Home Improvement Loans: 5 Tips to Keep in Mind before you Apply

Christmas and New Year are about to knock your door. Your home should be appealing and spacious enough to accommodate a large number of guests. Therefore, you must be looking to give a perfect makeover to your home. But, due to the lack of funds and being a bad credit customer, you must be feeling tough to fulfil your dream. You can’t think of wiping out retirement savings and fixed deposits.

From Where to Get these Funds?

The required funds should come from a different source. Traditional banks and lenders strictly follow a no-risk lending policy and they reject your loan application due to the poor score. Why are you worrying? Offered by the online lenders in the UK, home improvement loans allow bad credit borrowers to renovate or modify their houses without any delays.

After getting these funds, you can do whatever you want to do with your house. You can add an extra kitchen, give an extension to your floor, paint your house, give an extra space to the living room, and more. But, you are NOT bound to use these funds for home improvement only. Even, you can utilise the availed money to overcome a financial crisis or manage any other expenses.

Various deals on these loans are available online, but you should select the best deal as per your requirements. Let’s summarise smart tips to keep in mind before applying for a home improvement loan:

Tip 1# Consider Only Unsecured Options

Both secured and unsecured personal loan deals are available online. In the secured ones, you are required to pledge your house or any other valuable asset to get the home improvement funds. This option is risky and in case of default, you may lose your asset. On the other hand, unsecured loans allow you to borrow house improvement funds without putting your asset in the risk. To be honest, such funds are slightly costly, but at least don’t give you sleepless nights.

Tip 2# Smartly Choose a Direct Lender

Once you have decided to choose an unsecured home improvement loan, you need to look for a reliable lender. Taking the help of a costly broker or unethical lender may land you into trouble. Try to select at least top 5 lenders and compare their lending services and offers. Ask them to send final or real quotes instead of estimates so that the total cost doesn’t shock you later. Never trust APR representative examples blindly. Carefully read the ratings and feedback given by the previous customers.

Tip 3# No Guarantor Deals are Hassle-Free

Home improvement loans for bad credit allow you to borrow house repair or renovation funds irrespective your credit rating. You are not obliged to get the loan application co-signed from a guarantor. You get the approval solely on the discretion of the direct lender and its bad-customer friendly lending policies.

Tip 4# Ask for the Fast Approval

Many lenders boast of approving your loan application in 30 minutes, but in reality they take more than 5 days and another few days in disbursing the required amount. Don’t let their false promises to shatter your house renovation dreams. Apply for the home renovation funds with a reliable lender who is ready to offer same day lending solutions.

Tip 5# Select a Flexible Tenure

Life is uncertain and may be tomorrow you wouldn’t have money to repay the loan. Always, choose a term that you can easily afford. A very short tenure requires you to pay back in high-value repayments. On the other hand, a longer tenure costs you high. Usually, the tenure of home improvement loans ranges from 6 months to 5 years. Choose an optimum tenure with the monthly instalment facility.

 

Applying for a loan is so easy. You just need to fill some basic details and submit the button. Don’t wait for the Christmas season. Explore the best deals now!