By and large, people are feeling more confident in the British economy, but while many are spending cautiously, there are some elements that could lead certain consumers into looking towards secured loans.
Nielsen UK has found that confidence amongst shoppers has surged by 14 per cent in the past 12 months, but thriftiness lessons learnt during the recession are still being borne in mind, particularly when it comes to everyday shopping, with value stores and promotions still popular.
The stats show that the percentage of people who think now is a good time to buy items has continually reason between 2012 and this year, but there are still reasons for people to remain wary.
Increasing utility bills are much more at the forefront of people`s minds than they were a couple of years ago, while the number of people who suggest that they have no spare cash in order to build their savings has also increased.
If you`re feeling the pinch from unsecured debts like personal loans, store and credit cards and cannot bring your balances down through available funds or family help you may want to think about taking out a loan to reduce your monthly outgoings. This may enable you to be able to create a rainy day fund. If you cannot borrow enough or get a term to suit you then if you are a homeowner a secured loan may be an alternative.
With a secured loan, all your unsecured debt could be paid off, leaving you with a single repayment to make each month. This you should aim to be for a lower amount too, so you`ll be able to put more money aside.
A secured loan may well accrue more interest as it`s paid back over a longer period and carry the same risks as a mortgage, so look at your options before proceeding. To find out more on secured personal loans visit firstchoicefinance.co.uk or call on 0800 298 3000 or 0333 003 1505 form your mobile.
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. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.
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.