Why Apply for a Decoration Loan

Do you want to adjust the interior of your house for a better living experience? Or do you want to rent / sell a house soon and do you want to attract more candidates with nicer furniture? If you are short of money to finance this facility, follow the tips from CompareLoan to find the best decoration loan.

What is a decoration loan?

What is a decoration loan?

 

A decoration loan is a personal loan with which you can purchase the decoration, including furniture, of your house. A personal loan is a consumer loan available from a financial institution and is not linked to a specific purpose. You do not have to justify the use of the money, making this type of loan perfect as a decoration loan. This personal loan should not be confused with a renovation loan. Renovation loans are specifically intended for renovations. The interest on this will be slightly lower, but you must be able to prove that it is for a renovation.

How does it work?

How does it work?

 

First make an estimate of the amount needed to make the improvements. With a decoration loan you can usually borrow between € 1,250 and € 150,000 to carry out the decoration. You must then repay the money in installments over a specific period with predetermined monthly payments. Before you take out the loan you can simulate the credit. To do this, enter the loan amount and the desired repayment period. You will then see how much interest you pay annually (APR) and how much you have to pay monthly. Finally, you also see the total amount that you must repay. In this process you are not limited to your own bank, but you can go to all financial institutions. This allows you to choose the most economical setting that best suits your needs. To save time and money you can compare more than 26 loans on CompareLoan to find the best prices on the Belgian market.

As an example we look at the situation of a family of four. The family wants to borrow € 5,000 to refurbish the children’s rooms and they want to pay this back within three years. See below the three best decoration loans for the family in Belgium:Compare all decoration loans

What can I buy with the decoration loan?

What can I buy with the decoration loan?

 

You can buy anything with a decoration loan. To make your home more comfortable, you can start by replacing furniture. A loan can help with this, since the decoration of a living room already costs between € 500 and € 1,500, depending on your wishes. Also consider the replacement of your lighting, which can completely change the dynamics of your room. Of course the walls are also important. A new coat of paint or wallpaper can make a world of difference.

How do I qualify for the loan?

How do I qualify for the loan?

 

To apply for a decoration loan you must be at least eighteen years old, you must be a Belgian citizen or have a permanent residence permit. Your credit rating must also be high enough so that the bank knows that you can repay the loan on time. However, every financial institution has different requirements, so it is important to be well informed about each institution.

Basic Differences Between a Loan and a Loan

When deciding on a quick internet loan, many of us are wondering what it really differs from ordinary cash loan, first of all there are 3 major differences between them.

A loan for any purpose

A loan for any purpose

The first basic difference is the purpose of the loan. Every loan granted by the bank, in accordance with the Banking Law, must have a strictly defined purpose. In a situation where the borrower fails to comply with the contract, i.e. will give a loan for a different purpose than the one indicated in the application may expose him to enormous unpleasantness. In such a situation, the bank may demand an immediate return of the loan. Loan companies, in turn, are not obliged to comply with this provision, and therefore the client decides on what to allocate additional funds.

Waiting time for a loan decision

Waiting time for a loan decision

Portarloan acting in accordance with the loan ethics makes sure that its clients do not fall into the spiral of debts. For this reason, each application is subject to risk assessment, which means that on the basis of the information gathered, financial experts assess whether the new commitment will not be too heavy a burden for the borrower. This process is very efficiently executed, so that when deciding on an installment loan we can count on the fact that we will receive a reply within a few minutes. Meanwhile, in the case of a loan taken from a bank, it often happens that the client verification process is much more complicated. The bank must check the creditworthiness of each person who has completed the loan application. The longer waiting time is mainly due to the fact that clients are asked to provide additional documents confirming the accuracy of the information provided in the application. It happens that despite the correct submission of all required documents, the bank still does not want to grant us a loan .

Cash loan

Cash loan

Another difference is the method of payment of borrowed funds. By law, banks are required to transfer borrowed funds to the bank account indicated in the loan application. Companies from the loan sector do not have to enforce this provision because their activities are not supervised by the Banking Law and Civil Law. This difference means that in Portarloan the client independently chooses the method of withdrawing funds from among three options – transfer to an account, collection at a bank outlet or cash withdrawal at Portarloan. A non-bank cash loan may be granted after completing an online application.

