Amigo Loans extends Financial Firepower ahead of full FCA Authorisation
Press Release - 18 March 2016
Amigo Loans, the UK’s leading guarantor loan provider, has significantly increased its new lending capacity through the completion of a new syndicated bank facility.
The company has agreed a fresh £150m facility with Royal Bank of Scotland Plc, Lloyds Bank Plc, Leumi ABL Limited and Shawbrook Bank plc.
Glen Crawford, Chief Executive of Amigo, commented:
“We are delighted to conclude the refinancing of the business, allowing us to continue to help thousands of new customers at a time when there is unprecedented demand for our guarantor product. The support and commitment of our syndicate lenders is key to our strategy for growth.”
Milena Sheahan, Director, Financial Institutions at Royal Bank of Scotland, the lead bank under the new facility, said:
“As a long standing banker to Amigo, we are delighted to once again reaffirm our support to the business, which we regard as the leader in the UK guarantor loan market. Amigo's track record of profitable growth, application of innovative underwriting and lending technology and focus on ethical, compliant processes and, above all, treating customers fairly are practices and values important to RBS and in our view position the business well to take advantage of available market opportunities.”
Marc Sefton, Managing Director, Wholesale Finance at Shawbrook Bank, said:
“We had no hesitation in recommitting and extending our support to Amigo and its management team, led by Glen Crawford, as they continue to grow from their existing class-leading market position. We see significant opportunities in the UK specialty finance market and believe that Amigo, with its strong brand recognition, specialist product offering and unique customer-centric approach, is well positioned to capitalise on those opportunities.”
Glen Crawford added:
“We view our lenders as business partners and have worked hard to achieve a sustainable and diversified funding structure, which we will continue to evolve as the business grows. Our focus remains on our customers and providing them with quick and straightforward solutions for their borrowing needs in a way that meets or exceeds the standards required by the FCA. The current 2015/16 year is set to be a new record for the business in terms of loan book growth and we are committed to continuing to grow our core guarantor offering substantially whilst pursuing additional diversification channels.”
Kelly Davies, Amigo Loans - [email protected]
About Amigo Loans
- Amigo Loans is the UK’s largest guarantor loans company, offering medium term loans over terms up to £10,000 for up to five years.
- Amigo Loans assesses every borrower and guarantor during financial review session. All incomings and outgoings are reviewed and checked against national averages, as well as their credit file. Any discrepancies are challenged and any future budgeting is also accounted for.
- Amigo Loans APR is 49.9%.
- Amigo Loans has lent to over 170,000 customers over £610 million.
- Amigo Loans is one of the cheapest alternative loans providers in the market with highly transparent rates that are easy to understand.
- Amigo Loans offers an alternative way of borrowing money for people who are ignored by, or can’t access credit through the banks.
- Amigo Loans works on the basis of trust to offer loans using friends and family as guarantors.