Apply For A Fast Approval Furnishing Loan To Finance New Furniture (Singapore)

Personal Finance

Apply For A Fast Approval Furnishing Loan To Finance New Furniture (Singapore)

July 14, 2022

Home should be an anchor, a port in the storm, a refuge, a happy place to dwell in, or a place where are and can love.

To have a place like that, the home must look good and carry the vibes of its owner. Nobody wants to live in a shabby apartment that feels uncomfortable. If your house feels cold or empty, one way to brighten it up is to have new furniture and new decorations!

Homeowners in Singapore can easily spend up to $50,000 for renovations. They usually have the flooring renovated, walls repaint or build elegant bathrooms and maybe even a kitchen island. However, furniture is just as important. Your house will not become a home without the right furniture. No matter if you are a student, a working adult or a retiree, we all come home from a long day of school or work and just want to rest. Just imagine relaxing on a huge sofa after bathing, or simply having a good meal at a classy dining table. Getting the best furniture or your dream furniture can help you with that!

That being said, the average cost of furniture in Singapore is relatively high. We will break down the costs of high-end and low-end furniture at the bottom of the article. If you have the desire to refurbish your home or office with some new stylish furniture, but you are short on cash, then a furnishing loan can come in handy.


Apply For Credit Thirty3’s Furnishing Loan And Get Your Loan Approved In Hours, Bona Fide 


Much to the surprise of many, furniture loans have been gaining popularity amongst Singaporeans and foreigners. It makes sense to decorate your apartment beautifully and purchase furniture of the best quality.

Credit Thirty3’s furnishing loan lets you to:

1. Borrow up to 6x of your monthly income to purchase your dream furniture.
2. Zero restrictions on which furniture to purchase. You will have full control of the cash.
3. Lower interest rates as compared to other licensed moneylenders in Singapore.
4. Choose a loan term to your convenience.
5. Upgrade your property.
6. Borrow up to $100,000 should your income qualify. Credit Thirty3 is one of the few moneylenders in Singapore that has the capacity.
7. Worry not if you have a bad credit rating. We welcome everyone and are willing to listen to your story.


Why Don’t I Borrow From Other Financial Sources? 


The question above might be running through the heads of many people. Why should I borrow from a licensed moneylender? Why should I choose a furnishing loan? I have other options available.

To answer this, Credit Thirty3 has interviewed 15 customers and concluded a couple of reasons.

1. Credit Score Ratings

In order to get a loan from banks or other financial institutions, you will need to have a relatively good credit rating. If you have a history of late repayments and bad debts, your credit score will fall, making it difficult or almost impossible to get a loan. Banks are strict with their loan regulations and often turn away customers with bad credit scores. In situations as such, Credit Thirty3 provides an alternative for them. If you have a bad credit score, don’t be afraid to speak to us. Credit Thirty3 aims to help as many customers as possible and we cater to some customers with poor credit as well.

2. Getting A Bigger Loan 

For certain banks and financial institutions, they do not allow homeowners to take out a large loan. Most will only approve of loans at the amounts of $1,000 or $4,000. For customers with bigger houses, a couple of thousands is simply not enough. A basic sofa set could easily cost up to $3,999. There will be other items to be purchased, such as beds, closets, tables, bookshelves and chairs. Homeowners might need a bigger loan of $20,000 or more and a furnishing loan will be able to help.

3. Not Qualifying For Loans From Furniture Stores / In-Store Loan Arrangements

In order to make it more convenient for their customers, many furniture stores in Singapore offer their very own loan programmes. Customers can basically pick the furniture they want and make monthly installments. However, there was a problem for some. You need to have a minimum salary of $3,000 per month to qualify for their loans. With this minimum amount, many customers were unable to purchase their dream furniture. At Credit Thirty3, we offer loans to anyone who has a salary or proof of employment.

4. Avoid Making Payment With Credit Cards 

Most credit cards offer rebates, cashback or travel miles when customers spend on their card. It does sound like a good deal. For example, if one has an air miles card, spending $15,000 on it might allow him or her to earn 45,000 miles. 45,000 miles qualifies for free plane tickets to Malaysia, Indonesia, and maybe Taiwan. While getting credit card rebates and miles sound like a good deal, many customers still faced issues. 

The main issue is their credit card limit. Some considered paying for their furniture using their credit card, but it was rejected as it went above their credit card limit. Next, interest rates for credit cards are known to be extremely high. The interest rates are around 15% to 28%. Should one misses a payment due to their busy schedule or lack of money, they will undoubtedly incur debt. Credit card debts will easily snowball and cause stress and problems for the card owner.

Let’s say you have gotten your loan approved and that you have the cash in your hands. What can you do with this money? What furniture can you purchase to help brighten your apartment and make it more aesthetic?


Here Are 6 Types Of Furniture You Can Consider 

1. A new bed frame 

The average cost of a bed frame in Singapore is $500.  It would be best if you had a bed frame which is of good quality because it supports the mattress. A shaky bed frame will deprive you of a good night’s sleep. Look for a bed frame that is strong, firm and long-lasting so that you can get value for your money. While the basic bed frame costs $500, beautiful ones with cravings or of better quality can cost up to $2,200.

2. A good mattress

We all know that having the right bed mattress is particularly important for your spine. The bed you sleep on greatly affects your posture and how your body feels. In Singapore, there are lum loks from Pasar Malams that are cheap. They usually cost between $50 to $150. However, these mattresses are very soft with no springs and poor cushioning.

