According to Credit Action in April 2013, the average person owes more than £3,000 in credit card bills, overdrafts and finance deals, so using cheap secured loans to pay them off in one go may be of interest to some consumers.
This kind of borrowing is known as debt consolidation and is a way for you to pool all of your unsecured debts into one pot and use the equity in your home to pay it off in one go.
With First Choice Finance, that may even available for people who have got impaired credit although either way you may end up paying more in interest payments over the course of the loan.
Cheap secured loans can also go towards things that you want or need to buy now, rather than just things that you`ve bought on credit in the past.
You also have to be careful when seeking cheap loans, as by definition loan providers charge you interest on the money you borrow, so a secured loan may not be the cheapest way to raise money but it is one option.
That means you may have a route to raise a substantial sum of money to buy your family a new vehicle if you`ve had more children and have outgrown your current one or you may want to improve your home by adding a conservatory or orangery.
Perhaps your golden wedding anniversary approaches and you`ve set your heart on a once-in-a-lifetime cruise, you could use the money to pay for that to.
First Choice Finance will help you find the cheapest secured loans for you by comparing our lenders products to find a deal that matches your individual circumstances and as the Bank of England reckons that lending conditions for secured loans loosened at the end of 2012, your chances of being approved should be higher.
To find out more about getting cheap secured loans, get in touch with the friendly finance team at First Choice Finance today.
You can ring from a mobile on 0333 003 1505, call for free from a landline on 0800 298 3000 or enquire on line on our website, at firstchoicefinance.co.uk.
Unsecured Personal Loans
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Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.