Let Us Answer All of Your Questions
What is Kitchen Finance?
Kitchen finance relates to any costs that are associated with financing kitchen renovations, buildings and improvements. So whether you are looking to invest in small kitchen improvements, or looking to administer a complete re-modelling, iThink Finance’s home improvement loans for kitchens aims to accommodate all of our customers needs. Kitchen finance is an affordable and flexible way of paying for your kitchen renovation costs, and it is a great way of enabling and executing your home improvement dreams and aspirations.
How does Kitchen Finance Work?
We wouldn’t want to spend hours filling out a loan application, so we won’t make you. This is why we have made applying for home improvement loans with iThink Finance quick and easy.
If you’ve already started making plans for your kitchen, then you’ll have an idea of how much you’ll need and what for. After you have decided on an amount between £1,000-20,000, you’ll need to decide on the repayment term, fill in a few details, and wait for a decision on your loan.
And don’t worry - this won’t take long. You should know within seconds of applying if a lender has accepted you or not. Following the acceptance of your loan, you’ll receive the money very quickly into your account, within just 24 hours!
After you have received the cash, you’re required to repay your loan in affordable monthly installments that is mutually agreed between yourself and the lender.
So, there you have it - uncomplicated, easy, instant decision loans with iThink Finance!
Kitchen Finance Loans vs. Kitchens On Finance Making A Decision
When considering all of your kitchen finance options, you will probably come across various different kitchen providers who offer kitchens on finance, as well as alternative funding options such as home improvement loans for kitchen finance. Because there is so much out there, it can be difficult to compare one option to the other and assess what particular type of lending is right for you. So, before you rush in and opt for one of these options, it is important that you are aware of the ins and outs of them so you can be happy with your decision. Let’s take a look at the pros and cons of each!
What are the Advantages of Kitchen Finance Loans?
- Flexible repayment terms
At iThink Finance, we put our customers first. This is why we aim to be as flexible as possible and offer repayment terms from 12-72 months. This means that however big the sum of money is that you want to borrow, you can pay it back affordably and comfortably, at your own pace.
- Quick decisions
Once you have decided on a loan amount, a repayment term, and filled in the necessary details online, then we can provide you with an instant decision. Read More »
You will receive a decision within seconds informing you if you have been accepted or not. You can even receive the money into your account the very same day!« Show Less
- No hidden fees
We believe in completely transparency, which is why we do not charge any fees with our service.
- No deposits
Unlike the majority of kitchens on finance deals, loans from iThink Finance do not require that you provide a deposit. Because you don’t have to prepare a large sum of cash upfront, home improvement loans makes it a more flexible and affordable.
- No limitations
When taking out a personal loan for your kitchen, you are not restricted in purchasing everything from one place, the way you would have to if you opting for kitchens on finance. When you take out a loan with iThink Finance, there is no restriction on where you spend the money and on what.
- No collateral needed
Because our loans for kitchens are unsecured, we do not need you to secure your loan with collateral. This means that there is less risk involved and you don’t have to worry about losing an asset that has an irreplaceable value to you.
What are the Disadvantages of Kitchen Finance Loans?
- May suffer penalty charges
There are certain penalty charges that you may accrue when taking out a loan. For example, if you decide that you want to pay off your loan early, you may have to pay for an early repayment fee.
- Potential for scams
As lending has become an increasingly popular practise, there are certain companies that take advantage of this and intend to scam their customers. This is why it is so important to take out a loan with a trusted source to avoid falling victim to their shrewd scamming tactics.
When choosing to take out a loan with an online website, you should always check that they are FCA regulated so that you can avoid damaging your financial security.
What are the advantages of kitchens on finance?
- Less hassle
You can sort your financing and kitchen plans all in one place. This makes it a much less time-consuming option and could prove easier and more practical when managing your kitchen renovation project plans.
- 0% interest offers
Some kitchen providers offer up to 5 years interest free credit on your kitchen.
What are the disadvantages of kitchens on finance?
- Requires a deposit
A lot of kitchens on finance deals ask that you provide a deposit to place your order. If you don’t have money to pay upfront, then kitchens on finance may not offer the flexibility that you need.
- They can be restrictive
Direct kitchen providers tend to be quite strict on credit eligibility, so if you don’t have the best credit rating, then it might be quite difficult to receive the deal you want.
It can be difficult to receive financing if you have poor credit. This is why it is important to take steps to improve your score so that you have a higher chance of receiving the loan you want. Paying bills on time, reducing the amount of credit applications, and fixing mistakes on your credit report are some of the easiest ways to improve your credit.
- May be more difficult to negotiate
In regard to personal loans, some lenders will allow you to negotiate a lower interest rate on your loan. However, when it comes to haggling with kitchen providers, it is a different ball game. Read More »
However, if you are looking to achieve some discount on your kitchen, you are likely to be more successful with brands such as Magnet and Wren, as opposed to low-price retailers such as Homebase and IKEA.« Show Less
Frequently Asked Questions FAQ's
Before applying for kitchen finance, you should have a checklist of questions to ask before making a final decision. If you need a little bit of help defining what these are or have made it through our guide and have accumulated a few questions yourself, then take a look at some of the most frequently asked questions regarding kitchen finance below.
I have been declined. Can I appeal this decision?
We’re sorry that you have been declined, but yes, you may appeal a decision for accepted as well as declined lending decisions. To do this, please follow our complaints procedure page.
I don’t understand how it works. Who do I speak to?
Please feel free to contact us from 9:30-5:30pm Monday to Friday via telephone on 0203 475 4080, or email us at: firstname.lastname@example.org.
What is APR?
APR stands for ‘annual percentage rate’. It is a way of measuring the interest rate, as well as other other additional charges on your personal loan. Your APR is the representation of the amount of interest you’ll be charged on an annual basis.
What factors affect the interest rate of my loan?
There are several different factors that go into a lenders decision on what interest rate to offer their customers. These include:
Your risk profile
How much you want to borrow
The repayment term of your loan
Interest rate fluctuations
General economic conditions
Can i apply if i have a poor credit rating?
Yes. At iThink Finance we try and accommodate to all of our customers, and since we work with a panel of lenders, you have a higher chance of being accepted for a loan. However, it is generally more difficult to obtain a loan with a poor credit score, so it is worth taking steps to improve your rating before you apply.
How much can I borrow?
You can borrow anything from £1,000 - 20,000.
What are the repayment terms?
You can opt for a repayment term of 12-72 months.