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The lenders targeting borrowers backed by friends and family
If you ever watch daytime TV you can’t have missed the jaunty Mexicans in sombreros advertising Amigo Loans. The ‘amigo’ in this case is a guarantor and Amigo Loans, part of The Richmond Group, is one of a growing number of companies offering guarantor loans. Others include GBP Loans and The Guarantor Loans Company. But is being a loan guarantor for a friend or relative ever a good idea? It means that if the end-borrower defaults on the loan the company can pursue the guarantor for the money – a turn of events that could wreck their credit record along with their relationship with the borrower.....Read more here: Amigo-Loans-Guarantor-lenders-target-borrowers-backed-friends-family.
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