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How to find the right personal loan for your big furniture purchases

May 6, 2019

Your options for choosing a personal loan always come down to your financial situation and individual needs. Here is some information on how to select the right personal loan for your big furniture purchases.

Secured or unsecured?

Secured loans

You have to offer your home or car as security to the bank, however, it gives you the advantage of lower interest rates.

Unsecured loans

This is ideal when you don’t own an asset, or you don’t want to hurt your home’s equity. However, you may have to convince the lender that you can make the repayments by providing evidence of income, for instance, your payslips.

Fixed or variable interest rates?

Fixed interest

The rate remains the same throughout the life of your personal loan. This can make budgeting a whole lot easier for you.

Variable rate

The interest rate can shift during the loan’s term. Thus, the repayments can go up and down.

Short or long tenure?

The tenure should depend on your financial situation and why you need the loan. The period should be between a year and seven years. Remember that the longer the personal loan’s tenure, the more you will pay in interest.


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