How Many People Use Home Improvement Loans?

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People use all kinds of financing methods; Pure can help you be prepared!

Growth is an essential aspect of running a home improvement company. You want to continue to provide your services to your customers and increase your reach. How do you go about it? Companies ultimately achieve growth through measurable means, which typically boils down to finding ways to increase revenue. One of these ways is to make your services as accessible to people as possible financially. Just how many people use home improvement loans? Should your home improvement company offer financing? 

The Bankrate Survey of 2020

According to Bankrate, plenty of people use home improvement loans. Home improvement loans would include any kind of loan, secured or unsecured, to pay for a home improvement project, such as a kitchen renovation or a new fence. 

Bankrate took a survey in 2020 at the time when thousands of homeowners took time during the lockdowns to improve their homes. Over half intended to pay in full with no debt. Among those who went into debt, over 50% planned to use their credit card, some planning to pay it off at once and others over time. 8% opted for financing offered by the home improvement company, and 5% through a personal loan. Other decisions were to go through mortgage refinancing or home equity borrowing.

While most people did not use a specific home improvement loan, it is helpful to know how people will likely pay so that you can be ready.

Paying with a Credit Card

Financing small home improvement projects with a credit card could be fine, but they are not the best for larger home improvement projects. Paying with a credit card is convenient and relatively safe, but the downside is that it can come with a significantly higher interest rate than a loan.

Paying with Store Financing

Plenty of home improvement companies offer financing by going through a third party that can give customers a good deal. The deal will aim for a low interest rate and approval for those with subpar credit scores. Pure Finance Group is just one of those companies that helps home improvement businesses offer home improvement loans!

Paying with a Personal Loan

A personal loan is secured or unsecured and is flexible to finance different life goals or needs, such as medical costs, family emergencies, moving costs, and home improvements or repairs. 

Pure Finance Group Is Here to Help!

Thank you for your interest in Pure Finance Group. We’re so excited you’re here. For more information on how our payment processing and financing services can help you with your financing needs, give us a call (410-401-4957) or fill out the form on our contact page today. If you have a question about any financing services we provide, including setting up home improvement loans, we are here to help answer all your questions. Just give us a call (410-401-4957) or contact us today. To keep up-to-date with the latest financing tips and solutions, keep in touch with us on Facebook and LinkedIn!

This entry was posted on Thursday, April 20th, 2023 at 4:34 pm. Both comments and pings are currently closed.