Will You Have to Pay IRS? Learn How To Do it in Installments

By this time of year, many taxpayers have already received IRS refunds into their bank account. However, instead of receiving, there are those who have to pay this tax, for not having made sufficient withholdings over the previous year. Payment of the IRS must be made by August 31 in Finance, according to the deadlines provided in the IRS Code. But to try to ease the burden that this payment can mean in the taxpayer’s pocket, there is a solution: the installment payment. With the entry into force of the State Budget for 2016, the IRS installment payment standards have changed. Know the changes.

1. What is the new maximum amount for payment in installments?

1. What is the new maximum amount for payment in installments?

Until the entry into force of the State Budget for 2016, only IRS debts of less than 2,500 euros could be paid for benefits without any guarantee, provided that before the initiation of the executive process (attachment) and provided that the applicant was not a debtor to the Treasury, as you can read here. Article 184 of this year’s State Budget has changed the rules and doubled this amount, passing the maximum amount of debt that can be paid to benefits for 5 thousand euros.

2. Has the number of benefits also changed?

2. Has the number of benefits also changed?

Yes. In addition to the doubled amount, the number of benefits increased from six months to 12 months, in cases where a guarantee is not required from the claimant. So if Finances validate the IRS payment request in a phased manner, take note of how the total tax is divided by the number of installments.

IRS debt amount (euros) Number of installments
From 204 to 350 euros 2
From 351 to 500 euros 3
From 501 to 650 euros 4
From 651 to 800 euros 5
From 801 to 950 euros 6
From 951 to 1100 euros 7
From 1101 to 1250 euros 8
From 1251 to 1400 euros 9
From 1401 to 1550 euros 10
From 1551 to 1700 euros 11
From 1701 to 5000 euros 12
Source: Tax and Customs Authority  

3. Is it possible to extend the number of benefits?

3. Is it possible to extend the number of benefits?

According to the guide provided by the Tax Authority, entitled “How to pay your taxes, customs and other taxes”, the number of benefits can go up to 36 months, as was already established. But in such cases, the debtor is obliged to give a suitable guarantee, namely, bank guarantee, surety bond or guarantee made by legally authorized insurance institutions or mortgage.

4. How to make the payment?

4. How to make the payment?

The payment of the benefits must be made until the end of each month, in cash, check, debit to account, bank transfer or postal order in the services of Finance (collections sections), CTT counters or through the ATM. To the value of each installment, interest on arrears will be added on the respective amount from the time of the period for voluntary payment until the month of the respective payment. It is enough to fail to pay a benefit in order to initiate the tax enforcement process.

How to ask Finance to make payment in installments?

Requests for payment in installments are preferably submitted electronically or at the tax office of the area where the taxpayer is domiciled for tax purposes, up to 15 days after the deadline for voluntary payment and must contain the identification of the applicant and the nature of the debt. Within 15 days of receipt, applications shall be accepted by the Head of the Finance Department after verification that the applicant is not liable for any other taxes.

Young and Indebted are the Target of Financial Training

To say that all agents – consumers and financial institutions – only have to gain from promoting the levels of financial literacy in Portugal is an idea that has already become common sense. The first international conference of the National Financial Training Plan, organized today by the National Council of Financial Supervisors (which includes the Bank of Portugal, the CMVM and the ISP) has exposed the initiatives that have been put in place to improve the level of financial knowledge of the Portuguese, but also made reflections on the work that still needs to be done in this area. And, from the words of the supervisors who attended the conference, there is still much to be done.

According to the Governor of the Bank of Portugal, Carlos Costa, it is necessary “to ensure that savers when they make an application know the risks they are running. Savers and investors have to realize that a high return corresponds to a higher level of risk. Which does not always happen. ” The governor of the Bank of Portugal also stressed the importance of investors in managing their risk because they may not have the income or assets to absorb the risk assumed.

