Complaints about guarantor loans rise by 3,000% in a year

Payday loans

Loans are backed by a relative or friend and have seen Amigo become UK’s most complained about financial firm

Complaints to the financial ombudsman about a type of high-cost loan where the debt is backed by a relative or friend have leapt by more than 3,000% in a year and are running at almost 800 a week.

The surge in the number of unhappy customers means that sub-prime lender Amigo – the biggest provider of so-called guarantor loans – has become the UK’s most complained-about financial firm, according to the latest data.

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