The term home improvement loan typically refers to an unsecured personal loan used for home improvements, as opposed to a home equity loan, which has a longer approval process and is secured by your residence. Many lenders offer high borrowing amounts, flexible terms, and low interest rates for home improvement loans. They come with fixed rates and fixed monthly payments, so it’s easy to plan for repayment. Our team of financial experts reviewed and ranked more than 30 online lenders to help you make a decision about the best funding option for you.