Amigo Loans (Amigoloans.co.uk) is an award winning online provider of loans, specialising in lending to those with a bad credit record. Instead of rejecting customers straight off based on a credit check, Amigo Loans offers borrowers the chance to access a loan by using a guarantor. A guarantor underwrites the loan, providing support if the customer fails to meet the repayments for any reason.
Amigo provides guarantor loans of anywhere between £500 and £5,000 that can be repaid over a term of 12 to 60 months, depending on the amount borrowed. On the lower £500 loans, repayments must be made in full within 12 months. The guarantor loan comes with no application fees or hidden charges and works through Amigo Loans directly, so you’ll be dealing with your lender every step of the way, rather than going through a broker.
Amigo Loans accepts customers who have defaulted on loans in the past and who have a poor credit rating by having a guarantor sign onto the loan with the borrower. The guarantor should be someone you trust and who trusts you. They must be between the ages of 18 and 75, be a homeowner in the UK, have a good credit history and must definitely be able to meet the loan repayments if you cannot keep up with them. The loans from Amigo are unsecured, so the guarantor does not have to place any collateral, like their home, against the loan.
The loan should have no impact on the guarantor’s credit rating, unless for some reason they were unable to make payments when the borrower has failed to do so. The credit check conducted by Amigo Loans on the guarantor’s record is a quotation search, so it will not appear on the guarantor’s credit file.
To apply for a guarantor loan from Amigo Loans, you and your guarantor can fill out the application form online. The lender will then get back to you by phone, and the money should be in your guarantor’s account within 48 hours.
