Plan your project before choosing the financing.
Build a project budget, compare written estimates and match any borrowing to the expense and repayment amount you can manage.
Start with the details that matter
Separate the project into costs
List labor, materials, permits and a contingency amount. Ask contractors to identify payment milestones and what happens when the scope changes.
Confirm the permitted loan use
Review the lender’s terms for the specific project. LightStream states that pricing depends on factors including loan purpose, amount and term; a headline rate may not describe your offer.
Compare fees and net proceeds
SoFi describes both fee and no-fee options for some borrowers. Compare the cash received, APR and total repayment cost of the actual choices available.
Understand any collateral
Ask whether the loan is unsecured or whether property secures repayment. Read the agreement’s collateral and default provisions before accepting.
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Sources and further reading
Updated September 24, 2026. Product profiles show their own source-check dates and scope. Our editorial policy.