So far in 2016, Zopa customers have borrowed over £50 million to improve their homes, a 54% increase on home improvement loans compared to the same period last year.
The figures show that more and more people are choosing to use a Zopa loan to improve their most important asset: their home.
Improvers, not movers
Our research shows that whilst most people view improving their home as a long-term investment, their primary focus is creating a home.
Financing home improvements
Whether the plans are for staying or moving, renovating isn’t cheap, particularly as almost half of the Zopa customers we surveyed reported that they used skilled professionals for the entire job. There are lots of different options for paying for the renovations, like re-mortgaging the house or putting it on a credit card, but these can be complicated and costly.
With personal loan rates at record lows, an unsecured loan, currently offers one of the best value options. Home improvers can spread their loan costs evenly over a number of years, and for the vast majority, be paid off well before they come to move.
With a Zopa loan you can pay off early without fees, enabling more flexibility with the amount you need to borrow. In addition, getting a decision is risk free as getting a quote won’t impact your credit score.
Find out more about Zopa home improvement loans.