Amigo Loans response to Citizens Advice report on guarantor loans
Glen Crawford, CEO of Amigo Loans, said: "We support the CAB’s recommendations, which are processes Amigo implemented and has been following for over 10 years. The issues highlighted aren’t problems Amigo customers will encounter. All of our guarantors are given a written agreement and we also verbally confirm their responsibilities.
We do not recognise the numbers reported for the market generally. Amigo’s complaints, as a proportion of lending, have actually declined by 41% over the measured period, where we saw a growth in lending of 128% and had almost 250,000 customers with active accounts.
Guarantor loans, and Amigo specifically, are becoming increasingly popular due to benefits to consumers, but it is important that consumers choose wisely when they select a lender. We suggest that they consider more than just headline APR and use a trusted, recognised firm that already meets the CAB’s recommendations, and has not seen an increase in complaints."