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Amigo Loans Overview

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Amigo Guarantor Loans are one of the most prominent loan lending companies in the UK. For years, the company has been assisting people with money to attend to their financial needs. Thus, many people have considered Amigo Loans the go-to loan company whenever they face a financial crunch. This includes people who are part or full time employed, students, unemployed, graduate student, and others who are struggling with keeping up with their finances.

Amigo Loan Types

Amigo Loans offers short-term financial assistance to their numerous customers to bail themselves out of financial troubles. The company usually gives out loans between £500 and £10,00, depending on your income and ability to repay the loan within the stipulated repayment period. The repayment period is usually between 1 and 5 years and they give loans to people who have been denied financial assistance somewhere else or have found it difficult to get a loan from other sources in the past. This is a clear distinction between Amigo Loans and other lenders.

Loan Requirements

To ensure that the company has a good standard of operation, it has some requirements for prospective borrowers. These requirements must be met in order to take a loan. These are:

  • You must present a guarantor before you can be certified ok for a loan.
  • Your guarantor must be a homeowner if your credit history is poor.
  • The guarantor must be aged between 18 and 75 to be considered worthy of standing in for you.
  • If you default in payment, your guarantor is automatically expected to repay the loan. Therefore, Amigo Loans will accept guarantors who have the financial power to make repayment if that becomes necessary.

Once you meet the requirements outlined above, you are qualified for a loan. If you are accepted for the loan, you will have the loan deposited in the account of your guarantor within 48 hours.

What do they offer?

Amigo attracts customers with offers that seem too good to be true. Some of these are:

  • Zero fees: The company charges no fee if you apply for their loan. In essence, no arrangement fee, no late payment penalties. It only has a maximum APR of 49.9%.
  • You don’t necessarily need to have a good credit rating as some lenders may insist. You can always get a guarantor to stand for you if your credit rating is not on the good side.
  • While some loan companies require UK residency for a stipulated period of time, Amigo Loans does not have that restriction.  You are eligible for the loan if you live in the UK.
  • They also offer customers round the clock access to their account, allowing them to be in control of their account from time to time.

Repayment options

There are many repayment options available to make your repayment easy and convenient for you. These are:

  • Via Direct Debit.
  • Over the phone.
  • You can also pay at PayPoint locations.
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