A green home improvement loan may be a small but important step to contribute to the green environment. It is all about the constructive change to your home that will not negatively impact your finances. However, having a most suitable loan is vital.
It may be your personal choice to go for an environmentally friendly home, but sufficient funding must back it up. You need to have the right loan that can cover the maximum of the renovation costs without disturbing the household budget.
What things will you consider while searching for a loan? Our loan experts have explained a few of them. These include:
Loan Amount: It must be your starting point. You should be clear in your mind while picking the right loan amount, which should be affordable. Analyse your green home project and its total cost. Still, you can borrow up to £50,000 here.
Repayments: Repaying the loan should be affordable to your monthly income. You have larger dreams of a green home, and it is indeed a sincere intention. Still, you should be practical in your finances and do green improvement of your home without breaking the bank.
Loan term: It is fine that you get a higher loan term of 84 months. You should have the proper idea of how much monthly instalment you can bear up to a certain period.
Work on these aspects and choose Financealoan as your loan provider. We take pride in giving more flexible deals that match your financial capacity. Apply now to have to the pleasure.
Green home improvement loans in the UK are like other personal loans, but they come with salient features such as discounted interest rates. You get the lump sum amount that you need to repay with a set interest rate throughout the loan term. However, you get a discount on the rates that apply once you meet the specific energy terms and conditions.
Many private lenders in Ireland are there offering these loans but their eligibility criteria may differ. Our criterion has been on the flexible side, where everyone can qualify irrespective of credit score and employment status. Choosing this sort of home improvement loan is like financial motivation for your endeavour towards a green home.
You can ask our experts anytime regarding any query related to the qualifying conditions. They keep your query on priority and solve it with their perfection and without charging any fees. Still, there are some norms on which you need to work before applying for the loans. For instance, you need to have the features given below to your new or existing home before going for a renovation loan.
You can straightway qualify for our loan if your home improvement includes these things.
Whatever your budget is for the improvement, you should continue with your plan of a green home. You are doing a noble cause for the environment, and therefore, a low-interest loan may always be an opportunity.
Simultaneously, you should know the types of grants for home improvements. It is vital because the rates, terms and amount will vary.
Secured Loans
You can pick the option of secured personal loans if you have an asset like a car, home or bank deposit to use as loan collateral. The most significant aspect is that you get lower interest rates as there is no risk for the lender. Here are some pros and cons of this type of improvement loan for green homes.
| Pros | Cons |
|---|---|
| Lower interest rates | Approval may take days |
| Large amount to borrow | Your asset is at risk if you default |
| Longer repayment terms | Early repayment fees |
These loans emit the requirement of collateral as the approval comes on other aspects. These are more likely to be short-term loans but prove useful during a financial emergency. Lender tends to analyse your creditworthiness for loan approval.
| Pros | Cons |
|---|---|
| Quick loan approval | Higher interest rates |
| Short application process | A Small amount to borrow |
| Flexible loan terms | Shorter loan terms |
Fixed Rate Loans
These loans will have a fixed interest rate throughout the loan term. Despite the higher rates, you will have more certainty and stability as there will be no impact of market rates.
| Pros | Cons |
|---|---|
| You know your monthly repayments | Early repayment fees |
| Easier to manage | A higher percentage of rates |
Flexible Rate Loans
If you feel uncomfortable with fixed rates, we can give you an option of variable interest rate loan. Under this loan option, the interest rates may go up or down as per the market trends. You get the following advantages and disadvantages of these funding sources.
| Pros | Cons |
|---|---|
| You can repay the loan early | The interest rate may increase |
| Competitive interest rates at the starting | You may struggle to budget the instalments |
You love your living abode more than anyone. Surely, you want to make it like a heaven for which you have planned to make it environment-friendly. You may have a goal of largely using energy but reducing the number of energy bills. You know your purpose, and we welcome it.
Your familiarity with the importance of a green home should not underestimate the value of your personal finances. Therefore, if you go for just green home improvement loans, then it should have many advantages in your favour. You will indeed get plenty of them at Financealoan. Let us get started.
Higher loan amount: We appreciate your intention to renovate your home to convert it to be more energy-efficient. This is the reason why we allow a higher loan amount to borrow where we can fund up to 95% of the renovation cost.
Interest rates with discount: We want to contribute to your efforts towards a clean environment. Unlike traditional green mortgage loan rates, our online loans will keep the interest rates suitable to your pocket.
Reduced energy bills: You want to install energy-efficient materials in your home. This will reduce the consumption of power, which minimises the bills you get monthly. Indeed, discounted interest rates are always there.
Inner satisfaction of contributing in climate change: Everyone worries about climate change, but not all of them make efforts towards it. If you have opted for a green home, you can directly or indirectly contribute towards a safer future in Ireland.
By looking at these loan advantages, you would surely like to go for a green home improvement. Why delay? Start applying for a suitable loan deal now.
Applying for a green home improvement loan at multiple places can harm your credit score. Traditional lenders may not be interested to your loan request if your credit score is down. Therefore, if you are sincere in your efforts for a green home, you should show the same towards a loan, too.
Our loan experts have accumulated some vital tips for you to submit a strong loan application.
No more debts while applying
As a responsible private lender in Ireland, we do not want to increase your debt burden. First, clear all your debts on time and then go for these loans. You do not need to go anywhere to clear those debts. You can apply for our debt consolidation loans and then start implementing green home improvement.
Borrow the amount as per your need
We finalise everything matching your loan affordability. It means you get the amount which your monthly income can handle. If you borrow more than your repay capacity, you will struggle a lot later. The amount may not be higher than traditional green mortgage loans in Ireland. Still, you get sufficient funds to carry on your project. You can use a repayment calculator and figure out the best loan for you.
Keep up your credit score
You should know that credit score is a vital part of the loan process. It does not matter that you aim at green home improvement. Every lender has a concern about your overall credit rating. We also follow the same path but with flexibility. Even if you have a poor credit score, we are ready to accept your application for a green home improvement loan for bad credit.
Reduce the usage of credit card
To improve your credit score, it is important to minimise the use of credit cards. It does not imply that you should not use it. Instead, you can use it carefully. Make sure that your balance is low and that you are paying your bills on time. Missing or failing to bill payment will negatively impact your overall credit score.
Follow these suggestions and you are ready to go for a loan to move towards a green home.
We do not just finance a loan, but we also finance your financial dreams. We understand how an individual contribution towards a green environment is vital. We appreciate your efforts and are ready with grants for home improvement in Ireland that can implement all your plans. How do we do that? We assist you with the following features:
We accept only online loan applications, and therefore, everything will be quick. You get the approval on the same day to start your project.
We follow a soft or no credit check policy. You have higher loan approval chances despite any credit score and without any adverse impact.
You do not have to go outside. Instead, sit at your home and apply for our loans. We provide doorstep service for collecting the repayments too.
We do not ask for too many papers to submit. Since it will be a major home improvement, we may require you to submit some of the documents, like:
At Financealoan, you have a streamlined application process. What can you receive from us? You will get instant loan decisions, same-day fund transfers and credit score improvement.
