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?
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?
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?
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?
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.