Before the 1970s banks would make lending decisions based on relationships and trust. If someone wanted a loan their local bank would often simply ask for someone who trusted them to guarantee it. Then things changed, computer credit scores took over and people found they were unable to access credit via traditional lending because their score didn’t fit.
Whilst Amigo was the first guarantor lender to be granted authorisation by the FCA in the UK, this isn’t a new idea. In the UK, guarantor mortgages have been around for some time and many university students rely on a guarantor when they rent their first flat.
What Amigo is doing is important because it makes borrowing possible for millions of ordinary people who are being excluded by mainstream lending providers. This offers an attractive alternative to high-cost loans, such as payday loans and other forms of non-standard finance.
FLM Loans is launched, founded by James Benamor and Richmond Group Limited
Online customer service introduced
Paperless online application process launched
FLM rebranded to Amigo Loans and has built its profile through advertising campaigns
Amigo removes all fees, including set up fees and late payment fees
Awarded Best Credit Builder product from Moneynet.co.uk
Winner of Treating Customers Fairly Award from Credit Today
Ranked 23rd Best Company to Work for in the Sunday Times
Awarded Employer of the Year at the European Contact Centre and Customer Service Awards
FCA authorization received
Winner of Best Brand and Non-Standard Consumer Lender of the Year at the F5 awards
Winner of Best Guarantor Loan Provider at the Consumer Credit Awards
Break £1billion lent to customers
Amigo launches first smartphone App
Winner for the fifth year of Best Credit Builder in the Moneynet Awards
List on the London Stock Exchange