This post is in partnership with American Express Personal Loans.
Project. Financing. Dun dun duuuuun! What happens and what are your options when you’ve got a big project ahead and need some money? As we’re slowly ramping up to get started on Phase 2 of the Merc renovation I’ve been diving pretty heavily into the financing options. If you remember when we bought the Merc we put a huge chunk down and financed the remainder of the purchase price + renovation costs through a local bank. Because of the uniqueness of the Merc property there were a lot of out of the norm things we had to do. So, as we’re in the planning stages of the second phase of renovation (you can see what that is here!) I’m trying to figure out exactly how this is going to shake out. As a way not to add to our mortgage loan, we’re going to take it nice and slowly, and use an American Express Personal Loan for bigger expenses like the roof. I think the first option people go to is refinancing their house and taking equity out, but today we’re talking about something with no origination fees (!!) and a super quick application process!1
Who among us hasn’t spent hours on Pinterest planning the perfect project? Maybe it’s a bathroom remodel, or a deck + pergola in the backyard. What if you find your dream vintage trailer on Craigslist!?? Sometimes even with our best DIY budgeting efforts, we still need $$.
Taking on a big project is exhilarating, and also a little daunting right?! We spend hours and hours planning for and pricing things out. Then it comes to financing. You’ve found your dream floors, now how are you going to pay for them? GAH! A personal loan can be a great option to consider.
And if you’re an eligible consumer American Express Card Member, American Express Personal Loans may be a good place to start.
- They offer loans of $3,500 – $40,000 with no origination fee and APRs starting as low as 6.98% to eligible consumer Card Members1
- Find out more about eligibility and the quick application process, plus the full terms and conditions here.
I’m dying to know, have you ever used a personal loan? How do you normally finance your big projects?
1 American Express Card Members must be pre-approved for a loan offer in order to apply. Pre-approved APRs and loan amounts are based on the Card Member’s creditworthiness and other factors. Pre-approved APRs will be between 6.90% and 18.97%, as of 3/2/2018. Not all Card Members will be pre-approved or receive the lowest APR or the highest loan amount.
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via Mandi at Some Advice on Financing Renovation Projects
