The liquidation of Amigo Loans has significant implications for the subprime lending sector and the wider society, as it affects the availability and affordability of credit for subprime customers, and the lives and livelihoods of thousands of customers, guarantors, employees, and shareholders. The liquidation of Amigo Loans also leaves a gap in the market for subprime customers, who may seek alternative sources of finance, such as other guarantor lenders, credit unions, CDFIs, or peer-to-peer lending platforms.
However, these alternatives may also have their own advantages and disadvantages, and may not be suitable or accessible for everyone. Therefore, subprime customers should carefully consider their options and needs, and seek independent advice and support, before applying for any form of credit.
