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Amigo Loans arrives to high expectations

Amigo Loans arrives to high expectations

Amigo Loans (AMGO) wasn’t the first provider of guarantor loans to be listed on the London markets when its shares began unconditional trading on 4 July. However, unlike sub-prime lenders such as Provident Financial (PFG) and Non-Standard Finance (NSF), Amigo falls outside the Financial Conduct Authority’s (FCA) definition of ‘high-cost credit’ – defined as charging 100 per cent or more APR – the target of recently proposed regulatory restrictions. With the FCA encouraging those that can to switch to mid-cost alternatives, Amigo – which provides loans at a 49.9 per cent APR – is hoping to benefit.

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