No, that’s not smart. But let’s start from the beginning. After years in your own home it is time for a new kitchen. First look around in your old kitchen and count the electrical equipment that is there: oven, hob, extractor, fridge / freezer, microwave, dishwasher and maybe more. This equipment is / is usually built-in, so that must be replaced in any case. On top of that come your sink with faucet, new cabinets and drawers, splash wall, any tiles and so on. For these types of projects it is smart to apply for a loan because the interest rate has never been so low.
Calculate your loan
The big question is of course what this will cost you, so you must first calculate your loan. Because it rains that way, you don’t feel like putting on your jacket, entering a bank and gathering information about your monthly payments. But with this type of loan you don’t have to. From your favorite chair, with a laptop on your lap, you can quickly see if you can raise the loan. You do have to do a bit of work, but you are sitting warm in front of your fireplace, and that pint next to your elbow also tastes great. First make an overview of your monthly income and expenditure (and do not take the latter too tightly). This way you know what you have left over each month and you can use that as a payment amount. Now comes the detective work:
Cheapest credit provider
Try online to find the cheapest credit provider that lends you money at the lowest rate. With all those lenders, that can take a while, so we’ve already put the cheapest providers in a table for you. Search for yourself, of course, if you want to see more options. Nowadays, money lenders and banks make it very easy for you: they offer you a simulation tool for free; that makes calculating your loan a breeze. With this tool you can simulate an imaginary loan and see what you will pay monthly, including interest and borrowing costs. It couldn’t be simpler and you will soon know what your options are.
The simulator asks you to enter a few details, such as the term of the loan, sometimes your age (depending on the size of the loan amount) or any other loans that are running. The questions depend on the amount to be borrowed. Maybe you only need 500 USD because you are short of cash this month or your washing machine is broken. Then such a loan is cleared very quickly and you often have the money in your account within 24 hours. Larger amounts often provoke a few more questions, because of course you should not get into trouble. Calculating a loan is therefore important. You know that despite that loan, you can still continue to do your thing and cook at the same time in your new kitchen. These are two birds with one stone. Nice right?