Amigo plans to offer its loans here online, with people with poor credit histories the target market. A typical loan in the UK is for £4,000 (€4,530) over four years. Its model means those getting a loan must have someone go guarantor for them, typically family or friends. The licensing of Amigo prompted Taoiseach Leo Varadkar to comment in the Dáil that the Government may need to consider a cap on moneylender rates. Mr Varadkar recommended at the time that people excluded from mainstream lending use credit unions, and said the Amigo lending rates were very high.

Source: Irish Independent February 04, 2019 08:03 UTC