What’s the difference between a Secured and an 无担保住房改善贷款?
Both provide you with cash for a home improvement project and can be a good option if you don’t have sufficient equity in your home to qualify for a home equity option. The key difference is a secured loan is guaranteed by collateral (your home), and an unsecured loan is not protected by any collateral.
A secured home improvement loan is connected to a piece of collateral—in this case, your home. 有担保贷款, 你可以借更多的钱, up to 133% of the current value of your home (not to exceed $250,000). Secured loans also typically have lower interest rates than unsecured loans and can be easier to get if you need to rebuild your credit. If you do not repay the loan as agreed, the lender can take possession of the collateral.
An unsecured home improvement loan is not tied to collateral. It may be a good option if you have a high credit rating. 如果你符合条件，你最多可以借到25,000美元.
Use the chart below to determine which is better for your needs. 一如既往地, your support team at 元素 is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.
|Borrow money by pledging an asset (your home) as collateral
Can be easier to get if you need to rebuild credit
Need funds specifically for a home improvement project
You need funds specifically for a home improvement project
|Up to $250,000 (up to 133% of current value of your home)