FLM loans - trustworthy?

Kristo

Hiya,

Just a quick question about whether FLM loans are a company to trust for a loan.

I've had a look online and heard a lot of bad press about a lot of different companies - some of which have already tried to contact me.

I came to the conclusion that the only way i will actually get a loan is if i have a gaurantor to back me up and FLM have already offered a loan if i can get a gaurantor.

Any information on this company would be great, good or bad.

Thanks

inmypocketnottheirs

The offer of the loan will be subject to the guarantor having good credit.

Kristo

Hi, Thanks for the reply.

Yeah i received the forms through the post and i can understand the security that they wish on the loan. Which to me makes it seem more reliable as long as i can find someone.

I just needed to make sure that they are not an elaborate version of the more common - 'pay us and we won't give you any money' companies.

Cheers,

ILW

If they ask you for money upfront, walk away. Lenders make their money from interest not advance fees.

System

Hi Kristo

FLM are a dubious firm, along with the rest of the Richmond Group.

All their brands seem to rely on sneaky charges and commissions from DMPs, IVAs and insurances.

The FLM site says they do not charge a fee, however the 'referring broker' may, which will no doubt be a broker from one of their brands.

FLM are taking minimal risk for maximum returns. If you can find someone with a decent credit rating who is willing to act as a guarantor why not ask them if they would be prepared to take a loan out with a high street bank at a normal rate of interest, the risk to them would be the same as if they were acting as guarantor, i.e. you don't pay it back so they have to take over payments.

I hope you manage to find a solution, but would advise that you avoid using FLM.

Regards
UNDERGROUND

CHR15

Agree with Underground. Too many people underestimate the part the guarantor plays in this.

Putting it frankly, no decent lender is prepared to lend you money because they don't believe you are going to pay them back. They are of the opinion you will make a few payments and then stop.

The gurantor MUST understand this too.

If you can find someone who trusts you enough (please don't put pressure on anyone, it isn't fair on them), it would be the prefferred option for them to apply to their own bank, take out a loan in their own name and simply give you the wad of cash.

You then set up a standing order to transfer the payments into their bank AT LEAST a full working week before the payment is due.

The benefit is that the loan will be a MUCH better apr than anything you will get with guarantor involvement. The guarantor also knows the payments will be made because if (when) you stop making the payments, he will pick it up and make the payments for you from his own account.

Understanding the above, do you know anyone stupid enough to act as guarantor for your loan???

Kristo

Hi all,

Thanks for the replies.

Thats pretty much what i thought i would hear, and as i was dubious in the first place i can now ignore the offer of a loan.

Thanks very much,