October 29, 2019

A loan for renovating an apartment? Take her in installments!

Your furniture is already glorious years, your wife would like a new kitchen and a neighbor from above is constantly flooding your apartment? It’s time to renovate! Now you don’t have to explain yourself with the lack of money, because you will get all the funds you need from non-bank companies. See how it is possible!

In online non-bank companies, you will usually get a loan to renovate your apartment faster than at a bank. And all this because such institutions will not ask why you need this money and will not require confirmation that you actually plan to carry out some renovation. Here, the principle of operation is very simple: if your creditworthiness is enough to allow you to repay another commitment on time, the company should not make you problems with granting the loan. However, before you decide to apply for a loan to renovate your apartment, check exactly what this product is about.


Installment loan – what does it look like?

Installment loan

If you decide on an installment loan, the loan amount will be returned in monthly installments, including commission and interest. Usually these installments are equal, although some non-bank companies apply a decreasing installment policy, which means that each month your debt installment will be lower and lower. In addition, you also need to prepare for additional fees. The cost of the loan may increase, for example, by an insurance premium or a preparation fee. These amounts can sometimes be included in the installment, but it can happen that the lender will demand their repayment regardless of the loan.


Loan for apartment renovation – how to choose it?

Loan for apartment renovation - how to choose it?

Now that you know the principle of how installment loans work, you can choose a lender. First, determine what expenses will be spent renovating your four corners. Relax, even if during the work it turns out that your financial resources are insufficient, he can always apply for another loan. In this case, however, you must choose a different lender, because you can usually have only one loan active in one non-bank company.

Once you know the amount of the loan you are interested in and for how long you need to borrow money, just compare loan offers, e.g. at FinanceGo. There you will find information about the cost of loans at specific non-bank companies as well as other requirements of the lender. Thanks to this, you will immediately know what to expect in a given institution and make the best choice for you.