There comes a time in every woman’s life (and occasionally a man’s) when they want a completely new look; not for themselves but for the home! This is usually at a time when money is a bit tight and the most you can hope to afford is some new cushion covers and a lick of paint.
But are you giving up too easily? You are a home owner and, as such, you have the wherewithal (the collateral) for lenders to look more favourably upon you if you ask to borrow their money. Taking out a secured loan to pay for the makeover may be the best route to peace, pipe and slippers at home.
A secured loan is a loan that is taken out against the value of your home (you’ll be able to borrow more next time because the makeover may increase the value of your property) so you need to be diligent about making the repayments on such a loan.
The best advice, if you have decided that you want to go the route of a secured loan is to shop around. Do some research and compare what lenders are offering. Try to get one with the lowest APR or annual percentage rate because that way, you will often be paying less interest. But watch out that it isn’t for too long a...