, banks, research companies and more. MoneyLion’s consumer business continues to push financial literacy through innovative and personalized content. With the MoneyLion app, users can view personalized financial content in short-form video format and receive personalized financial product recommendations such as loans, insurance and investing. As MoneyLion’s enterprise offering, Even Financial digitally connects and matches consumers with real-time personalized product recommendations from banks, insurance carriers, and Fintech companies on mobile apps, websites and other digital touchpoints through its financial product search engine and Embedded Finance Marketplace technology. This technology powers both the MoneyLion Marketplace, in the MoneyLion app, as well as more than 1,000 enterprise partners.
“We’re thrilled MoneyLion’s consumer and enterprise businesses were recognized by Benzinga,” said Dee Choubey, Co-Founder and CEO of MoneyLion. “Both awards showcase MoneyLion’s every time you money approach to helping our customers. The financial literacy gap is a huge problem for millions of Americans and we remain committed to reducing its effects through engaging, informative content and key partnerships designed to bring an elevated educational experience to all.”
These awards follow the October announcement of MoneyLion University, where MoneyLion launched its latest initiative aimed at closing the gap in money and financial education across the United States.
“We could not be more pleased with Benzinga’s recognition of our company’s API technology,” stated Phill Rosen, CEO and Founder of Even Financial. “Our technology natively integrates real-time credit decisions and product recommendations from the industry’s largest network of connected financial services providers, offering access and choice to consumers searching for financial products. Our elegant Embedded Finance Marketplace, API and search engine enable any company to add trusted, personalized financial products and services to their business, reaching people when and where they need it.”
Even Financial has been named a listmaker for the Benzinga Global Fintech Awards for the last two years and was a previous award winner. In 2021, Even was selected as a listmaker for Best API and, in 2020, selected as a listmaker for both Best API and Best API Platform. In 2019, Even was awarded the Benzinga Rocky Award.
The annual Benzinga Global Fintech Awards take pride in recognizing and honoring the companies and individuals who are propelling the Fintech and financial services industry forward with the most impressive technology advancements and innovations. A panel of industry experts from a wide range of companies reviewed and judged the nominations. Winners were announced at Benzinga’s Fintech Deal Day on December 8, 2022, where MoneyLion’s Chief Customer Officer Cynthia Kleinbaum spoke on the panel, Expert Growth Hacks For Reaching Underserved Markets.
About MoneyLion MoneyLion is the go-to destination for personalized financial content, products and advice. MoneyLion’s mission is to rewire the financial system to positively change the path of every hard-working American. MoneyLion uses its proprietary data advantage and technology to empower its customers. MoneyLion engages and educates its customers with daily, hyper-personalized money-related and money-adjacent content that is delivered through each customer’s own content feed. MoneyLion provides its customers a full suite of financial and non-financial solutions, bundling its proprietary, low-cost financial products with products that are offered through its marketplace technology and network affiliate partners. MoneyLion also leverages its distinct data, technology, and network advantages to deliver leading embedded finance and marketplace solutions for enterprise customers. Since its founding in 2013, MoneyLion has empowered millions of Americans to take control of their finances and live their best financial life, every day.
For more information about the company, visit https://www.moneylion.com/ and https://www.evenfinancial.com. For investor information and updates, visit investors.moneylion.com and follow @MoneyLionIR on Twitter.
View source version on businesswire.com: https://www.businesswire.com/news/home/20221214006032/en/
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Built In
Even Named A Built In “2023 Best Places to Work”
New York, Jan. 11, 2023 -- Even Financial ("Even"), an independent subsidiary of MoneyLion Inc. (NYSE: ML), and a leading embedded finance marketplace platform, is proud to announce that it was honored in Built In’s “2023 Best Places To Work” Awards. Specifically, Even earned a place on the Hybrid Best Places to Work in New York.
The Best Places to Work Awards, now in its fifth year, honors companies across numerous categories, sizes, remote-first employers as well as in person and hybrid working companies across the U.S.
Built In determines the winners of Best Places to Work based on an algorithm, using company data about compensation and benefits, and also weighs criteria like remote and flexible work opportunities, as well as other people-first cultural offerings.
This announcement follows Even’s recent win at the Benzinga Global Fintech Awards for “Best API.”
About Even Financial
Even is the industry-leading embedded financial marketplace and independent subsidiary of MoneyLion Inc. (“MoneyLion”) (NYSE: ML). MoneyLion is a leading digital financial services and lifestyle content platform serving both consumer and enterprise customers. As part of MoneyLion’s enterprise offering, Even digitally connects and matches consumers with real-time, personalized financial product recommendations from banks, insurance carriers, and fintech companies on mobile apps, websites, and other digital touchpoints through its marketplace technology. Even's infrastructure leverages machine learning and advanced data science to solve a significant pain point in financial services customer acquisition, seamlessly bridging financial services providers (such as SoFi) and channel partners (such as TransUnion) via its industry-leading API and embedded finance marketplaces. Even enables any company to add financial products to its business, with full compliance and security at scale. Even was named one of "America's Best Startup Employers'' by Forbes for 2022 and was named to the 2021 Deloitte Technology Fast 500, which recognizes the fastest growing tech companies in the world. Learn more at www.evenfinancial.com and investors.moneylion.com.