Do you want to redo your interior and give a boost to your home? Do you rent a property on a seasonal basis and need to redecorate to attract more customers? However, do you miss the funds? No problem, Good finance explains how to decorate loans and how to find the best deals.
What is an interior decoration loan?
A loan decoration is a personal loan that allows you to redecorate and / or furnish your home. A personal loan is a type of consumer loan granted by a bank or credit institution whose use is unrelated to a particular purchase. The use of funds should not be justified.
It is therefore an “all purpose” credit allowing you to finance your purchases to decorate your home. Beware, the loan decoration should not be confused with the loan renovation that allows you to finance the work and / or heavy development in your home; the latter has a more interesting rate since it is assigned to a particular use, and the expenses must be justified.
How does it work?
As a first step, estimate the amount needed to complete the desired accommodations. With the loan decoration, you can typically borrow between € 1,250 and € 150,000. To redo your interior decoration. You then repay your loan over a predetermined period and with pre-established monthly payments. The first step is to simulate your credit. To do this, mention the amount you want to borrow and the desired repayment term.
You will then get the annual percentage rate of charge (APR), the monthly payments and finally the total amount that you will have repaid at the end of the loan. You are however not limited to your usual bank to apply for a loan decoration, on the contrary.
What can I buy with a decoration loan?
With an interior decoration loan, the possibilities are endless. To make your living environment more pleasant, you can start by refurnishing, since the furniture is a central element of your decoration. To do this, a loan can be welcome because to refurnish a living room it takes between € 500 and € 1,500 depending on the tastes of each.
You can also review the lighting, which can radically change the dynamics of a room. Think about suspensions and mirrors, which give the impression of having more space and character. Similarly, do not leave your walls, which could benefit from a brushstroke and a little dressing.
Who can apply for this loan?
To apply for a decoration loan, you must be over 18, be a Belgian citizen or have permanent resident status. You must have sufficient borrowing capacity, that is to say, be in the capacity to repay your loan within the set deadlines. However, each of the banks and credit institutions have their own requirements, so it is important to learn about the financial institutions involved.