financing landscape

Landscaping with Personal Loan: Is it Possible to Finance Landscaping

Landscaping with Personal Loan: Few things improve the curb appeal of your home more than beautiful landscaping.

Clearly, landscaping projects can do much more than just add to your home’s curbside aesthetics— they can define your lot borders, establish usable outdoor living spaces, and even maximize your home’s energy efficiency.

landscaping with personal loans

As springtime comes full-tilt and summer approaches, there is a tendency to look at your lawn and wonder if the grass really could be greener. But making landscape improvements can come with a high price tag, and if you don’t have the cash on hand, it might be really tempting to borrow.

The average landscaping project  costs ranges from $400 to $10,000, according to HomeAdvisor. However, that can vary based on how much work needs to be done, what materials are used, and also designs and patterns.

If the project you are planning costs more than you would like to pay out-of-pocket, you will need a financing solution. Gladly,there are several options. If you are ready to dig into a new outdoor lawn or garden project, here is what you should know about Landscaping with Personal Loan.

What Is a Personal Loan?

Personal loans are borrowed money that can be used to make large purchases, alleviate financial hardships or even just add to a costly event.

In usually two to six years, these loans are paid back in monthly installments, but it may take longer depending on your circumstances and how careful you are to make payments.

Although taking out a personal loan for, well, personal reasons may seem frivolous, it can be greatly beneficial in some instances and when used and paid back correctly.

Although Personal loans can be used to consolidate debt, Invest in Yourself, for expensive purchases and emergencies, it can also be used for Home improvements:

Small Home Improvements

For home remodeling and Landscaping with Personal Loan, a personal loan can be a great option. Whether you want to put on a new roof, install solar panels, refurbish your kitchen or add a swimming pool, hot tub, landscaping or hardscaping, if you don’t have the cash at hand at the moment, a personal loan can be a great help with home improvements.

In addition, a personal loan is a good fit for people who don’t have equity in their home or who don’t want a credit line or HELOC for home equity.

Options for landscape financing?

Landscape projects are generally seen as good investments; well-preserved homes tend to sell faster and order higher prices than comparable properties— as much as 11 percent or more depending on where you live and landscaping quality.

Some personal finance experts encourage people to save and pay cash for non-essential home improvement projects, but the logic is somewhat different when it comes to landscape financing, because landscaping will certainly increase your home’s value.

In terms of return on investment, Landscape is usually seen as less risky than a luxury upgrade such as a pool or spa.

And if you are trying to sell a home with less-than-spectacular landscaping, the proper financing can get you the funds you need to complete the project quickly and land a buyer.

Home equity to finance a landscaping project

Landscape financing using your home’s equity is definitely an option — if you have sufficient equity to cover your project. Such loans tend to have lower interest rates and longer terms (usually between 20 and 30 years), but they can be extremely expensive to get.

In most cases, you will pay an application fee, appraisal fee, loan origination fee (which may include lock-in points in your interest rate), documentation fee, and any number of miscellaneous expenses that may amount to thousands of dollars. If you want to pay off your loan early, you can also pay a substantial penalty for prepayment.

In fact, it can take four to six weeks for home equity loans to be repaid, which can impact timing and cost of your landscaping project.

Maybe the biggest drawback, however, is that you’re using your home as collateral for your landscape financing, which means your lender could foreclose if you don’t make payments as agreed.

Other landscape financing options might make more sense, especially if you are looking at anything but the most expensive landscaping projects.

Zero-equity personal loans for landscape financing

Many homeowners prefer the idea of a personal loan for landscape financing, even if they have a sufficient home equity. Zero-equity personal home improvement loans have lots of advantages—not the least of which is that they do not put your home at risk.

Beyond that, there are several features that will make personal loans an attractive option for Landscaping with Personal Loan:

  • Unlike home equity loans, which usually have loan minimums of $10,000 to $25,000, personal loans have minimums as low as $1,000 to $2,000, so you can borrow only what you need for your project.

  • Most lending partners have a loan maximum of $35,000, which is more than enough to finance even big-ticket landscaping projects like a high-tech outdoor kitchen and dining area.

  • Although interest rates are a bit higher than with secured loans, personal loans have shorter terms, usually between three and seven years, meaning the overall cost of the loan is lower. Plus, there are no expensive upfront costs when you apply for your loan.

  • The application process is quick and painless—and you can have your money in as little as a day or two, so you can get started on that new privacy fence right away.

  • Monthly payments are fixed and predictable, making it simple to budget responsibly for your landscaping projects. There are also no prepayment penalties; if you decide to use your tax refund to pay off your loan ahead of schedule, you won’t be penalized.

5 best hardscape financing options

1. SoFi Personal Loans

SoFi provides personal loans that can be used for various purposes, ranging from paying off credit card debt to funding plans for home improvements. This company offers fixed and variable interest rates and unsecured loans. They also offer an easy process for applying and approving online.

The ideal consumer of SoFi is working or has adequate revenue, has a good monthly cash flow and a positive credit history.

  • Recommended for borrowers with good credit and strong monthly cash flow
  • Competitive interest rates
  • High maximum loan amount
  • No origination fees or closing costs
  • Funds within a few days

2. LendingClub Personal Loans

More than 100,000 people have helped LendingClub better their homes. Whether you need to install energy efficiency devices, deal with major repairs, or complete a renovation project such as hardscaping, the home improvement loans from Lending Club are a good option for many people.

It’s operating differently from a bank. The business is instead a platform linking lenders with stakeholders.

  • Apply online in minutes without hurting your credit score
  • Marketplace lending platform
  • No prepayment penalties
  • Unsecured loan based on credit
  • Money deposited into your bank account
  • No bank-related paperwork

3. Prosper Personal Loans

best hardscape financing options

Prosper is also a marketplace lending company that connects borrowers with investors, and it happens to be the first one that existed in the U.S. With over $9 billion so far in funded loans, they’re doing something right.

The application process is easy to fill in, and the interest rates are competitive. Upon approval, Prosper will submit a same-day transfer to your bank.

  • No hidden fees or prepayment penalties
  • Marketplace lending platform
  • Competitive interest rates
  • Full online application and approval process
  • Approves borrowers with 640+credit score
  • Fixed interest rates

4. Avant Personal Loans

Previously issues personal online loans through WebBank. It has helped more than 600,000 customers receive the funding they need since 2012. The company’s goal is to help make lending more affordable and accessible.

This is done by having flexible conditions for acceptance and reasonable rates. They also offer an online approval form for one page that allows you to quickly find out what rates you are eligible for. Once approved, as soon as the next day, you can get your money.

  • Lenient credit requirements
  • Easy online application and approval process
  • Mobile app to manage your loan

5. Lightstream Personal Loans

Lightstream is a bank’s (SunTrust) digital subsidiary and a leading U.S. financial services agency. This lender is suitable for well-to-excellent credit lenders.

The company’s fast and easy online system provides very competitive fixed interest rates. There are a wide range of types of loans available, with the financing for landscaping being the one you choose for this case.

  • Ideal for borrowers with good to excellent credit
  • Landscaping loans available
  • Competitive fixed interest rate financing
  • Same day funds when approved
  • Complete online application process
  • $100 “best loan experience ever” guarantee
  • High maximum loan amount

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