Amigo Loans stop most lending & so do some other high cost lenders

On 24 March 2020 Amigo loans announced that:

‘Given the ongoing uncertainty that the economic implications of Covid-19 could have for our customer base, Amigo has taken the decision to temporarily pause all new lending activity, except for lending to key workers in exceptional circumstances.’

This article looks at why Amigo decided to do this and why other lenders, particularly high cost lenders to customers who have bad credit, should do the same.

Source: Debt Camel
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