Home Improvement Loan

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.

Secured Home Improvement Loan

A secured home improvement loan is connected to a piece of collateral—in this case, your home. With a secured loan, you can borrow larger sums of money, 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. 

Unsecured Home Improvement Loan

An unsecured home improvement loan is not tied to collateral. It may be a good option if you have a high credit rating. If you qualify, you may borrow up to $25,000.

Use the chart below to determine which is better for your needs. As always, your support team at Elements is ready to help you find the product that is best for you—just give us a call at 1-317-542-5055.

As its name implies, a home improvement loan must be used for projects related to your home. For example, have you been wanting to add on a deck, update your kitchen, replace your fence, or put in a fireplace? These are the types of projects you could use a home improvement loan for.

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• There are no prepayment penalties or an annual fee associated with a home improvement loan. 
• The unsecured home improvement loan has a $140 processing fee. 
• For a secured home improvement loan, closing fees typically run between $500 and $1,200.

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Because we’re a credit union, we return profits to members in the form of reduced fees, higher savings rates and lower loan rates.

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We pride ourselves in being a trusted source for financial education. We come to your workplace to answer questions and can provide you with personalized guidance about your home improvement loan.

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Headquartered in Indianapolis since 1930, we rank among the top 3% of credit unions nationally¹. We serve members in all 50 states and 50+ countries. You’ll have access to 5,000+ shared branches nationwide and 78,000+ surcharge-free ATMs globally.

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Our technology makes banking with Elements easy. From quick digital applications to online and mobile banking, we’ll be by your side wherever you go. We’re here for you with member service available 24/7 and live chat during the workday.

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3 Easy Steps to Apply

1. Apply online - You can apply online in as little as 10 minutes! Submit your application anytime or call 1-800-561-9433 to get started. Have ready your government-issued ID (driver’s license, state ID, or passport) and estimates of your household income, assets, home value and price you paid for your home.
2. Take our call - We'll contact you within one business day after you submit your application to go over what documentation we'll need and to answer your questions.
3. Schedule your closing - We'll contact you with a decision within 10 business days and schedule a closing at a location convenient to you if approved. That's it — your loan can be put to work on your home improvement project!

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