FLM Quick is an innovative payday loan product devised by The Richmond Group who are a popular name for subprime lending in the UK. They are of course most commonly known for FLM Loans, from providing large unsecured loans that require the backing of a guarantor. FLM Quick caters small loans ranging from £50 to £500 and again requires that guarantor backing. This should be counted as a payday loan, with the only difference being the need for a guarantor and there is also no set repayment period and so this works similar to a credit card (if you want those longer periods that is). The requirement of a guarantor may be an issue for some, with the guarantor requirement of having a good credit rating, being over the age of 18, with a UK bank account and debit card. Unlike with FLM Loans, they don’t have to be a homeowner though.

Their unique selling point is the interest rate that stands at 9.74% (rounds off to 10%) and for any rollover months you will have to pay this interest plus just 1% of the balance. A credit check will be used on the applicant just to check that they aren’t currently bankrupt, but the emphasis is on the guarantor. If you can find a guarantor then this will work out as a very cheap payday loan product that is easily manageable thanks to the online account management. They claim that this loan can be completed within a few hours and there is no additional charge for this transfer. If you can find a guarantor, then this stands as a recommended service to use. The low interest charge and that small 1% of the balance that needs to be paid each month makes this an ideal cheap solution for anyone looking to spread out a payday loan over a few months.

Charges for a £100 Loan:
Charges: £9.74/£100 interest + £0 transfer fee

(tags: flmloans, flm quick loan, flm quick loans, flmquick, small guarantor loan)