There are several options for renovation, renovation of an apartment or house. However, it is not clear which solution is the most advantageous. A Personal Payday loan offers us the freedom to fund different projects.
Buying an apartment or house is not a simple matter at all. We all have many different conditions that our new home should meet. Property with the best properties will find a new owner quickly. Sometimes bidders compete and even offer the owner a higher amount to buy a dream apartment. After purchase, there is a refurbishment.
Most people, even if not a new home, will renovate an apartment or house every 5 years, on average 4 to 5 thousand euros. Often this amount or part of it is not available. How do we solve this problem? From what money can we finance the necessary work?
Types of credit we can use in such a situation
Renovation can cost us a lot of money, from a thousand euros to 7-10 thousand or more. It depends on what needs to be changed. It can be enough for 1000 – 1500 euros for painting, while the complete reconstruction, including the replacement of electric cables and the change of tiles, is a completely different category. If we bought a new house, maybe we spent most of our funds. So when choosing a loan, the main question will be whether we have any amount we can use to fund or not.
We can use:
- Personal Payday loan
- loan for reconstruction
- Building savings
How to choose the right type?
We can examine the question in several ways. A few years ago, the loans had quite high interest rates, so they were not a very advantageous solution, because the total cost of the loan could have cost us a full up to 40-60%. However, at present, interest rates are much lower, so we can count on a Personal Payday-free loan.
If you are a true planner and you know ahead of time, building savings is the solution for you. With this type of funding, the target amount can only be used after the time you have signed the building savings contract. In this form, it is possible to use the state subsidy, but the last changes in the conditions of building savings will lead to this type of financing being less attractive.
A loan for reconstruction is a Personal Payday-built type of loan, so it is possible to get a little better from a financial institution than a Personal Payday loan. However, it should be noted that this is a special-Personal Payday loan and the bank will want to confirm from us what we have paid the loan. Therefore, for those who are home masters and some stages of reconstruction work, this loan is not satisfactory because they will not be able to document the work they have done on their own.
Applying for a Personal Payday loan to renovate an apartment
As interest rates have reached an acceptable level, these types of loans have become very popular. For the most advantageous, we only pay around 5-6% RPMN.
Personal Paydayless loans are offered by almost every financial institution, bank and non-bank company. If the applicant has a good credit rating, they do not have to worry that they would not receive a loan to fund the works.
Why is a Personal Payday loan more profitable than other types of loans? Let’s look at the following statements:
- You do not have to choose a loan from a bank where you keep a current account. If you find a better offer elsewhere, you can have money within a few days on your account.
- Mortgages may offer a lower rate, but since the repayment period is much longer, you will pay more.
- Usually the ID card and receipt are sufficient for the application.
- Needless to say, money can be used freely.
So, after reviewing the topic, we see that a Personal Payday-free loan can be the most advantageous solution when it comes to adding finance to reconstruction work.
The loan amount depends on several parameters. If we already have a loan – for example, a mortgage – the amount of a Personal Payday loan may be lower, as, according to the law, the banks cannot let us get above average. Therefore, the monthly installment of all our loans cannot be higher than a certain percentage of our confirmed monthly income. We should strive to pay the selected loans as soon as possible, because then the total amount paid for loans will be the lowest.
- Personal Payday loan
- monthly payment
- interest rate
- loan application