Can A Loan Be Used For Home Improvements?
The simple answer is Yes. Home improvement loans are one of the most commonly used types of loan in the country. Many people choose home improvement loans as it allows them to carry out essential work or improvements without having to worry about having all of the money in one go. Home improvement loans help to give people an easy cash flow to cover the cost of tradespeople, materials or decorative items. Many people spread the cost of home improvement loans over periods such as 3, 6, 9 and 12 months and most don’t typically lend more than £1000.
Whether it’s to do up a bedroom for a child that’s outgrown it or a new bathroom suite, home improvement loans can be used for a wide range of purposes. We carry out a full range of affordability and credit checks and will work closely with you to ensure the loan is affordable for you. Keep reading below to find out more about why people choose home improvement loans and how to apply for one.
Why People Choose Loans For Home Improvements
One of the most popular types of loans for people to take out is home improvement loans. These types of loans offer quick cash injections, allowing you to carry out home improvements all in one go and without being tied to a specific supplier or company. Some of the main reasons people choose home improvement loans over other types of credit are:
- No Hidden Costs – What you agree to lend and pay back is the amount you’ll repay, there’s no hidden costs or extra interest added during the course of the loan.
- Cash – Having cash means you can spread and budget your home improvement much more effectively, using the suppliers or tradespeople that offer the best price without being tied into finance options.
- Fixed Period – You know once you have completed the loan and made all of the repayments, the loan is fully paid off, there’s no extending that period or worrying about when buy now pay later options end.
- Budgets – Loans help you to budget much more effectively compared to other lines of credit such as catalogues, finance agreements or credit cards.
Home Improvement Loans Explained
Home improvement loans are loans that are typically taken out to help cover the cost of home improvements, this might be to cover materials or to pay a particular tradesperson. Before taking out a loan you need to ensure it is affordable for you and that the repayments can be made on time and in full. Setting out a budget and watching your finances will help to ensure that you effectively use the money, without needing to lend extra.
Applying For A Home Improvement Loan
If you’re interested in applying for a home improvement loan, then all you need to do is contact us. You can apply online or for more information, simply call or email us. At Forward Finance, we are committed to being a responsible lender and will work closely with you to ensure the amount you’re lending is affordable for you and the repayments are easily manageable based on your current income and outgoings. We carry out full credit and affordability checks before giving out any home improvement loans.