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Its the paper or plastic of home improvement loans — whether your loan should be secured or unsecured.
Unsecured loans marketed specifically for home improvement are a relatively recent option. Many of the current lenders started making these loans after the home market collapsed nearly a decade ago, leaving many homeowners with less (or negative) equity.
In 2012, Boeing Employees Credit Union noticed that many of its members were low on home equity but still needed home improvement loans to keep up with repairs and maintenance, says Todd Pietzsch, spokesman for the credit union.