Huge payday lender with 500,000 customers to shut down
Customers would borrow at interest rates of around 50%.
According to a decision from the Financial Conduct Authority , the lender “did not have appropriate processes in place to ensure it adequately assessed borrower and guarantor circumstances before approving a loan” between November 2018 and March 2020. The regulator said it would have fined Amigo nearly £73 million but decided not to because that would take away from the compensation customers would get.firm's founder claimed customers had been given "irresponsible" loans.Refunds or compensation are often given when the loan was mis-sold or where affordability checks weren't stringent enough.
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