6 years ago guarantor loans products were launched in the UK to give people the ability to help their friends get a loan. In 2009 the guarantor loans concept was brought into the world of payday loans. By adding a guarantor to a payday loan the cost of borrowing could be reduced substantially. As a result a typical example APR for a guarantor payday loan is 199% which compares very favourably with a typical payday loan APR of 2500%.

The process of getting a guarantor payday loan has also been streamlined a lot in the last 2 years from an application process involving multiple phonecalls to one that involves a 60 second application, quick guarantor authorization and one phone call meaning a payout process that can be as quick as 2 hours.

FLM Quick Loans are the primary guarantor payday lender in the UK being part of the Richmond Group who brought the payday loan over 6 years ago.