FLM Loans

andrea_x

I am new to this can i ask if anyone is or as recent dealings with FLM Loans i have been offered a loan it is high interest rate but i dont have a good credit rating and you dont have to pay a fee up front, like some of the companies listed to avoid. It does however , have a good early settlemat rebate figure on the interest which did suprise me. But you do have to have a guarantor for this company, just wondered if anyone has recent or is currently dealing with FLM. Any advice appreciated.

CHR15

Why would you put pressure on a friend (or family member) risking THEIR credit rating because you have already ruined yours??

Whoever you dislike enough to ask them to be your guarantor, why not simply ask them to take out a loan in their own name and give you the cash??
You then set up a standing order into their bank for the payments to arrive at least a week before the loan company takes the Direct Debit.

That way, the interest rate will be much better than with FLM, and when you decide to stop paying as it is getting too much to handle, the guarantor can continue payments as normal but pester you to start paying again until your friendship is completely destroyed.

You walk off scott free leaving the guarantor to repay to whole lot keeping his credit rating intact.

DON'T DO IT.

Enfieldian

CHR15 Knows his/her stuff.

tigga_1961

andrea you had advise re flm in early march and obviously didnt heed it then, follow me to the slaughter house.

inmypocketnottheirs

It's all true.

maria10

andrea_x wrote: »

I am new to this can i ask if anyone is or as recent dealings with FLM Loans i have been offered a loan it is high interest rate but i dont have a good credit rating and you dont have to pay a fee up front, like some of the companies listed to avoid. It does however , have a good early settlemat rebate figure on the interest which did suprise me. But you do have to have a guarantor for this company, just wondered if anyone has recent or is currently dealing with FLM. Any advice appreciated.

i too have been offered a loan by these people, im feeling very worried about signing for the loan, as high rates to pay back, n the fact i need a guarantor the but these people are the only ones to offer me a loan as i too have a poor credit rating........... maybe someone out there could tell us of there dealings with them before we sign up for yet another con .............

ILW

Only ask someone who you are prepared to let down big time to be a guarantor, it really is very unfair to even ask someone and put them in such a risky position.

LDJ2009

I have an FLM loan with my best friend standing as guarantor.

There isn't a chance in hell that i would not make the loan payment and she knows that. It was also her that suggested using FLM so i hadn't approached her myself (which i would never have done)

The apr i am paying is 42.6% and i am overpaying by £100 per month without penalty so the final apr will be a lot less.

The key to guarantor loans is simple, do not ask someone to be guarantor unless you are 100% that you will never miss a payment otherwise that's a friendship out of the window

My friend put a lot of trust in me by being my guarantor and i would do the same for her if she asked. My loan direct debit comes out the day i get paid so it will never be unpaid.

FLM have had some bad reviews because of how they work once a payment is missed but that's all in the credit agreement that both myself and my guarantor signed. I am not recommending them in any way but in my case, it has worked out fine.

CHR15

LDJ2009 wrote: »

The apr i am paying is 42.6% and i am overpaying by £100 per month without penalty so the final apr will be a lot less.
.

I hope it works out for you but wouldn't it have made more sense for your friend to take out a loan in her own name and give you the money??

Your friend would have attracted a MUCH better apr than 42.6%, more like 9-10% if her credit rating is suitable. 42.6% is quite frankly attrocious

You would have repaid significantly less than anything you will ultimately repay with your current agreement but the risk is the same.

LDJ2009

CHR15 wrote: »

I hope it works out for you but wouldn't it have made more sense for your friend to take out a loan in her own name and give you the money??

Your friend would have attracted a MUCH better apr than 42.6%, more like 9-10% if her credit rating is suitable. 42.6% is quite frankly attrocious

You would have repaid significantly less than anything you will ultimately repay with your current agreement but the risk is the same.

Hi, i wouldn't have let her take a loan out for me in her name but i understand what you're saying.

FLM credit scored my friend for her to act as guarantor but the loan does not show on her credit file, it's on mine. I prefer it that way as i know that i will always make the repayments and it's my debt so if i have to pay a higher apr for being an idiot in the past i accept that. Plus, it's improving my credit score as well, not that i'll ever get any cards or loans again.

I used the FLM loan to clear a credit card i had at 39.9% apr so there isn't that much difference in the rates and the loan will be cleared within 7 months.

Nottoobad

I'd stear well clear. I'm in a horrendous position at the moment where it's all gone horribly wrong and ruined a good friendship.

One can never be 100% certain they will be able to continue making the repayments.