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 borrowers straight off based on their credit score, Amigo Loans offers borrowers the chance to access a loan by using a guarantor. A guarantor is typically a friend or family member who has a strong credit score and agrees to make the repayments if the borrower does not.
Amigo provides guarantor loans between £500 and £10,000 that can be repaid over a term of 12 to 60 months, depending on the amount borrowed. The guarantor loan comes with no application fees or hidden charges and can be provided by Amigo Loans directly, rather than 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 the loan agreement with the borrower. The guarantor should be someone who the borrower trusts, and who trusts the borrower. They must be between the ages of 18 and 75, have a good credit history and must be able to meet the loan repayments if the borrower does not. 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 and Amigo Loans were forced to take court action. The credit check conducted by Amigo Loans on the guarantor’s record is a quotation search. Anyone searching the guarantor’s credit file would not be able to see that they are a guarantor on an Amigo loan.
To apply for a guarantor loan from Amigo Loans, you and your guarantor can fill out the application form at Amigoloans.co.uk. You will both be asked to complete a budget plan to ensure the repayments are affordable. Amigo will then contact your guarantor to confirm their details, check they understand their responsibilities and to arrange paying out the loan. Amigo Loans may call you as well, if they need to check or confirm any of the details entered online. Once approved, the money should be in your guarantor’s account within 2-48 hours.
