Payday Loan Consolidation

First Choice Finance can often offer help to people caught in the payday loan trap, borrowing small amounts at high rates for a short term, struggling to keep up with payments, seeing the interest rise increasing the debt from week to week.

First Choice Finance offer a number of debt consolidation options no only helping consolidate payday loans but also credit cards and other personal loans. At First Choice Finance, we realise that each client has different needs when it comes to loans and remortgages, and we believe that we can never have too many options when it comes to loan plans. Whether you have good credit or impaired credit, we have loans to fit most circumstances.


Some people may find payday loans a useful device to borrow a few hundred pounds for a matter of days or a couple of weeks, but if you find yourself with a number of them to pay off at once or are continually eroding your wages by using pay day loans regularly, you may want to consider payday loan consolidation.

The market for these short-term loans has increased massively over the past few years, as more people run out of money before their next wages reach their bank account – in summer 2012, the Unite union indicated that there was a shortfall for 82 per cent of its members.

That same poll found that 12 per cent of those polled resorted to using payday lenders to make up the difference, even though the interest rates involved can often appear to be very high, even thousands of percent and you don`t have that long to pay back the money.

However, whilst it`s one thing to use these kinds of loans for short-term needs, if you`re in need of a longer-term debt solution they are probably not the answer and may even put off potential lenders as it will appear that you may have cash flow problems. It is important to understand why you keep reverting to payday loans. Do you need to consolidate your other credit to be able to get your cash flow straight?

The advantage of these when you`re looking to restructure your debt is that you have longer to pay them off – from 3 to 25 years – whilst you can raise enough money – from £3,000 to £100,000 in order to pay off all of your unsecured borrowings, although overall interest payments may be higher as a result.

Find out more about payday loan consolidation by contacting the finance experts here at First Choice Finance – you can call for free from a landline on 0800 298 3000, if using a mobile its cheaper to call 0333 003 1505 or visit firstchoicefinance.co.uk




Can debt consolidation help with payday loans??

Do Payday Loans Hurt Your Credit Rating?,

Is Consolidating Debt A Good Idea?,

What Are The Alternative`s To Payday Loans?

Can debt consolidation help with payday loans?

Do Payday Loans Hurt Your Credit Rating?

How Do I Protect My Credit Rating

Outline below is a brief, 3 step plan to defend your credit rights.

Examine your credit report every three months.

Before you begin the battle, you must know the battlefield. Your struggle to restore your credit will be fought between the lines of your credit reports, these can be find by requesting them online. Sit down with the credit report and study it until you understand what each code means. You must monitor your credit report religiously to prevent the appearance of bad credit.

Dispute credit report listings which you feel are unfair or inaccurate with the credit bureau. You have the right to dispute the completeness and accuracy of information in your credit file.

Is Consolidating Debt A Good Idea?

What Are The Alternative`s To Payday Loans?

Homeowner Secured Loans 9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages 8.4% APRC. Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)

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. 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 immovable property.

Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

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. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.