Where Can I Go to When I Need Money for a Home Renovation
After years of staying in your home, the time may come that you'll decide to make some home renovation. In most cases, people may find themselves wondering where they can get money. You could approach a bank or other financial institution and try to take out a loan, but that whole process can be quite long and tedious. The best option is often a money lender Singapore. Some so many lenders are providing low-interest home improvement loans and are typically more flexible with terms than banks are, and they work fast so that you can start on your renovation as soon as possible!
In this informative blog post, we'll discuss the differences between banks and money lending agencies, and they can help with your financial needs. We'll also talk about the other ways you can obtain money for your home renovation project.
Banks VS Licensed Moneylenders
If you're looking for money to help with your home renovation, you may have considered approaching the bank. However, a moneylender is often a better option because they're more flexible with their lending practices and can work quickly as well.
Banks are typically very regulated when it comes to money lending - but that's not always necessarily in your best interest! Banks will usually require higher down-payments (or collateral) or proof of income before approving loans; you'll also need to wait at least 30 days from the date of application until you get approved and then another few weeks after that before any money actually makes its way into your account. Assuming everything goes according to this timeline without incident, all told, this could be an eight-week process.
Moneylenders, on the other hand, can offer money in just a few days and with much lower down-payments (or collateral). You may also find that they are more lenient when it comes to income or credit checks; if you make money from self-employment as long as your bank account is healthy, then moneylenders will be happy to work with you too! All told, this could take less than two weeks - which means less time waiting for your home renovation project to get underway!
But, the decision is still for you to make. Just think it through carefully before you make your final decision whether you'll take out a loan for your home renovation from the bank or from a licensed moneylender.
Other Ways to Obtain Money
If moneylenders are not the best option for you, then there are still other ways that money can be obtained. Here's what you can do:
- Consider borrowing money from a family member. Your family may not be able to lend money in the way that a bank would, but they can still help you out. They might have money saved up from other things or even just want to do something nice for you - and lending money is a great option too!
- Alternatively, if your family members are also strapped for cash, then consider starting an emergency fund so that you're fully prepared no matter what happens next. You'll get money deposited into it every month (or per paycheck) until it reaches a certain goal amount; once this threshold has been reached, you can use them as collateral against your home renovation project.
- Search for local contractors who offer financing options. There are also people in the building and renovation industry who offer money. You could consider talking to them about financing options for your project instead of taking out a loan.
- Research government programs that provide financial assistance. The government sometimes provides money for people who need assistance with home repairs - so this is another option to consider.
Tips to Save-up Money
You can also save money for your home renovation without using any of the other options mentioned above. Here are just some suggestions:
Sell non-essential things
If you have things or stuff that you don't need, then consider selling it to make money. You can list items on websites such as Craigslist or eBay and get money in no time; if you do this consistently every month until your home renovation project is underway, then that will be plenty of money saved up!
Get a second job
You may want to consider getting a second job or using apps like Uber to make money on the side. You might not have time to work at two jobs and spend long hours doing it, but this is an option that may be good for someone who is retired with plenty of free time!
Have a side hustle
If you are skilled in something, then consider bartering skills with people (or companies) who need them; they will usually provide money as payment instead of anything else, so don't worry about receiving any goods from these trades!
Downsizing your lifestyle
You can also save money by downsizing your lifestyle. This includes doing things like buying cheaper food or cooking at home more often, paying off expensive credit cards and loans, etc. These are all good ways to start saving money for a future project - even if it's not as big of one!