Transform your home with the loans reform without fear of paying more
August 21, 2018
The expenditure on reforms has risen again. After the crisis years since 2013, expenditure for this purpose has increased by 18.2% and by 5.2% only during the last year, according to the 360º Observatory of Housing and the Home Reform. This report also indicates that the most common expenses among Spaniards when carrying out reforms tend to be concentrated on better equipping housing. With the reform loans, we can obtain the necessary liquidity for this purpose, although we must do it with a head so that the cost of this reform is worth the economic effort involved.
The 5 must get cheap reform loans
When applying for funding, whatever the purpose, it is important to take into account the keys to doing it responsibly and what factors make that, even if we get the best loan offer reform, the total cost of credit increases. Therefore, before hiring any type of financing it is essential to know the following must :
1 – Compare between loan offers reform
Although our bank can offer us a personal loan with very good conditions, it is always best to know what the general conditions of the current loan offers are. Thus, knowing more promotions we can either negotiate with our own bank to improve the conditions or go to the entity that has the cheapest loan reform. Currently, there are many entities that, in addition to offering unbeatable promotions, do not require changing banks to access them:
2 – Know all the commissions and connections with Cofidis Project Credits it will be necessary to present a proof of purpose, in this case, it could be a budget that we have of the reform that we want to carry out.
When comparing different loans, we already take into account the costs of each type of financing, but it is also important to know if they have formalization fees, if they need to contract a product to approve our application or if they have some hidden cost in the contract that we do not know. For example, Cofidis credits do not have formalization fees or early repayment and do not require the mandatory hiring of any type of product to be able to obtain them.
3 – Make sure you can repay the credit
This point is essential to not over-indebted. Before hiring any type of financing, we must be completely sure that our economic situation will remain stable for the duration of the repayment of the loan. This factor is always important, but it is especially important when it comes to reforming loans since it is not about financing a material good that we can return or sell to pay off the debt.
4 – Do not ask for more money than necessary
Make a budget of the reform that we want to carry out, foresee possible contingencies that could arise, know what percentage we can contribute from our savings or if it is possible to divide the expenses into two different reforms will be vital. By not having a budget and only an estimated idea we can fall into the error of asking for more money than necessary and end up paying interest on a larger amount, even when we do not need the entire loan.
5 – Choose the appropriate term
Although it may seem like a little-related factor, it is one of the variables that most affect how much we will end up paying in total. Although a low quota is much more comfortable, this will cause the term to be extended longer than necessary and generate interest for a longer time, resulting in a higher cost. So, helping us with individual payday advance to choose the most adapted installment for us, taking into account the term, will be the best way to choose the most appropriate term and not to overpay with the loan reform.