6 Mind-Blowing Benefits Of Taking A Furniture Loan In Singapore To Buy Your Furniture That Will Surprise You (2020 Update)

Written by Shannon Wong on March 17, 2020

Many people dream of owning their own home or office space. Having your own literal comfort zone where you have the freedom to decorate it to your heart’s content.

When you have your own space, you get to design the space according to your specifications. Whether you want to add in comfortable sofas, rolling chairs, chandeliers, plants, armchairs or your very own kitchen island.

To make the place presentable, there are several things that you need to consider.

  • You need to make sure that both the electricity and water is running well in the house.
  • You need make sure that the general construction such as walls, doors and flooring or the house is done well.
  • You need to make sure that the interior of the house or office matches what you have in mind.

The interior design of the house is the next most important thing you should consider apart from buying your home. Your home should feel like your home, where it is the most comfortable environment for you. You need to choose décor that matches a particular theme that you may have in mind. To do this effectively, you can either hire an interior decorator or do it yourself. While picking out the décor, another important aspect you need to look into is the furniture.

Good designs and good furniture piece together a more appealing home and office.

These can be seats for your guests to use and other items like tables, chairs and drawers. If you are moving in from another home or office, you might have outdated pieces of furniture that needs changing. This means that you need to go furniture shopping. Old furniture or unappealing furniture does affect one’s mood and may cause one to work less productively or even dread coming home. However, if you are lacking in finances, you may find getting new furniture a bit difficult. Not to worry, for there are furniture loans in Singapore that can help you finance your purchases. These loans can be offered by your bank or a licensed moneylender.

Getting a furniture loan may not sound like a very good idea, but you will be surprised by the numerous benefits from getting it.


Here Are 6 Benefits Of Getting A Furniture Loan With 1AP Capital

1. You can get your product immediately

If you need the furniture immediately for your home or office, you may not have enough time to look into the different financing options. This process may take weeks or even months. Loans offered by banks such as DBS, UOB, OCBC or HSBC usually have a longer processing time due to their large structure and many departments. On the other hand, furniture loans offered by a licensed moneylender in Singapore may be processed quicker.

With a furniture loan, you can make the agreed payment amount to your retailer and take your furniture with you. You will be able to use the furniture immediately and the furniture truly becomes yours. You don’t have to wait around. If you are moving into your new home soon, you definitely do not want to come home a disorganized and cold home. If the new furniture is for your office, it will be best to get them soon as you definitely do not want to affect the running of your business. Getting a furniture loan simply means you can start enjoying the comfort of new furniture as early as the day of purchase.

2. Makes moving easier

Sometimes, when you are moving, the whole process can be very hectic and tedious. It gets tiring and messy even with lots of helpers. You need to make sure that you sort out the things that you are moving with and the ones that you are giving out or selling off. Most people tend to opt for new furniture when moving. New house, new furniture.

Getting a furniture loan in Singapore can help you plan your move much more easily. Since you already know that you can afford the new furniture you want, you can let go of your old pieces much earlier. Furthermore, if you have any plans of selling them, you can start making advertisements in advance. Being able to buy new furniture also greatly lessens the bulk of items that you have to take with you when moving. With less things, you won’t need to look for a storage unit for your items. You can avoid such expenses.

3. Boosts your credit score

Getting a furniture loan can help to boost your credit. This is because depending on the terms of agreement, it falls under installment loans. Keeping up with the payments on your furniture loan can help to improve your credit score. This is a plus because it means that it may be easier for you to qualify for other loans in the future. Other loans could be personal loans or car loans or further education loans. Most people build their credit scores through credit cards but such loans also contribute to this score.

Your credit score proves to lending institutions that you are trustworthy when it comes to paying back the money that you owe. This is an important aspect of receiving a loan. If you have a low credit score, lending institutions won’t want to be involved with you. However, if you have a higher credit score, getting loans will be easier for you. Therefore, apart from helping you get your dream furniture, a furniture loan may help you secure another loan in future.

4. Good interest rates

Depending on the lending institution that you visit, you may get your furniture loan in Singapore at very friendly interest rates. This means that you won’t be left with the burden of having to pay back an enormous amount of money to the bank or lending institution. This can be a source of stress sometimes, because it makes repayment very hard. However, when it comes to furniture loans, you may be lucky enough to get one at a manageable interest rate. Keep in mind that the interest rates may depend on the loan tenures that you choose.

Shorter loan tenures usually offer lower interest rates while longer loan tenures offer higher interest rates. Although longer tenures cost more, it means that you pay lower amount every month which prevents you from becoming financially unstable. In Singapore, most lending institutions calculate interest annually. Therefore, before you take out the furniture loan, get to know how much you will owe the lending institution and get quotes from different places to find the best loan provider for you. That way, you will pick out good deals.

5. Improved décor

One of the biggest advantages of taking out a furniture loan is that you get to improve the décor of your home or office. When your home is visually appealing and comfortable, you look forward to going home after a long day to relax and unwind.

Furthermore, this loan can help you get comfortable furniture pieces that can make amazing reading or working spots. Improving the décor of your office can also be a good thing for your business. This is because it will provide a refreshing environment for your employees to work without any disruptions. It may also boost their morale leading to improved overall work performance. Furthermore, an appealing interior may attract more clients to your establishment. This is especially true if you are in the service industry. If you have more clients, you will be able to make more money.

6. Flexible payment

The good thing about getting a furniture loan in Singapore is the fact that you can choose flexible means of payment. Depending on the period over which you want to make the payments, you can get favorable instalments for each month. Having such favorable terms of payment will allow you to pay back the loan without much stress. In fact, a flexible payment schedule allows you to easily add your loan instalments into your monthly budget without overstraining.

Remember that you will still have monthly needs to be satisfied such as food, groceries, telco bills and transport while servicing the furniture loan. Therefore, having a flexible payment plan will work in your favor, as you will still manage to attend to other needs while keeping up with the loan payments. All the while, you can enjoy the furniture that you bought.

Overall about Furniture Loans

Furniture loans are designed to help homeowners and business owners better their homes and offices. Getting a new safe, a new desk or a new shelf is made possible with furniture loans. 1AP Capital offers a wide variety of loans and is a licensed moneylender in Singapore with the Ministry of Law. We have a physical store where there are friendly consultants to help you. Simply fill up our online application form and our consultants will get back to you within 24 hours. Start revamping your home or office today!

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