Alternative finance has opened up a new world for many borrowers when it comes to raising money for life’s big expenses. As alternative financing options have gained popularity in recent years, the idea of marketplace lending loans to consolidate debt or fund a business venture has become more common.

But could you use alternative finance to repair your leaky roof?

The Numbers

It turns out that marketplace lending home improvement loans are more common than you might suspect. While the vast majority (83 percent) of borrowers use marketplace lending to pay off credit cards and/or consolidate other debt, Lending Clubreports that about 5 percent of borrowers use it to pay for home improvements.

According to Lending Club’s statistics, that percentage accounted for about $9.5 million in home improvement loans via Lending Club in Q2 of 2015 alone!

Top Home Equity Lender: LendingTree

The Simple Dollar’s Saundra Latham recently named…

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