FLM Loans Rebranded
If you are looking for FLM they have now been re-named Amigo, and this page tells you a little more about the re-branding, plus how to get hold of Amigo.
Originally part of the Richmond Group
Originally part of the Richmond Group FLM were formed in 2004 but in April 2012 they were rebranded as Amigo Loans who are now one of the most prominent lenders in the guarantor loans market.
During the eight years they were in the market FLM loaned money to over 60,000 customers. Their loans aimed to be “cheaper, easier and more flexible than anything else out there”.
Offered guarantor type loans
FLM offered guarantor loans, loans that required you to have a backer, perhaps a friend or family member, to support your application. You can find out more about a guarantor loan here.
Why they re-branded
Explaining why they chose to rebrand as Amigo, the founder and CEO of the company, James Benamor, said:
“The product was so popular in the first year and brought in so many word of mouth referrals that we didn’t want to re-brand but eventually the number of people getting our name wrong (FLN, SLM, FML…) meant we had to.”
Previously just called a loan
James Benamor also points out that what we now call a guarantor loan many would consider to be simply what we would have once called a loan.
Before the introduction of computerised credit scores any loan application you made would have been to your bank manager and he would have based his lending decision on your individual financial circumstances. He would know your income and savings and would make an informed decision about your ability to meet loan repayments based on these.
Now computers are involved in the process it is very difficult to get over issues such as bad credit ratings and arrears.
Most forms of traditional lending have very little inbuilt flexibility so it was up to companies like FLM to offer an affordable alternative to payday loans.
The type of loans on offer were meant to be cheap, flexible and available to all no matter what your financial circumstances as long as the repayments were affordable.
Use the loan calculator below to estimate monthly loan repayments.