Imagine life with a sunroom or porch addition—or finally enough bathrooms for everyone. If you miss a repayment, we can deduct the missed payment and interest from your other accounts with us. We will also record details with a credit reference agency which could damage your credit rating. If you have a lot of equity to borrow against, you could receive a lump sum large enough to complete your remodeling project and then some — in fact, some lenders won’t make home-equity loans smaller than around $20,000.

They want borrowers with low credit utilization – not those maxing out their credit cards and experiencing difficulty in paying. The interest rate will also depend on the borrower’s credit score , the loan term and the amount borrowed. Also remember to check out your local credit unions, which may have more time to sit down with you, listen to your request, and …