The amount of people seeking help as a direct result of problems caused by payday loans has apparently doubled over the past two years, suggesting maybe some of these consumers need to consider a longer term solution to cash flow problems.
It`s emerged that 37 per cent of the Debt Advisory Centre`s new clients this year (2103) are having problems with the short-term, high interest loans, compared to 18 per cent in 2011.
As a proportion of their debt, payday loans now account for 15 per cent of the total, compared to seven per cent two years ago.
Multiple borrowing through any loans can lead to a slippery slope of debt, but taking decisive action over your finances and being diligent about your spending thereafter could turn things around.
You may look to do this with a debt consolidation loan, using it to pay off your existing unsecured loans & credit cards leaving you with more money in your pocket each month.
Please be aware that interest payments will probably be larger over the full period of the new loan and you will need to control your spending to within your new budget going forward.
Find out more at firstchoicefinance.co.uk, alternatively telephone 0800 298 3000 or from a mobile dial 0333 003 1505.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
Unsecured Personal Loans REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
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 2014-2018.
If you have a poor credit rating you may find it more difficult to find a loan here at First Choice Finance we have specialist lenders offering a range of poor credit loans so enquire online and speak to us we may be able to help even if you have been declined finance in the past.