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.
Encouraging folks to take out debt is wrong…like really wrong! Hope it was worth it. I will never read you again.
Hey Katy!
Thanks for your readership!
xo
m
I’m a bit shocked to see a blogger encouraging and advertising personal loans. I really enjoy your blog but I don’t think debt should be encouraged by an influencer in any case.
I sincerely hope your house turns out just the way you want it and that you do not find yourself in an unmanageable amount of debt getting there. Good Luck!
Thank you for sharing another financing option that is out there. I never would have thought a personal loan for home improvement (automatically go to equity). I think Discover Card has these options as well, we get offers a couple times a year!
Wow, Katy! A little harsh don’t you think? If you do not choose to take a personal loan, then don’t. Mandy was merely suggesting an option not demanding you follow what she and her family chose. To get so outraged about this post is a little too reactive. Relax.
I think there are times when you do need debt, and houses are part of that. That said, I am in a unique situation where I will never have to go into debt, even for a mortgage. My credit is frozen and I’m planning on keeping it that way. We are planning on fixing up a house little by little as we can afford it with savings. But my life has been incredibly unique to get me to this point (such as getting housing with jobs and being able to live in a house in a family trust). I have not had to spend money on rent and mortgages and I won’t have to for a while. But for people who have to buy a house and fix it up (along with the fact that wage increases have not been very strong and house prices are really way), you have to figure things out and look at your options.
I’ve never taken on as big of a project as you are, but we’ve always saved up for big projects so we didn’t have to finance them. I understand this may not be the best solution in your case. Also, I don’t think it’s fair for anyone with a home mortgage to judge you for talking about financing, since that’s what a mortgage is. I’m not sure a personal loan is the best way to do it, but American Express is a great company! I would definitely look at the total amount you needed to finance, the time you’ll need to pay off the loan, and the rate and terms of different options. But you’re a smart girl and I’m sure you’ve taken all those things into consideration. Best of luck with your project- I admire your energy and creativity!!
I always assume bloggers afford their renovations because: 1. They have sponsors, and 2. It’s their job to do these things, so they have to make saving a priority. Maybe it’s just because I follow established bloggers, but it seems like everyone has made the shift from DIY projects to these massive undertakings. While it’s amazing (and great content) to see these projects come to life, sometimes I miss the old days because of how relatable it used to be.
Posts like these aren’t going to make me take out a personal loan to finance a project, and if you’re that easily swayed, then that’s on you. If Mandi wants to promote AmEx to be able to finance her projects to give us more content to see (for free!), then all the power to her.
A lot of times people don’t know where to look and there is not a lot of information out there on how to get these amazing projects done and Mandi is offering one perspective. If you are responsible and make your payments it no different than a car, a home or any other loan you may take out if it is done responsibly and that is a personal choice, Mandi is just offering one solution.
Here’s the thing, you clearly label that this post is “in partnership” with American Express, which means that it’s sponsored. So, I am assuming that you are receiving some kind of benefit for recommending a personal loan to your readership, this is not solely out of the goodness of your heart or “offering a different perspective.” You’re most likely being compensated monetarily by American Express. Talking about financing is tricky and I just don’t know if you should be advocating this kind of loan to your readership without being crystal clear about the fact that you are receiving a benefit from American Express to do so. And let’s be frank, “in partnership” is not crystal clear, it is language designed to disguise the fact that you are being paid to say this. Many times personal loans have horrible interest rates and terms. People would be much better off going to their local bank or credit union and exploring options through them than a credit card company. This article is biased because of course American Express is not going to sponsor a post that is not. I don’t know, this whole post seems a bit irresponsible. I get needing sponsors to finish the Merc, but people do look to you for guidance and advice, and you’re just basically putting up a paid commercial for American Express, not actually talking about the pros, the cons, and other options.