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FLM Loans - Unsecured Loans
By Emily Harris
With most loan companies looking for ways to reject customers with credit problems, a poor credit history, or even no credit history it is refreshing and unusual to hear about one that it reversing that trend. And FLM Loans really is going the whole hog.
Andrew Blake, head of risk for FLM Loans told me 'The top-end of the UK unsecured loan market is saturated. Everywhere you go there are companies wanting to lend you money as long as your credit history is whiter than white. Whilst there are some companies that advertise products aimed at people with credit problems, these are invariably secured loans and mortgages, only for homeowners. This still leaves over 10 million UK tenants with a low credit score out in the cold when it comes to loan options. FLM Loans was set up to offer those customers a realistic, professional option.
When FLM came up with their product we literally threw the rulebook out of the window. Our policy is that we will lend to anyone- recently come out of bankruptcy? No problem, no proof of income? no problem, CCJs or defaults? No problem, not on the electoral role? No problem. The only criteria that we look for is that you have a close friend or family member that believes that you will be willing and able to pay back the loan. After all your friends and family know you much better than a computerised credit score ever could.'
It seems that this is what is at the heart of the FLM Loans philosophy. A simple return to the values that used to influence financial decisions, before the days of 'computer says no'.
The strategy is paying dividends. 'According to recent satisfaction surveys our customers are among the happiest in the UK' Although many of them came to us after being turned down by their bank they appreciate the simple transparent way that we treat them and the flexible approach that we take to our lending.' Unlike almost all other loan companies FLM Loans takes what it describes as an ethical approach to early repayments. 'With FLM Loans all you have to repay is the money you have borrowed plus the interest that has accumulated for the number of days that you borrowed it. 'So if you borrow £3,000 for 5 days you will pay exactly 5 days worth of interest. Not a penny more' FLM Loans do not currently charge set up or application fees.
FLM Loans currently have around 5,000 customers in the UK and are planning to increase this to 50,000 by the end of 2007. FLM Loan are currently only available through registered brokers, however there are plans to expand availability over the next year.
About the Author
Emily Harris completed a Masters in Media and Journalism in 2002. She is currently working freelance, specialising in financial journalism.
Article Source: http://www.simplysearch4it.com/article/32533.html
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