Have a look at the details for Amigo Guarantor Loans:

Amigo Pros

  • Guarantor can be homeowner or tenant
  • Fast payout
  • No fees
  • Secure application
  • Direct UK Lender

Amigo Cons

  • Em, can’t think of any!

Representative Example: Borrowing £4000 over 36 months, repaying £195.16 per month, total repayable £7025.76. Interest rate 49.9 % (variable).
Representative 49.9% APR (variable).

Amigo Guarantor Loans two red rubber men friends
Amigo Guarantor Loans

Amigo Guarantor loans, an old fashioned idea that works

Back in the good old days banks worked on relationships and trust and if you wanted a loan, your local bank would often simply ask for someone who trusted you to guarantee it.

Then things changed as computer credit scores took over and millions of people were left out because their score did not fit.

However, Amigo Loans knew what it was like to be rejected, so they built the old fashioned guarantor loan company for people to borrow from.

Decisions are made by real people

Amigo Guarantor Loans do not just let computers decide if you can take out a new loan, but the most important thing for a Guarantor Loan is that you have a friend or family member who trusts you enough to guarantee to make the repayments even if you don’t and that you can afford to repay the loan and make all of the monthly repayments

Before Amigo pay out any guarantor loans, they have a conversation over the phone with both you and your guarantor.

Amigo base their decisions on simple common sense, not your credit score, whether good or bad.

A cheaper way to borrow

Amigo flexible guarantor loans are regularly featured by price comparison sites as the cheapest option for anyone borrowing £500-£5000 with a low credit score.

Amigo Guarantor Loans two red rubber men friends
Amigo Guarantor Loans

Interest done the right way

Amigo give you real-time statements and 24/7 access to your loan account online. Interest is calculated daily so you only pay for the time you have the loan.

If you pay even £10 off early, you stop paying interest on that £10 immediately.

Paying off your loan

Amigo Guarantor Loans have thought of as many ways as possible for you to make repayments.

Regular payments are made by Direct Debit, but you can also pay by card, online, over the phone 24/7 or in cash at any one of 22,000 PayPoint locations.

No fees ever

When times get tough the last thing you need is someone making money from your problems.

Amigo NEVER charge for late payments, letters, early settlement or anything else for that matter.

What about when things go wrong?

Amigo Guarantor Loans collect late payments in the same way as any high street lender would.

If a loan falls into arrears they will let the borrower and guarantor know and if they are not able to collect a payment, Amigo will phone and email you to see what’s gone wrong.

Their priority is to stop a late payment snowballing into a bigger problem and to resolve it with the borrower in the first instance.

Obviously, because Amigo’s loans are supported by a guarantor, then if they are unable to come to a suitable resolution with the borrower, the guarantor has to pay instead. This is covered in their Amigo Loans Guarantor Criteria in the Terms & conditions.

In a few very rare cases, where Amigo cannot come to an arrangement for repayment with either borrower or guarantor, as a last resort Amigo Loans will either pass a debt onto a professional debt collector or ask a court to decide the best way to deal with it.

Whatever happens Amigo Loans will NEVER put your home or other property at risk.

Rebuilding your credit

Amigo Guarantor Loans want to help make your financial future better, so they report back to all three credit reference agencies each month, showing your repayments.

As payments are made on time this will help to build or rebuild your credit profile.

No information is reported back to credit reference agencies for guarantors, even if payments are missed, unless the account goes to court.

You might also be interested in Buddy Loans Guarantor Loans.