Americans are experiencing a wave of layoffs from the pandemic, however, despite the critical economical situation nationwide, homeowners are seeking loans for home improvements. This is potentially the result of having to live with their home's issues all day during quarantine.
Personal loan requests for home improvements have increased year over year by nearly 8% from the beginning of June 2019. Qualifications requirements are even more stringent during this pandemic, and they have higher annual percentage rates (APRs) compared to the ones offered prior to corona.
Loan applicants are divided by their annual income. Individuals with lower incomes are addressing emergency repairs, opposite to those with higher incomes who are requesting the loans to remodel and upgrade their homes.
In order to increase the value of their home, applicants are supplementing their personal loan with a financing source. The majority uses cash, followed by personal savings and borrowed funds.
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