Amigo is the UK’s first guarantor loans company, loaning to customers that have been rejected by the banks and their automated credit scoring. Working at Amigo is not just a job, it is a cause.
With its customer-centric attitude, Amigo believes that good people should be able to borrow fairly, flexible and affordable, no matter what a computer credit score says about them.
By keeping things straightforward, Amigo makes life less demanding. They centre around what is critical and that’s it. By tackling true issues, they treat their clients, they treat us, actually, as we need to be dealt with.
They have won awards for our products and for being a great employer. Their offices are as ground breaking as our products with amenities including a hairdresser, a masseuse, yoga, live music and the best coffee shop in town.
They work in little self-ruling groups and perceive accomplishments over capabilities. Amigo esteem thoughts and suppositions on their legitimacy, not the status of the individual who holds them.
What Rates Do They Offer?
The loans offered by Amigo are based on an amount of £500 – £10,000 over terms somewhere in the range of 12 and 60 months, with a greatest APR of 49.9%. Amigo Loans Ltd Authorised and controlled by the Financial Conduct Authority.
The products or services provided by the company include:
Bad Credit Loans
Bad credit is when a borrower carries a higher credit risk. When a borrower has a low credit score, it indicates a bad credit. The creditors will avoid lending money to the individuals with a bad credit history as the borrower might default on making the payments.
A guarantor loan is a sort of unsecured allowance which requires an insurer to co-sign the credit agreement. An insurer is someone who agrees to compensate the borrower’s arrears should the borrower failure on agreed repayments.
Bad Credit Car Finance
Although there are, many avenues to obtain financing for the purchase of your dream car, due to certain factors, a car loan application can be rejected. One of the reasons is having a bad credit score. It can reduce one’s chances of loan approval by the banks.
Before applying for a car loan, shop around, do your research online to get a better deal. Whether it is a new car loan or used car loan, visit a comparison website to compare various car loan offers across top banks in the country. Choose a low-interest rate car loan to save up on interest payments. Some banks also offer loan against the car.
Debt Consolidation Loans
Debt consolidation loans mean taking out a new loan to pay off a number of liabilities and consumer debts, generally unsecured ones. In effect, more debts are mixed into one, bigger piece of allowance, commonly with more agreeable payoff terms: a lower interest amount, lower monthly fee or both.
A non-mortgage holder insurer credit is basically an advance that you can take out regardless of whether you or your insurer don’t possess property. A few sorts of credits from more responsible option advances experts require a property to be used as protection These advances are designated “secured loans” since they are verified against a property.
Self Employed Loans
An individual advance is a kind of unbound advance and causes you meet your current money related necessities. You don’t more often than not have to promise any security or guarantee while profiting an individual advance and your loan specialist gives you the adaptability to utilize the assets according to your need.
Unsecured Bad Credit Loans
An Unsecured Personal Loan with Bad Credit. An unsecured personal loan is a loan offered to an individual by the banks and NBFCs without any collateral. Banks do a background check on your credit history and credit score before lending.
How To Apply For An Amigo Loan
- Update on my loan application
On the off chance that you’ve connected for a credit and might want a report on your application, message the word ‘STATUS’ to 07860004427.
You can use this feature at any time, and the company will send you an SMS alert letting you know the live status of your application. This element is for borrowers on dynamic credit applications.
- Register as someone’s guarantor
Amigo believes asking for a guarantor is the best way to lend as your family and friends know you better than a computer ever could. If you trust someone enough to guarantee their loan, then that is good enough for them.
- Be able to afford to make repayments if the borrower doesn’t pay
- Be aged 18–75
- Have good credit
- Be a UK homeowner, or have a very strong credit history (a homeowner is more likely to be accepted)
- In order to proceed a deposit or resolve your loan you should:
- Download their free App here: amigoloans.co.uk/mobile-app and log in. The App is currently only available to borrowers.
- Call our 24-hour automated payment line on 01202 560 996.
- Log in to your online account
- Text the word ‘PAY’ to 07595553371 and we will send you an Easypay link so you can make an online payment, without logging into your account.
