Has the roof started to leak or the kitchen tiles come loose? Sometimes there is an urgent need for renovation and also an urgent need for money. Here you will find out more about how you can borrow money for emergency renovation in a smart and safe way.
Borrow for renovation
It has become popular to borrow money for renovations. Today, the market for fast loans is larger than ever and renovation is one of the main reasons why many people choose to apply for loans. Renovation is investment, it says, and that’s right! When you renovate, you increase the value of your home. If you intend to sell or rent out in the near future, a minor renovation can be a great idea.
So-called renovation loans are available in a variety of variants in the Swedish credit market. Most are not at all called renovation loans, but loans without collateral are a more common name. When you borrow unsecured, you can use the money for exactly what you want. An unsecured loan from the bank can give you up to USD 500,000 with a repayment period of between 1-12 years. However, how much you can borrow and how long depends on how good your credit rating is.
To think about when borrowing money for renovation
There are two ways to borrow money for renovation. The first option is that you apply for private loans with the bank. The terms are usually better than with a credit company, but it also takes longer to get the money paid. Another disadvantage is that 99% of all major banks cooperate with Upplysningscentralen (UC), Sweden’s largest credit information company. Every time a credit report is made on you via UC, this is registered. Too many credit reports at UC can damage your credit rating in the long run. Do you know that you already have several credit reports with UC, then it may be a good idea to apply for a loan without UC instead. This type of loan is offered by private credit companies operating online.The interest rate for loans without UC is higher but on the other hand you get the money faster and you maintain your credit rating.
Borrow money directly for renovation
Are you in urgent need of renovation or repair? Frost damage, leaking roofs, mold, broken tiles and broken pipes are common reasons why we choose to take up the renovation work earlier than imagined. In that case, you can borrow money directly through fast online loans. When you borrow money online it goes very fast. You fill out an online application, send within a few minutes and get an answer right away. If everything looks good from the lender’s direction, the money will be sent to your bank account within 24 hours and you can get started with the renovation plans right away. Smart, simple and effective.
Something we never tire of repeating is the importance of first comparing loans BEFORE applying for a loan online. Different credit companies have different conditions and it is not always that the terms are completely room clean. Using a comparison service, you can sort out less serious lenders who make unreasonable demands and offer loans with sky-high fees. At MoneyScouter you can compare the best loans on the market quickly and free of charge. We help you make a smart financial decision so you can devote yourself to the renovation work instead. MoneyScouter only works with certified lenders who are under the supervision of the Swedish Financial Supervisory Authority. Welcome at any time of day.