Secured Loans

Quick decision secured loans for any purpose.

Whether you want to raise funds to make some home improvements or for anything else, we can offer a secured loan to help meet your financial needs. Whatever your circumstances - self employed, retired, CCJs, bad credit, we are specialists at what we do and we can help you gain a secured loan from £5,000 to £50,000 with flexible repayments over 5 to 30 years.

First Choice Finance was established over 20 years ago. Our state of the art technology can save you time and stress by searching the market for you to find the best deal. All you need to do to get started is to fill in a few basic details and we can get started on your behalf.

We offer a no obligation service and you can cancel the application at any stage, if you wish, at no cost to yourself.

Recent Articles

How to gamble responsibly

It is more important than ever that people know how to gamble responsibly, because gambling is more popular than ever – with the availability of internet and mobile gambling options like JackpotCity having greatly increased the numbers of people taking part in these activities. If you do gamble responsibly there is no reason why it should not be an enjoyable way of spending your free time, but if you don’t the consequences can be disastrous.

The key to responsible gambling lies in having a budget worked out, so that you know what you can afford to spend each month on this activity. You need to think in terms of what you can afford to lose, as this way any winnings you secure will be a pleasant bonus, rather than something you get blinded by. Once you have worked out a realistic budget it is crucial to stick to it, with the best way of ensuring you do being to have a separate account with the amount for the month in it: and when that amount has been spent, you cannot gamble any more that month.

This also ensures that you will not risk abandoning your budget and dipping into the money needed for bills and food, while restricting yourself to a certain amount of time each week, should ensure that your gambling budget lasts for the month. Keeping to this time limit can be hard, because the excitement of gambling is naturally addictive, but it is important to remain in control – whether you are doing well or badly. So many people lose control of their gambling because they are either reluctant to abandon a winning streak, or they are desperately trying to win back losses, but these are hopeless strategies.

Accepting winnings or losses and knowing when to walk away are at the heart of responsible gambling, and this is why you shouldn’t mix it with alcohol consumption, as this is more likely to make you reckless.

Applying for loans in the UAE

There is a large number of Islamic and commercial banks that offer personal, mortgage or business loans, but for those who are new to the UAE, it’s helpful to apply via a bank that has international connections. Here you can assess your eligibility in terms of residency (for example, it was only in the last decade that Dubai lifted restrictions on the ownership of land). Those who have branches in the UK and USA can also assist with international finance and investment options.
Loans in the UAE, as with anywhere, are subject to customers’ credit profiles, debt-to-income ratios, interest rates and a large number of other risk factors that govern loan pricing. While it’s important to approach a bank that understands the marketplace, it’s also important to find someone who can provide finance to support your lifestyle in the UAE.

Personal Loans

Depending on a customers’ eligibility, these loans can amount to large amounts and are used for luxury items like weddings or travel. More commonly, they’re used for practical things like a child’s education, the purchase of a car or even consolidating other credit commitments.

Home Loans or Mortgages

Places like Dubai City have experienced a construction boom recently, making property prices in the City of Gold attractive. Particularly for those moving from more expensive property markets such as the UK, the prospect of buying property in the UAE is enticing. Applying for a mortgage usually involves a minimum salary requirement and the correct residency paperwork.

It may be useful to use a loan calculator to get an indication of amounts like repayments (which are based on the amount that you borrow), the amount that you will save if you pay in a lump sum, the amount you can save if you make additional repayments and the total amount you will be able to borrow initially.

Business Loans

SME lending is an important topic in the UAE, such that banks are working to improve their loan networks and it is not uncommon for small businesses to apply for loans at several banks simultaneously. HSBC has made its third in working capital, trade finance and loans available to SMEs in the UAE this year, and spent half of it in just three months.

Types of loans

While it’s possible to find to find the types of loans available internationally including secured and unsecured loans, there’s a difference between conventional loans and Islamic finance in the UAE, where the latter is Sharia compliant according to the rules set aside in the Holy Qur’an.

If you live or are moving to the UAE and need assistance with home, personal or commercial finance, consider applying with a bank that has international branches so that you have bases in your home country and can use the advice of those who understand the life of an expat. And before you apply for a loan in the UAE, ensure you read and compare the terms in packages supplied by competing banks.

Understand the types of secured loans

A loan is needed for any eventually and any it needs to be secured loan. Secured loans are more assured than an unsecured loan. A secured loan is a kind of loan where one pledges a particular valuable asset like a home, as a sort of collateral for the lender giving the loan. All the types of secured loans are secured as it the lending party has a collateral security.

With this sort of debt the creditor is at an advantage where they are capable of selling the asset to recover some of the asset which has been given as collateral. The lender is also at an advantage where sometimes the amount of loan given is quite large.

There are various types of secured loans. Few of types of secured loans are as follows: -

  • One of the types of secured loans is that which ensures property as collateral for the loan like a home is called a mortgage loan.
  • Other types of secured loans are that which allows the creditor does not have any other claim besides the collateral for the loan or after the foreclosure is conducted is called a nonrecourse loan.
  • A loan where the creditor has the ability of taking back the asset for which the loan is given like a car or property is called repossession.

All these are types of secured loans and are all dependent upon the country or the jurisdiction in which the loan is operational. Secured loans are very popular in the U.K. It is quite preferable to an unsecured loan simply because of the amount of the loan is large and the amount is transferable easily. All types of secured loans are risky for the borrower as one has to consider ensuring that the asset which is kept as collateral should be valuable.

5 More Tips on Comparing Secured Loans

Making financing decisions can be scarey when it comes to taking out secured loans. Therefore, the better educated you are – the more you can protect yourself and be sure that you are taking a decision that will not be regretted. Here are 5 more tips on what to look for when comparing secured loans:

Watch that ‘typical APR’. It is quite likely that you won’t be offered the same rate as the ‘typical APR’. This will depend on your credit history and whether the institution feels that you can pay back the capital of the secured loan. It’s law that just 67% of those that qualify for a loan has to be offered the headline rate or ‘typical APR’ – but this means that a third of all applicants will be offered a loan at a different rate – and this is usually higher.

Compare the Total Amount Repayable. This will give you the total figure that you will need to repay and it will also include all the repayments, the fees and any extra hidden charges.

Go comparison shopping. This will ensure that you get the best deal. Find out all that you can about the products on the market and even go so far as setting up a spreadsheet with all the factors involved. This way you are well ahead of the game and know what’s what in the world of secured loans.

Try your local bank. It might be that your local bank offers you a good deal. After all they have spent years trying to build a good relationship with you so that you will buy more of their financial services. The might better any rates that you find elsewhere.

You don’t have to purchase payment protection insurance. Sure, these financial institutions will try to encourage you to buy this – but you don’t have to. It can often add as much as half the interest rate again onto the total cost of your loan. You might be better off if you purchase income protection insurance.

We can advise on annuity rates

If you are wondering what annuity rates are, they are payments made by an insurance company to the owner of the annuity over an agreed period of time. The amounts of the payments will have been agreed between the insurance company and the annuity holder and they tend to be a fixed amount. People are constantly after higher annuity payouts as this means more money in their pocket. Fortunately, we can put you in touch with a company that compare annuity rates right across the market to find you the best rates possible. Get in touch to find out more about this service.

"OUR TYPICAL, VARIABLE RATE FOR SECURED LOANS IS 16.9% APR. RATES RANGE FROM 9.9% to 29.9% APR. 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."

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