- How do I change my payment date?
- To change your payment date, log into your account, click on the ‘Repayments’ tab and select the new date for your monthly repayment.
- On the other hand, if you are a borrower, you may download our free App amigoloans.co.uk/mobile-app and opt for another payment date. Dealing with your credit through our App is fast and simple.
- You can also call their collections department on 01202 629 161 (9am-7pm Mon-Thurs; 9am-6pm Fri; 9am-1pm Sat).
Advantages Of An Amigo Loan
There are few vital advantages which should be taken into consideration in choosing our services. These advantages are based on decisions made by real people, no fees or charges, a cheaper way to borrow, the possibility of paying off your guarantor loan and also the chance to rebuild your credit.
Amigo Loans does not just let computers decide if you can have a guarantor loan. The most important thing is that you have a friend or family member who trusts you enough to guarantee to make repayments if you do not and that you can afford to repay the loan.
Amigo Loans does not charge fees for applying for a loan, paying your loan off early or making a late payment. The only thing you pay is the interest agreed before the loan is paid out.
Our insurer advances are around 30th of the APR of a payday advance and are usually highlighted by price correlation sites as one of the least expensive alternatives for anybody getting £500-£10,000 with a low credit amount.
We have thought of as many ways as possible for you to repay your guarantor loan. Standard reimbursements are made by Direct Debit, however you can likewise pay via credit card, on the web, via phone anytime or in real money at any of 22,000 PayPoint areas.
Interest is determined day by day so you pay for the time you have the credit. In case that you pay the loan off ahead, you pay not exactly the concurred sum, regardless of whether you pay only £1 off right on time, you quit paying enthusiasm on that cash promptly.
Will They Run A Credit Check?
We want to help make your financial future better; so we report to all three credit reference agencies, each month, showing your repayments. The more payments you set aside a few minutes and in full could assemble or remake your credit profile.
No data is accounted for back to credit reference organizations for underwriters, regardless of whether payments are missed except if the record goes to court.
On the other hand, there are also some weak points which must be put into evidence: the higher interest rates and the fact that the loan processing a little time consuming. Also, the background check and document review could be improved during the loan approval process.
Pros And Cons For The Borrower
If you cannot get a bank loan, guarantor loans are one of the cheaper options available and are substantially lower cost than payday loans.
Guarantor loans are not secured against property or other possessions. Instead, a guarantor agrees to repay the money if the borrower does not.
You do not need to have a good credit rating, whether you can afford the repayments is the most important factor.
Many guarantor loans do not charge fees for things like paying your loan off early, whereas most banks do charge extra fees for this.
As a contra advantage, the borrower should be aware of the fact that if he cannot find someone that trusts to repay the loan, he will not be able to have a guarantor loan. In case that he misses the payment, his insurer will be relied upon to make the payment for him so he may take care to guarantee payment are serenely reasonable.
Financing costs are generally higher than bank advances, so it can appear to be high, however are frequently the least expensive advance accessible. Continuously check for less expensive choices previously applying.
Pros And Cons For The Loan
Rather than loaning to the borrower and gathering month to month reimbursements yourself, being an insurer implies that the reimbursements are gathered by the moneylender, with you possibly being called if payments are forgotten.
You can help a family member even if you do not have immediate access to the money to lend yourself, as long as you can afford the monthly payments, many people can afford the repayments, but don’t have enough in savings to lend to their friend/family directly.
On the contrast of the above benefits, the weak points are based on the off chance that the borrower misses an instalment, you will be relied upon to pay.
Although missed payments will not usually be recorded on your credit file, if you the borrower does not pay and you cannot, it is possible for the lender to apply for a CCJ against you as well as the borrower.
When you have consented to be an insurer, to escape the agreement, the loan should be paid totally. It’s imperative to ensure that you just consent to be an insurer for somebody that you know and trust to stay aware of reimbursements.
Any Extra Facts About The Product Or Service
The best part of it is based on the possibility to satisfy more when the shot emerges, entirely reliable while experiencing a troublesome time.