Amigo Holdings Plc not to offer fresh loans until next year

November 04, 2020 09:27 PM AEDT | By Team Kalkine Media

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Amigo Holdings Plc (LON:AMGO), the largest provider of guarantor loans in the UK, has decided not to offer any new loans until next year.

The subprime lender which had put a brake on new lending after the coronavirus outbreak had received 25,571 customer complaints related to different issues.

Financial regulator, Financial Conduct Authority had asked the firm to deal with them within eight weeks, i.e. by 30 October 2020.

FCA is also investigating how the firm has been assessing customers’ creditworthiness while offering guarantor loans at an annual interest rate of 49.9 per cent.

On 4 November 2020, the stocks of the company slumped by 6.44% from its previous closing, hovering at around GBX 6.25 at 08:13 AM GMT+1.

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