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Home Improvement Loan

The loan you need to put your home-improvement plans into action.

Apply for an Unsecured Loan Apply for a Secured Loan

Or call 1-800-561-9433

Make a Loan Payment

Home Improvement Loan Interest Rate  APR  Points  Monthly Payment Loan Term (Months)
Unsecured 5.740% 5.973% $480.00 60
Secured 10 Year Fixed 6.990% 7.159% 0.0 $580.28
Secured 15 Year Fixed 7.740% 7.863% 0.0 $470.35

Unsecured Fixed Rate Home Improvement Loan: Annual Percentage Rate (APR) effective as of April 1, 2020, and subject to change without notice. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for the displayed lowest rates. A $140 processing fee applies to all Fixed-Rate Unsecured Home Improvement Loan applications. APR calculation and example monthly payments based on loan amount of $25,000, FICO® score of 730 or greater, and term of 60 months. Rate includes 0.25% deduction for automated payments. Additional conditions may apply. Subject to credit approval. Maximum Loan Amount of $25,000. 

Secured Home Improvement Closed-End Loan: Annual Percentage Rate (APR) effective as of April 1, 2020, and subject to change without notice. Combined Loan to Value 101% to 133%. Maximum Loan Amount of $250,000. APRs above are calculated using loan amounts of $50,000, credit score of 710 or greater and loan to value of greater than 100% for a single-family residence. Closing Costs: A loan origination fee of $375 and a title search fee will apply. Additional state or local mortgage fees or taxes may apply. The actual closing costs generally range between $500 to $1,200, depending on the location of the property, the amount of the loan and other factors. Example Monthly Payments: Are figured on loan amounts of $50,000 and do not include hazard insurance, property taxes, or flood insurance. Your actual payment may be higher. Each individual's APR is determined by the applicant's credit history. Not all applicants will qualify for our displayed lowest rates. Tax Deductibility: Elements Financial does not offer tax advice. Please consult your tax advisor regarding the deductibility of interest. Programs, rates, terms, and conditions are subject to change without notice.

Home Improvement Loan


  • Available as an unsecured or a secured loan to fit your need
  • You can update your home now and pay for the improvement on your own time


  • Easy access to up to $25,000 for your home improvement project with our unsecured, fixed-rate option
  • Access to larger funds (up to 133% of the current value of your home up to $250,000) through the secured option
  • Receive personal guidance and a direct line of communication to your experienced Elements loan officer1
  • Choose the closing location that works best for you



Our experienced, helpful member service team is ready to support you!


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What is the Difference Between an Unsecured and Secured Home Improvement Loan?


Fixed-Rate, Unsecured Home Improvement Loan

  • Quick process for lower lending amounts
  • Typically has shorter terms
  • Not tied to collateral
  • Borrow up to $25,000

10-Year or 15-Year Fixed-Rate, Secured Home Improvement Loan

  • Connected to a piece of collateral—in this case, your home
  • Borrow up to 133% of the current value of your home (up to $250,000)
  • Typically has lower interest rates
  • Can be easier to get if you need to rebuild credit
  • A good option if you have lower equity in your home
  • The lender can take possession of the collateral if you do not repay the loan as agreed

Why Consider Elements for a Home Improvement Loan


Elements Financial is a credit union. That means we’re like a bank, only better! Securing your mortgage through Elements Financial means you will benefit from:

  • Better rates & fewer fees – On average, an Elements Financial member saves an estimated $309 each year compared to customers elsewhere.2
  • Personal attention – Headquartered in Indianapolis, with member service available 24/7.
  • Today’s technology – We offer online banking, making it easy to pay your mortgage every month.
  • Heritage – With nearly 90 years of experience building and nurturing lifelong relationships with members.
  • Seasoned professionals – Our experienced team will walk you through the mortgage and home equity processes, step-by-step.1
  • Credit counseling – If you're working toward a mortgage application, pursue our confidential and supportive assistance to develop healthier financial habits for life.

Frequently Asked Questions


Q: Are there closing costs associated with a Home Improvement Loan?
A: An appraisal fee may be necessary, depending on the value and equity of the loan.

How to Get Started


You can apply online in as little as 10 minutes! Or call 1-800-561-9433 to get started.

What you’ll need to apply:

    • Your government-issued ID (driver’s license, state ID or passport)
    • Estimates of your household income, assets, home value and price you paid for your home

What to expect during the application process:

  1. We’ll contact you within 1 business day after you submit your application to review documentation that we’ll need from you and answer questions you may have.
  2. We’ll contact you with a decision within 10 business days.
  3. That’s it – your Elements Home Improvement Loan can be put to work!

How Much Can I Borrow From My Home Equity?

Home Equity Calculator


in a home equity loan or line of credit

You Might Find Helpful

  1. 1 Nationwide Mortgage Licensing System Registrants: Nationwide Mortgage Licensing System Registrants: Elements Financial FCU 410639, Shawn Adams 1969445, Charles Akinbola 1811812, Barbara L Allen 609733, Luis Aparicio 144043, Lindsey Badanek 724103, Cynthia Bell 427359, Nyla Bivens 1128100, Cassandra Bogaards 894545, Jamie Bonner 435395, Laura Bordenkecher 1590841, April Bratton 1169913, Dawn Michelle Bruce 899516, Julie Bowering 443400, Tracee Buckrop 609727, Karla Chevrie 404630, Eliza Claborn 1826115, Christine Clark 609734, Mary Ann Deckard 1259646, Heather Derbyshire 483140, Ashlie M Dew 539208, Curtis Neal Dodd 200259, Ron E Ellis Jr 1207645, Barbara Fey 489638, Kara Michelle Fischer 1469113, Tami Renee Forsythe 609730, Lenore Gallagher 975065, Sherry Gaw 988244, Emilee Goode 1776621, Robert Goodwin 975067, Quentin Girten 1919653, Abigail Hall 1469114, Mariah Hestand 1809685, Dial Holliday 1436039, Jennifer Hooker 1807696, Theresa Iaria 1128103, Kasey Jones 1942020, Christoper Kerr 143199, Andee Kettlebar 443776, Jill Kidwell 609731, Michele King 1759144, Sara Keedy 1512646, Sean Kiely 425511, Tara Nicole Lambert 883082, Teresa Ledford 444283, Cindy Leisure 1080329, Rebecca Littell 996455, Kristy Mars 609725, Beverly Marshall 444941, Stacey McDaniel 1157444, Alexander J Menestrina 1190426, Beth Moberg 473454, Justin D Montour 1198316, Brooke Moss 1824059, Terri Mossbrucker 1385461, Kristina Mowery 916118, Amber D Murphy 1082684, Mallory Neill 1750269, Constance Nelson 975071, Micha Noble 1950136, Grace Nolan 1840818, Regina Norman 1080327, Shaneka A Pedersen 426201, Meghan Pedigo 1601304, Janene Petree 1529353, Kyle Thomas Plumlee 1930758, Kim Purkhiser 1313210, Tania Query 608383, Rebecca Rice 1007612, Miranda Grace Renee Rizzo 1198315, Janai S Roberts 252636, Susan Roberts 975068, Carol Biale-Schroeder 1863399, Ryan Sebree 1866273, Ron Senci 1068152, Brad Smith 906855, Amy Lynn Stokes 1387213, Brent Tedford 1892880, Bradley Thompson 609732, Samantha White 1849420
  2. 2 Competitive Values are estimated by comparing historical savings and lending rates at Elements Financial and at the five banks and credit unions with the largest market share in Central Indiana; data valid as of 6/30/2019.