Bet on new tools to reach more people

Bet on new tools to reach more people

Carlos Costa also stressed the importance of the role of the media to the success and effectiveness of the financial literacy plan. “Communication is a vital element in getting the message across.” In this sense, and in order to get the message to consumers more effectively, the Governor of Banco de Portugal has advanced that the Todos Contam Portal will have an e-learning platform to allow greater interaction between consumers and agents who are committed in the promotion of financial literacy. The head of the Bank of Portugal said that supervisors are also analyzing the potential of other tools such as social networks and educational games as vehicles for the financial training of consumers.

This would be one of the possible ways to bring financial literacy to the younger generation – a target audience for the National Financial Training Plan. The Governor pointed out that he will continue to focus on actions for this public in schools and, ideally, in universities. And it explains why: “Even among adults with higher education the degree of ignorance of the functioning of financial products is high.”

But young people are not the only target audience for financial literacy. Carlos Costa said that “financial training for companies is necessary” and stressed that “it is necessary to intensify training among the most vulnerable social groups”. And in this field, one of the initiatives that is highlighted this year is the network of indebted consumer support. At the conference, Teresa Moreira, director general of the Consumer Directorate General, said that the purpose of this network is to support consumers in regularizing credit default situations. “It is a qualified support and it is important to emphasize this characteristic especially when we are facing people in a fragile situation”. Teresa Moreira said that the network – announced last year but regulated only earlier this year – counts on the partnership of 14 recognized entities that provide support a little throughout the country.

Giving more information is not a guarantee of effective financial training

Giving more information is not a guarantee of effective financial training

One point that stood out from all the interventions of this first international conference of the national financial training plan is the evidence that it is not enough that clients should be provided with information leaflets on financial products to improve literacy levels. Information needs to be made more transparent and the way information disseminated is improved. Carlos Alves, of the CMVM – in addition to announcing the launch of a new simulator of costs and bond yields – recalled that in the past there was the idea that it was enough to give a lot of information to people to make the most adequate financial decisions. After all, it’s not like that. “It is not enough to give information,” he said, highlighting the three key drivers of an effective financial education plan: information, knowledge and behavior.

The same line of thought was put forward by Andre Laboul, president of the International Network on Financial Education. This person presented a picture of what is being done a little around the world in the field of financial education. “The passage of information is not enough. It needs to reach people and they understand it. ” Laboul also defended the existence of a trilogy in this sector: financial education, financial inclusion and consumer protection.

Loan for Debt Restructuring

The number of over-indebted households is steadily increasing in Germany. And personal bankruptcies have skyrocketed in recent years. Many consumers want to avoid insolvency and therefore try by all means to avert this step as much as possible. A loan for debt restructuring can be very helpful here. However, only under certain conditions.

When a loan for debt restructuring is useful

When a loan for debt restructuring is useful

If one can no longer balance his monthly expenses with the receipts, one is considered in debt. More and more people are affected. For one thing, because they have taken on financially and lived beyond their means. On the other hand, because unemployment or a separation has paved the way to debt.

Anyone who wants to take out a credit for debt restructuring must first clarify exactly how the debts have arisen and how far the debt has already progressed. Banks only lend money if there are no negative entries from private credit. Those who regularly service their debts will not have them either.

If you are insolvent, you will not get a loan. You also have to see how the debt is stored. How many creditors do you have? What are the interest rates and the installments that are stuttered here every month? Would these payments be reduced if you put the debt in a loan?

Who has many creditors, must serve many hands. Many creditors are not satisfied with retail rates. They know the financial situation of the debtor and will try to demand as much money as possible from him. If you have many creditors, it is good if you can summarize all the debts in a loan. This saves a lot of money each month and you can then settle the loan with small installments.

On the other hand, if you no longer get credit from a bank, you should not get involved in dubious other offers. These too will not lead to any credit. It is much better if you take the help of a debt counseling service and can get detailed advice here. The advice will set up a debt settlement plan and seek contact with creditors. When they see that they have gotten help, they are usually also milder and gracious vote.