Spring is a time when people start to think about upgrading the look of their homes. The weather is nicer, so more time can be spent on the home’s curb appeal. Upgrades such as painting the house, landscaping the lawn, and updating the deck all increase the value of a home–and make it more liveable–but they also cost money.
For people who want to have the work done but don’t have the money set aside, an installment loan can be the perfect solution. Borrowers get fast access to up to $15,000, which can be spent on any home upgrade needed.
Here’s how installment loans work:
The borrower applies online or in the store. If the application is submitted online, it can be completed in less than 10 minutes. The money is disbursed as a lump sum in as little as 15 minutes if the borrower chooses instant funding.
They access the money and then pay it back in installments–anywhere from 6 months to 60 months, with no penalty for paying the loan off early. Because the payment is fixed, borrowers can reliably budget for those payments without worrying about any unexpectedly high costs.
Anyone who is at least 19 years of age with a valid ID, a chequing account, and a steady source of income that can be verified can apply for an installment loan. Through the loan, they can access anywhere from $500 to $15,000.
Because the borrower is using their income for approval, they don’t have to put their home up as collateral. This also means the approval process is faster, and the borrower doesn’t have to have built-up equity in their home to be approved.
Once borrowers have the money, they can use it for anything they like, from covering emergency repairs to consolidating debt and even upgrading their homes.
Where installment loans work well for home upgrades
Because the money is given out in a lump sum, installment loans work best for short-term upgrades that won’t have ongoing costs. They can be especially effective if they also increase the home’s value.
Such upgrades can include the following:
- Repainting the interior or exterior of a home, which can instantly freshen up the look
- Redoing the home’s siding, which also makes the house look newer and more appealing, especially if stone veneers are added
- Landscaping the yard to make it more usable
- Adding or renovating a deck or patio, which increases a home’s useable space
- Replacing old windows, which can decrease heating and cooling costs and update the look of the home
- Making a home more accessible, which makes a home more liveable and increases the resale value
- Replacing the garage door with a newer, more secure door
- Installing new entryways, which improves the security of a home and updates the look
The bottom line
For homeowners who want to upgrade their home’s aesthetic but don’t have the money saved, an installment loan can provide the funding they need to get the work done and quickly enjoy an updated home.
Name: Carolina d’Arbelles-Valle
Email: [email protected]
Job Title: Senior Digital PR Specialist