Thursday, 30 June, 2022

Row erupts as Amigo Loans founder quits

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PA Media

A boardroom row has long gone general public soon after the founder of sub-prime loan provider Amigo give up the board and accused the enterprise of “committing gradual-motion suicide”.

Amigo lends cash to persons with a lousy credit score score, but who can offer loved ones and good friends as a back-up to promise any missed repayments.

Major shareholder and founder James Benamor still left and posted a remarkably-important web site.

The business hit back again, indicating areas of it ended up “fundamentally incorrect”.

In January, Amigo – which controls 80% of the UK’s guarantor loan sector – put alone up for sale.

Various grievances have been submitted by prospects who come to feel they should really by no means have been provided a loan.

The sub-prime lending sector as a whole has confronted a blizzard of issues from customers who feel they were accepted for financial loans which they could in no way find the money for to repay. This has led to the demise of some of the biggest names in the sector, these kinds of as Wonga.

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