You and your family deserve the best mattresses of the best quality. Whether it is for yourself, your partner or your family, having a good mattress will bring a good night’s sleep. Popular good quality mattress brands in Singapore are King Koil and Sealy. Mattresses from King Koil range from $599 to $4,549. Mattresses from Sealy range from $2,199 to $8,899.

3. A stylish dining table

One cannot emphasize how important it is to have a clean and comfortable dining table in the house. Amidst busy schedules, having a meal together is what a family can do to spend some time together. This is why the dining area or dining table has to be comfortable for all.

The quality of the dining table in your home can sometimes be a sign of your wealth status. A dining table is an excellent place for you and your family to bond during meal times. It can also be useful as a workstation where you can sit down and get some paperwork done. The average cost of a simple dining table in Singapore is $500.  Ensure that you purchase a dining table that is of good quality so that you do not need to spend extra funds for replacing it in the short term because of wear and tear.

4. An air conditioner 


In Singapore, an air conditioner is an essential household item. Singapore is known to be hot and humid. The extreme heat can create a lot of discomfort within the home. A good air conditioner will keep your home comfortable and fresh during the days when the weather is scorching. It will also clean out the air and remove all irritants so that your family members remain healthy. The average cost of an air conditioner in Singapore is $3,000.

5. A comfy sofa set

The sofa set that you choose to have in your home will contribute significantly to the ambience and beauty of the living room. A lovely sofa will give you comfort as you unwind after a long day of work. Your guests will also have a comfortable place to rest when they visit your home. The average cost of a sofa set in Singapore is $1,100. It would be best if you invested in a sofa set that will serve you over the long term because it is a worthwhile investment.

6. A refrigerator

It is another essential item needed in the home. A good refrigerator will keep your food fresh over some time, and consequently, you will limit the risk of infections from stale food. It would be best if you purchased a fridge that is efficient when it comes to energy use so that your energy bills remain at a minimum. The average cost off a good refrigerator in Singapore is $1,200.

The prices given for the furniture items above are average figures. However, the actual costs that you get will depend on the furniture shop that you choose to visit.  The following table gives a breakdown of the prices of furniture items in Singapore categorised from lower-range prices to upper-range amounts.


A General Price Guide On Furniture In Singapore 

ItemLow Price RangeMiddle Price RangeUpper Price Range
Bed Frame$200$900$2,200
Dining Table$130$500$4,000
Sofa Set$400$1,200$7,000
Washing Machine$500$1,000$2,000
Air Conditioner$2,000$2,700$4,000




Benefits Of Getting A Furniture Loan 

There are many benefits that you will enjoy once you decide to take up a furniture loan. Some of these benefits are listed below.


  • No need for collateral

With Credit Thirty3, our Furniture Loan is an unsecured loan that does not require any collateral. It is a significant advantage because you will not need to go through the hassle of looking for a suitable asset to present to the lender as collateral, especially if you have just bought a BTO or a new apartment. You will need time for your finances to stabilize. If for any reason you default on the loan, there is also no risk of you losing your asset. The fact that no guarantee is needed means that the approval rate for this type of credit will be faster since there will be no time spent doing an asset assessment.

  • Some lenders do not require a minimum level of income

This benefit is especially real for a personal loan. Many lenders do not need you to have a certain minimum level of income before they approve your loan. They only require for you to show proof of income, which includes your most recent payslips and your most recent bank statements.  From your level of income, they will be able to approve a loan amount that is affordable for you in terms of repayment. It is an essential benefit because regardless of your level of income, you will still have the opportunity to access some funds.

  • Flexible terms and conditions

This type of credit facility is usually flexible. When you are applying for the loan, you will have the opportunity to negotiate with the lender for suitable terms and conditions. You can reach an agreement which suits both parties when deciding on issues such as the period of the loan, the interest rates and even the amount of monthly instalments to be made. It will benefit you because you can agree on a repayment schedule that suits your budget, and the chances of default will be at a minimum.

  • Quick source of cash

If you need to purchase furniture urgently for your home or office, then this type of loan will give you a quick source of funds to meet the need. The alternative way of getting funds by borrowing money from your family and friends may take more time, and you may not be able to access the full amount of funds when you need it. Applying for a furniture loan will help you to acquire the entire amount required within a shorter time, and you will be able to furnish your home or office sooner rather than later.

  • Convenient online application

For most lenders in Singapore, loan applications of almost all loans can get done online. It is a great convenience because it will save you the time that you would have taken to drive or commute to the physical offices of the lender. You will enjoy the convenience of making the loan application at any time of the day or night from the comfort of your home or office. With an online loan application for a furnishing loan, you do not have a limitation to making your application during working hours. It means that your loan application will be able to reach the lender faster, and as a result, the loan will also get processed sooner, and the funds disbursed quickly.

  • Build your credit rating

You can grow your credit rating when you take out a furniture loan. However, to do this, you must adhere to a stringent budget so that you ensure that all your loan repayments get done punctually. It will help to improve your credit score over time, and you will have the opportunity to access bigger loans in future.

In conclusion, taking out a furniture loan is a quick and convenient way of accessing funds to do the refurbishing or upgrading that you have always desired to do for your home or office furniture. Find out more from Credit Thirty3 today!