Furniture Loans – Can You Finance Furniture With Personal Loans?
A question that comes up is can you finance furniture with personal loans? The answer is yes you can and it is normally a better way than getting in store financing or using your credit cards. Personal loans can be obtained online and the application process is easy and quick.
5 Different Ways You Can Finance Furniture
Using a Lending Network to Get a Personal Loan
When you start looking for new furniture for your apartment or new home it can help to get a personal loan ahead of time. This help avoid all the hassle of financing once you are in the store. It also allows you to negotiate the deal and have the cash there when you are ready.
Lending networks have an easy form you fill out and then their network of lenders reviews it and gets you the best deal. This can mean a lower rate and better terms that meet your needs.
The lending network we recommend for personal loans to finance furniture is PersonalLoans.com
Using a Peer-to-peer lender for Financing Furniture on Larger Purchases
People buying a new home or getting their first apartment may be looking to make a major furniture purchase. This can include a new bedroom set, kitchen table and living room furniture.
If you have good credit and are wanting a personal loan that is larger, you may want to consider a peer-to-peer personal loan. You can get up to $40,000 if you get approved.
These have gotten very popular and are basically a loan that is funded by multiple individual investors. You simply fill out a form and then you will receive a rate quote. Once you accept, the funding process takes place over their lending platform. Once funded your money is then direct deposited into your checking account where you can then go out and buy your furniture sets.
We recommend LendingClub.com for peer-to-peer loans up to $40,000.
Furniture Loans For People With Bad Credit or Low Credit Scores
Sometimes you have a need for financing, but your credit score may be low or even considered bad credit. If you fall into this category and still need financing for furniture you can still find a lender.
To apply for a loan up to $4,000 you can visit OppLoans.com
to obtain a small personal loan even with a low credit score or bad credit.
Buying Furniture With a Credit Card
You can always try to use a credit card to pay or finance furniture. The only problem using a credit card for this purpose is it usually means carrying a balance with no end date.
This is where people can get into trouble if not careful. A personal loan has the advantage of a fixed interest rate and end date to the loan. This can help you achieve a zero balance where you do not accumulate debt.
In Store Financing
Another is in store financing. Sometimes you may be offered a 0% intro rate for 12 to 24 months. If you are a person that can pay that amount off in that period of time that is great.
But if you need more time than that the interest rates go up substantially after that and you could get hit with some very high interest charges on that furniture purchase.
You also need to be aware if you miss any payments on the furniture store financing you may lose that 0% interest rate and it can revert to the higher amount. So just be careful and read over all the details if going that route.
By getting a personal loan up front you have time to get the best rate and terms. The personal loan is also unsecured and has a fixed payment that will not change over time. Since you have the personal loan already in your account you will also be able to budget to exactly what you can afford to purchase.