Landscaping projects can enhance your home and transform your yard into a sanctuary. However, finding the money to pay for your backyard oasis can be anything but relaxing. Thankfully, there are no shortage of options when it comes to landscaping loans.
In this guide, we’ll go over everything to know about landscaping loans, including how to get one.
In the meantime, if you’re looking for personal loans for your landscaping project, you can get matched with offers for up to $100,000 from top providers with MoneyLion. Compare rates, terms, and fees from different lenders and choose the best offer for you!
How much does landscaping cost?
Landscaping projects can spruce up the look and feel of your home. Whether you plan to install outdoor lighting, plant trees for privacy, put in a swimming pool or build a new deck, landscaping can turn your outdoor spaces into a peaceful sanctuary.
Yet landscaping projects can be costly. HomeGuide.com says the average landscaping project costs between $3,000 and $16,000. Oftentimes, homeowners will turn to landscaping loans to break up costs and take on more manageable payments.
Some landscaping companies offer loans to cover part or all of your project’s cost. This type of in-house financing can be costly as it often comes with higher interest rates. If you want to avoid higher rates, it’s best to compare numerous landscaping loans to identify the best fit.
Get a personal loan to finance your landscaping project
When it comes to landscaping loans, a personal loan is often the best bet for financing a landscaping project. You can usually apply for a personal loan through an online lender, bank, or credit union. You can also find personal loans through online lenders or by using MoneyLion – for a seamless way to compare multiple personalized offers.
In general, personal loans can be used for a wide variety of use cases – making them an ideal funding source for a landscaping project.
To apply for a personal loan, you’ll most likely need to complete an application and provide supporting documents about your identity, address, and income. Lenders will also likely review your credit history when deciding whether to give you a personal loan. If you qualify, you may be able to receive your money within a week, depending on the lender.
Pros
- Flexibility in use cases
- You may find lower interest rates compared to some credit cards
- Unsecured debt, meaning you won’t be asked to provide collateral
Cons
- Can still feature high interest rates, depending on your qualifications
- You’re taking on debt, so make sure you have a repayment plan
- May need higher income and credit scores to qualify, depending on the lender
Other landscaping financing options
Beyond taking out a personal loan, there are other options for financing a landscaping project.
1. HELOC
If you have equity in your home, you might consider taking out a home equity line of credit (HELOC). A HELOC works like a revolving line of credit where you can withdraw funds as needed.
Pros
- Could pay less interest
- Draw funds as needed
- Interest may be tax-deductible for home improvement projects
Cons
- Could lose your home if you default
- Credit limit could drop if home values decline in your area
- Additional fees
2. Home equity loans
Like a HELOC, you can secure funding using your house as collateral. Instead of drawing funds when needed, a home equity loan pays out in a lump sum. Lenders usually require a minimum credit score of 680 to approve a home equity loan.
Pros
- Typically lower interest rates than credit cards or personal loans
- Fixed monthly payment
- Interest may be tax-deductible on qualifying home improvement projects
Cons
- You may lose your home if you can’t repay your loan
- Lower your equity amount in your home
3. Credit cards
Credit cards can be a good option if you prefer to charge landscape purchases or take out money over time. As long as you make your minimum monthly payment, you can pay down as much of your balance as you want. Credit cards can be beneficial if managed properly.
Credit card issuers will run a credit check when you apply. If you have good credit, you may qualify for a 0% APR credit card where you pay no interest during the introductory period.
With credit cards, you’ll incur no interest if you pay the balance in full before the period ends. Even with a fair credit score, you may still qualify for a card, albeit with a lower limit.
Pros
- Avoid interest if you pay your balance in full each month
- May qualify to earn cash-back or other rewards
- Could qualify for 0% introductory rate with good or excellent credit
Cons
- High-interest rates may be after the 0% period of time ends
- Easier to accumulate debt by overspending
- The issuer may revoke the 0% special rate if you pay late
PRO TIP! Explore credit and debit card options tailored to different needs and preferences.
4. Cash advance apps
A cash advance app can get you a little money – fast. With offerings like InstacashSM from MoneyLion, you’re not taking out a loan. Instead, you receive a portion of your paycheck early. There are no credit checks and no mandatory fees. You only pay a fee if you choose the optional expedited delivery.
Cash advance apps give you cash from your future paycheck. And you repay the balance when you get paid so you can qualify to use it again. A cash advance app may be a good fit if you get regular paychecks and don’t need a hefty sum.
Pros
- Quick cash
- No credit checks (Instacash from MoneyLion)
Cons
- Some apps other than MoneyLion may require you to pay a monthly membership fee
- Could fall into a debt cycle if you routinely rely on cash advances
- May not improve your credit score
PRO TIP! You can access up to $500 of your paycheck, any day with MoneyLion InstacashSM. No interest. No credit check. No mandatory fees.
5. Save up
You might skip borrowing money and decide to instead save what you need over time. It may take a few months or years to save, but you won’t have to worry about monthly payments or additional debt.
Pros
- Pay no interest
- Don’t have to worry about making monthly payments
- No debt directly caused by this course of action
Cons
- Missed opportunity to build credit
- Less money left for emergencies
Transform your backyard with landscaping loans
Money doesn’t have to be an obstacle when you want to spruce up your lawn. If you plan to take on a landscaping project, there are plenty of places to look for financing. Whether you take out a personal loan or use a cash advance app, getting money to transform your backyard may be easier than you think!
FAQ
What can landscaping loans be used for?
If you take out a personal loan, you can use the money for just about any outdoor project. You could use the money to plant trees, build a firepit, spruce up a walkway or refresh a deck in the backyard
Are landscaping loans the same as personal loans?
You might be able to finance your landscaping project through the landscaping company. However, this financing may only be available for more expensive projects and may come with higher rates. With a personal loan, you could borrow less money and potentially get a better interest rate.
Can I get a landscaping loan with bad credit?
Getting a personal loan to pay for your landscaping project may be possible when you have bad credit. You might be able to borrow money with a lower credit score if you add a cosigner or use collateral to secure the loan.
