FLM Quick (or FLMQuick) is the younger brother of FLM Loans belonging to the Richmond Group family. I didn’t take too much notice of this new product when it launched, but when investigating them recently I was certainly impressed with the low costs available. What FLM has created here is essentially a new sub-niche of guarantor loans, that act as small guarantor loans. FLM isn’t the only provider in town as well, with Guarantor Loans (Blackheath Ltd) also creating a similar loan product; you may remember that they have always provided large guarantor loans, but now they have lowered the amounts from £100-£750. Moving back to FLM, you may wonder why I have shown such support for them here? A lot of this has to do with the low costs involved.

FLM Quick loans have been designed as a cheap alternative to payday loans. The cost is certainly a major selling point, with FLM Quick charging just under 10% of the loan amount borrowed for a month, whilst the major payday lenders tend to charge around 25/30% interest for a month. Traditional payday loans are monthly loans that unfortunately incur large charges for rollover lending. FLM Quick has an answer to this allowing the customer to keep the loan for as long as they like and only having to pay the interest charge for the month and just 1% of the balance. No expensive fees and no need to pay off full balances here. All of this sounds great, but there is one issue that is of course the hassle of having to use a guarantor for a small loan. What should be noted is that the requirements for a guarantor are much smaller here. The guarantor is required to have a good credit rating, but they don’t have to be a homeowner and can be 18 years old.

The loan process is much more simplified, due to the loans being paid out within the hour (I believe they use the Faster Payments service alike Wonga). You receive online account management and should you wish to clear your balance at any time then you will only be charged for the periods that the loan has been borrowed over. The FLM Quick reviews online have been very positive as well and so it looks like the Richmond Group is on to a winner with this loan product. The loan amounts start at £50 and this steps up to a £500 loan. It would be good to them stretch to perhaps £750 or £1000, but perhaps the idea they have is to devise more manageable loans. As far as I can tell, these work out as the cheapest loans on the market next to payday loans and other alternatives such as doorstep loans and logbook loans. A future posting will compare the rates to see if this is the case. As the norm, a credit check is only used for verification. It is the guarantor that is judged and so regardless of a poor credit history… fast cash up to £500 awaits you.

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