How Much Do Furniture Cost In Singapore And How You Can Apply For The Right Furniture Loan Singapore 2020

Furniture is essential for a home and can make a whole lot of difference to the look and feel of your house.

After purchasing your apartment and renovating it to suit your style, you may notice how outdated or boring your old furniture appears to be. Regardless of how beautiful a home is, filling it with old furniture may end up diminishing its overall appearance.

Adding new and attractive furniture to your home can make it feel more welcoming and comfortable, as well as more functional. In such a situation, you may need some new furniture items, but the challenge of not being able to afford it hampers your goals.

Over the years, more and more Singaporeans have been taking out furniture loans to enable them to take home all the items that they require. If you are not comfortable or contented with the current furniture that you have, and your budget is tight, a furniture loan can be useful.

What Is A Furniture Loan?

You might have heard of more common loans such as personal loans, business loans or study loans. However, what exactly is a furniture loan?

Simply put, a furniture loan acts in the way that a personal loan does. They are specifically tailored to meet the needs of those wishing to purchase furniture, whether for their home, offices, etc. With a furniture loan, you will be able to purchase the necessary furniture you require in order to spruce up your place.

As with all other loans that we provide, there isn’t a minimum monthly salary in order for you to qualify for the furniture loan. All you have to do is prove that you have a steady flow of income each month and you’ll most likely be approved for the loan. Another benefit of a furniture loan is that it is unsecured. This means that you do not have to put up any collateral in exchange for the loan.

Compared to banks and other traditional financial institutions, CreditMaster’s furniture loans are less stringent. With our simple and quick approval process, you’ll be able to get the funds you need, fast.

Factors To Consider When Getting A Furniture Loan

Before applying for a loan, it is essential to compare the different available loan options. Think about the following criteria to make sure that you end up with the best choice for your needs.

1. Qualifying

Consider the requirements in advance to avoid applying for a loan that you may not be eligible. If you are suffering from poor credit, find out the lender’s policy regarding borrows who have poor credit. There is a higher chance for people who have good credit to get loan approvals. However, this should not be a significant concern since various licensed moneylenders work with different credit scores and applicants.

2. Loan Amount

Having a viable budget when doing furniture shopping is essential. You should do your due research for items to determine their prices. This way, you will then be able to gauge the amount that you need to borrow. It makes it easier for you to figure out how much cash you need to get according to your needs.

Knowing the amount also prevents excessive borrowing. The amount is useful for matching up with moneylenders who can give you the funds you need. At CreditMaster, you are able to borrow up to 6 times your monthly earnings.

3. Loan Tenure

This is essential because the loan tenure usually determines what you will be required to pay each month. Make sure that your loan does not exceed the 60% cap that has been stipulated by the government as per your total debt servicing ratio. Licensed moneylenders do not approve loans that go beyond this figure. A longer tenure typically means that you may pay more in interest over time.

4. Fees and Charges

The cost of a furniture loan includes fees, charges and interest. You should look at these costs to get the best deal possible. While some loans may come with low-interest upfront, high loan charges and processing fees may end up costing you much more in the long run. Find out how much is chargeable in loan fees such as early settlement, loan processing and repayment.

5. Interest Rates

Interest rates are generally the main concern for borrowers because they are the highest cost of taking a furniture loan. A lower interest rate is better, but you should also look at the whole package that is being offered rather than focusing on the interest rate. Calculating the monthly payments and costs lets you know whether or not the loan will be manageable.

At CreditMaster, we strive to keep our interest rates as low as possible so that you are able to comfortably take out the loan.

Importance Of New Furniture

Changing the interior of your home, or updating the style to make it look more appealing is achievable when you have the right furniture. Even with a fresh coat of paint or new plush carpets, a home renovation would be incomplete without some new furniture that improves the surroundings.

As furniture is a costly investment, here are some benefits of switching out the old furniture for new ones:

1. Functionality

The purpose of spaces in the homes such as bedrooms and dining areas determine the essential furnishings that you require for your home. While picking out the pieces, it is vital to be fully aware of how to make use of the space. It determines the necessary furniture pieces. For instance, a lot of seating space should be available if you wish to entertain many guests.

2. Style

Different types of furniture can fit with specific themes. You can find chairs, tables and sofas crafted in a modern or vintage way. Different rooms usually look better when the furniture corresponds with their tone.

3. Comfort

Old furniture can become more uncomfortable as it continues to age. New furniture such as sofas will be firmer and stronger to guarantee adequate rest.

4. Authenticity

New furniture that ranges from lamps to tables can provide a new authentic look. Well-crafted furniture can go a long way towards improving the overall visual appeal of your home.

5. Durability

Another key benefit of purchasing quality new furniture for your home is durability. Furniture that has been crafted with high-quality materials and adequately constructed can withstand constant use, spills and objects being placed or dropped on it. Furniture durability is crucial for a worthwhile investment.

6. Organisation

Furniture like bookshelves and tables that consist of drawers can make it easier for you to organise the rooms in your home. You may be pleasantly surprised at how much more organised you can become when you add a few extra storage pieces or functional items that work well with your space.

7. Low Maintenance

Depending on the type of new furniture that you purchase, it may be easier to keep it clean. Different materials and upholstery have varying modes of maintenance.

8. Light

New furniture in your home can create the impression of more light. This makes the room looks bigger and brighter. You match a bright interior with furniture that has light colours to maximise  the amount of light reflected in the house.

What Are Some Common Furniture Items & Their Prices?

You can buy different items with a furniture loan, including the following:

Applying For The Right Furniture Loan

If you need financial assistance to purchase your new furniture, applying for a loan is a practical option worth considering. You might be planning to buy new furniture but lack the funds required to make a full payment. A home without stylish and beautiful items can feel complete, which is why more homeowners are opting to finance their furnishings.

When it comes to buying furniture, you’ll probably go for the high-quality designs at reasonable prices. From spacious closets to luxurious seating, the cost of furniture can be high even when promotions and discounts are on offer. It is essential to think about your financing options carefully before making your final choice.

It is advisable to go through all the terms and conditions of a loan agreement before getting a loan.

Apply For A Furniture Loan With CreditMaster In 3 Easy Steps

Furniture loans give you more flexibility and freedom when budgeting and planning for your furniture purchase. You will not have restrictions on items that are sold at a specific furniture store as you have the option of selecting prices from different shops. Finding the right lender can help people get the best deals for their circumstances.

When applying for a furniture loan with CreditMaster, all you have to do is submit your online loan appplication, confirm your loan at our branch and receive your money in cash or cheque!

With a furniture loan, you will be able to get all the items you require to enhance your home or office. New furniture can also be ideal for growing families that need to adjust to their living conditions.

Find out more about our furniture loan by chatting with us, or alternatively, you can submit your online loan application and our friendly consultants will be in touch with you within the hour!