Amigo Loans is the UK's longest running guarantor loans company, offering guarantor loans between £500 - £5000. Applications are made on their website and should take no more than 5 minutes.
Amigo offers loans to people who have been declined by the banks and other mainstream lenders.
Your guarantor needs to be aged between 18 and 75 and not have a history of missing repayments to loans and credit cards in the past. They will need to be able to afford the loan repayments, as they will be expected to make any payments that you don't make on time.
Amigo Loans charge interest daily. This means that if you pay off your loan early, you will pay less than originally agreed.
Amigo Loans does not charge fees for late payments, letters or paying your loan back early.
In this section we'll take a look at what Amigo Loans say about themselves on their website.
An old fashioned idea
Amigo Loans are based on an old fashioned idea - that of using a friend who trusts you to back up the loan rather than basing their final decision on a computerised credit score.
Decisions made by real people
Amigo Loans say that their lending decisions are made in a simple and old fashioned way. “before we pay out any loan we have a good old fashioned chat over the phone with both you and your guarantor. We base our decisions on simple common sense”
Interest done right
Amigo loans give you a real-time statement 24/7. Interest is calculated daily - this means the sooner the clear the balance of your loan - the less interest you pay and the more money you save.
Paying off your loan
Amigo offer as many ways as possible to pay off your loan, these include:
Credit/Debit card online
Over the phone 24/7
In Cash at any PayPoint location
No fees ever
Amigo Loans do not charge fees for later payments, letters, early settlements or anything else.
What about when things go wrong?
Amigo Loans say that they collect payments the same as any high-street lender. If a loan was to fall into arrears they will phone, email and text a reminder as they do not want a late payment snowballing into a bigger problem. Because their loans are supported by a guarantor the guarantor must repay if the applicant doesn’t.
They also say that in some rare cases where payment cannot be arranged by applicant or guarantor they may seek help from a professional debt collector or ask a court to decide the best way to deal with it.
They also make very clear that they will never put your home or other property at risk.
Rebuilding your credit
Amigo loans report all three credit reference agencies each month showing your repayments which can help to build or rebuild your credit rating.
They also make it clear that no information is reported back to the credit reference agencies about guarantors even if payments are missed, unless the account was to go to court.
You may recognise Amigo loans from their recent television advert.
Amigo Loans Advert Outtake (Bloopers)
Please note that your review must be based on your own personal experiences, be factually correct and your own opinion.
Posted by Mark. on 7/23/2013 9:42:40 AM
From the point I applied to pay out was less than 48 hrs, i found that they kept me very well informed of the loan progress and are on hand to help by both phone and email with a very fast response!
Posted by unclefesta on 5/20/2013 9:55:32 AM
Applied on tues, call first thing wed morning and then spoke to my dad about being guarantor. They did go through quite a long call with both of us, doing a budget for if we could afford it which took about 20 mins, but even with that was easy and fast. thank you amigo loans!
Posted by lynn on 4/29/2013 3:11:28 PM
found everythin very clear and simple i had a few concerns which they answered on the phone after i applied online.overall very easy !
Posted by ali on 4/18/2013 2:41:08 PM
i applied for 3k loan --i wasnt too sure about it as the apr quite high. originally my guarantor was declined by themn as they said they werent a homeonwer found another one and got it paid out pretty quickly! its alot to pay back but i plan to pay it back early anyway and save a bit!