Rapid Home Improvement Loans

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Home Makeovers Just Got A Little Easier

An unsecured home improvement loan is a type of loan that you can use to pay for home renovations or repairs without using your house as collateral. This means you don't risk losing your home if you can't pay back the loan. Instead, the lender relies on your credit score and financial history to decide if you qualify. With an unsecured home improvement loan from Midland, you can make your home renovation or remodel plans come to life.

Common Uses:

Remodel, renovate, or repair your home.
Is your home starting to look a little outdated? Update your kitchen, paint your living room, or install new flooring.
Finish projects you've been putting off.
Major projects such as foundation issues or roof issues need to be addressed as soon as possible. Don't keep putting them off; get them done today.
Upgrade your home with additions.
Put in a swimming pool or an outdoor living space. Improve your energy efficiency with new windows or solar panels
Improve your property value.
Curb appeal, such as a new roof, additional landscaping, a porch revamp, or siding replacement, can drastically improve your property value and the equity you hold within your home.

Rapid Home Improvement Loan

Our Rapid Home Improvement Loan¹ is an unsecured loan up to $25,000, loan terms up to 15 years, and there are many eligible property types.

No home equity requirements
Unsecured loan amounts up to $25,000
Loan terms up to 15 years
Eligible property types include single-family detached homes, townhomes, condominiums, and duplexes.

Affordable Home Improvement Loan Program

The Believable Banking Home Improvement Loan (BBHIL) is an affordable, unsecured loan program available in select neighborhoods determined by the Census Bureau. The BBHIL provides flexible and affordable financing to assist with maintaining your home and can be used for a wide array of home repairs or renovations.

$1,500 - $25,000 loan amounts available
No appraisal needed
Loan-to-value (LTV) is not a factor
Low, fixed interest rate
Use for minor or major home repairs

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Key Benefits

Fast Cash

Our speedy home improvement loan process means you can have funds in no time.

Fixed Payments

Never be surprised, consistent payments make budgeting easy.

No Home Equity Required

Our unsecured loan means you do not need to provide collateral with personal property.

happy couple smiling as they take a break from renovating

Ready To Take the First Step?

1. Explore Your Options & Rates Fill out the form and a specialist will be in touch and help you identify financing options and rate ranges. We'll show you the options you qualify for, and you’ll get to choose the financing amount and duration of the loan.

2. We'll Review Your Information

Once you know what you want to apply for, we'll collect some additional information from you.

3. Receive Your Money

Once final terms are accepted, we'll begin the process to fund your loan and transfer funds to you.

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Frequently Asked Questions

What's the right improvement loan option for me?

Here are some questions to help you choose the right financing for your home repairs. Remember, it's always good to consult a professional if needed:

Do you own a home and have equity? If not, an unsecured loan like our Rapid Home Improvement Loan may be your best option, as you won’t qualify for a home equity loan or line of credit.
How fast do you need the money? Home equity loans and home equity lines of credit (HELOC) take longer to process.
Are you paying for your project all at once or over time? A home equity loan or personal loan gives you a lump sum, good for one-time payments. A HELOC offers flexible, ongoing access to funds for multiple or ongoing projects.

What would a monthly payment look like with the Rapid Home Improvement Loan?

Budget-friendly, fixed payments mean no surprises. See sample monthly payments and find the right loan for your project.

Loan Amount	Interest Rate	APR	Term	Payment
$5,000	7.99%	9.246%	5 Years	$104.39
$10,000	7.99%	8.332%	10 Years	$123.09
$15,000	8.99%	9.159%	15 Years	$153.56
$20,000	8.99%	9.116%	15 Years	$204.24
$25,000	8.99%	9.091%	15 Years	$254.92

APR = Annual Percentage Rate. Rates are valid as of 05/01/2024 and assume the borrower has a credit score of 740 or higher. Rates are subject to change without notice. APR reflects the effective cost of your loan on an annual basis, considering such items as interest and loan fees. All payment amounts are estimates and are for example only.

How do home improvement loans work?

When you are considering making renovations to your home but don't have the cash upfront to pay for the projects, various options can make it possible for you. A home improvement loan allows homeowners to borrow money for their renovation plans when they don't have the savings to pay out of pocket. Get more information on how home improvement loans work.

Should I get a home improvement loan?

There are several things to consider before you decide to take on a home improvement project, the most important being if you can afford it. If the answer is yes, then you should look at the payment methods that work best for your budget and circumstance. Other factors you should consider before renovating are the length of time you intend to stay in your home, whether it increases your home’s value, and how you plan for your project to be completed.

What can I use a home improvement loan for?

A home improvement loan can be used for renovations and repairs to your property. That includes supplies for repairs and renovations that you do yourself, as well as payments to professionals such as plumbers, electricians, and contractors.

Why choose a home improvement loan over a home equity loan or HELOC?

A home improvement loan is a personal, unsecured loan that does not change the amount of equity you have in your property. A personal loan for home improvement can be acquired regardless of how much equity you have in your house, which a home equity loan or HELOC relies upon.

How much can I borrow?

How much you can borrow to finance home improvement generally depends on your own credit score and creditworthiness. Look at your own debt-to-income ratio to determine how much more you should reasonably be able to spend. Midland States Bank can offer home improvement loans up to $25,000.

How long of a term can my home improvement loan be?

Loan terms for a home improvement loan can be up to 15 years. This is why getting a home improvement loan may be better for you than using a personal loan or your credit card

What information will I need to apply for a home improvement loan?

To finance home improvement, you should have a good credit score and low debt-to-income ratio. You will need to provide information about your credit and your financial situation, including your income. You will also need to have your home information—it will have to be a home under your own name. To complete the loan process, we may require project estimates or receipts.

Disclosure: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.¹Loan fee of $150. Payment examples: Tier 1 loan category ranges up to $10,000 and 120 months: Monthly payments for a $10,000 loan at 8.332% APR with a term of ten years would result in 120 monthly payments of $123.09. Tier 2 loan category ranges from $10,000.01 to$25,000 and up to 180 months: Monthly payments for a $25,000 loan at 9.091% APR with a term of fifteen years would result in 180 monthly payments of $254.92. These examples are estimates only and assumes all payments are made on time. Please contact bank for details.

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