Secured loan alternative if declined credit.

Secured loan alternative if declined credit.

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Secured loan alternative if declined credit.

24th February 2014

Video transcript

If you get turned down for a personal loan or credit card, or you are finding you are continuously using pay day loans to get through each month instead, you might want to think about an alternative borrowing solution.

A new survey from comparison site totallymoney.com has indicated that three-in-five (61 per cent) credit card applications have been turned down over the past year, up slightly from the year before (59 per cent).

Dumfries residents received the highest amount of rejections, followed by Sunderland and Kilmarnock. The latter was also towards the top of the table when it comes to applications per capita, with further northern locations – Blackpool and Manchester – also featuring prominently.

Quite tellingly, nine out of the top ten places for rejection were in the north of the country, suggesting that more people in that part of the country may need to find alternative forms of credit.

If you are a homeowner or mortgage payer be it on your own home or on a buy to let property you obtaining a secured loan could be an answer if you really do need to get some funds for your project.

Taking out a secured loan can be a much more long term type of solution to cash flow problems caused by over , as you can make repayments over a number of years to spread the cost, however terms are available that are as short as 3 years.

If you`ve been declined for a loan or credit cards, get in touch with First Choice Finance, even if you`ve got an adverse credit rating we could still be able to help. If we can help we will even give you a free no obligation quotation, please visit firstchoicefinance.co.uk or call us on 0800 298 3000 or 0333 003 1505. 

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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.

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