Credit Works And Furniture: Which Is The Best Offer?
June 5, 2019
To what end can credit be used for works and furniture?
This type of financing, as its name implies, is especially aimed at those who wish to do works at home and / or remodel it and perhaps purchase furniture for this purpose.
Regardless of whether it is a thorough remodeling or even renovations in a single division, the loan works allows you to finance all the building materials, furnishings and manpower needed.
To apply for a credit works is it necessary to inform the bank about all the details of the purpose of the loan?
Depending on the bank in question, in order to obtain this bank loan it may be necessary to present to the financial institution the budget for the works to be carried out.
However, before applying for a credit for works, you should check if you have eligibility for it. This varies according to the creditor, being determinant to have age equal to or superior to 18 years and being also important to be resident in Portugal.
The essential documentation for any consumer lending application, which normally covers:
- Identification Document: Citizen Card (CC) or Identity Card (ID). If you have another nationality, you must have with you a residence permit and the Taxpayer Card, if you do not have a Citizen Card;
- Proof of address, which can be an invoice of water, electricity, telephone, among others;
- Documents proving income: if you are a worker, you must present receipts due in the last months; if you are a managing partner or self-employed, you must file the last IRS statement; and if you are already retired you must send the last proof of retirement;
- Proof of IBAN ( International Bank Account Number ): copy of ATM cash register with IBAN or proof of IBAN obtained through the bank’s website.
Please note that banks have access to a report with your credit history in order to take the risk analysis needed to decide whether to proceed with your claim. Therefore, in addition to the above mentioned documents, maintaining a good credit history and demonstrating ability to repay the loan are crucial factors in ensuring that your application is approved.
How long do I have to wait until I receive the requested amount?
After resorting to credit works through the simulator of ComparaJa.pt and proceed to submit the request for personal credit, the customer will see your request analyzed and receive the conditions that several banking institutions are offering in Portugal. After selecting the bank that offers you the best conditions, the customer will receive the requested amount in approximately 48 hours. In the meantime you will have the support of all the specialized team of ComparaJá.pt, who will help you make the best decision for your specific case.
Which financial institutions offer this credit for works?
There are several institutions in the market that offer credit for works and furniture. For example: you can use the product Cofidis Personal Credit, Cetelem Personal Credit or even Personal Credit Santander. However, it is advisable to always analyze all alternatives to ensure that you find the best APR and the best conditions for your profile – it is a matter of doing several simulations and comparing the whole market.
What types of credit works are there?
There are two types of credit for works:
- Housing and Construction Credit: This is a mortgage secured loan. In this type of financing the consumer can apply for a loan to buy a home and to add, on the same loan, a loan to make works in that same residence. The major benefit of this type of credit is the fact that it usually has lower interest rates and longer repayment terms;
- Personal credit works: this is a traditional consumer credit, involving less bureaucracy and whose approval process is not as complex as the credit housing and works. However, this type of loan usually has higher interest rates and a less extended repayment term, which of course may result in a higher monthly benefit for the consumer.