Who are Amigo?
Amigo Loans offers loans of different amounts running up to £5,000. However, unlike other lenders on our panel, Amigo loans is a guarantor lender. This means it will only consider loans from people who have a guarantor that can co-sign the loan. The company does this as it believes having a guarantor makes the loan safer, as well as serving as a good indication of an applicant’s ability and willingness to repay a loan.
One obvious advantage of this is that Amigo Loans places more weight on you having a guarantor rather than your credit score. As such, it can often be easier to be approved for an amigo loan if you suffer from having bad credit. Often a family member or friend, your guarantor must trust you enough to make the repayments on your own – only stepping in if you fail to do so. Because of this, your guarantor will also be subject to the application procedure to ensure they are financially capable of taking over the loan repayments should you not.
The approximate interest for borrowing £100
CashUpJar is an authorised and regulated credit broker – not a lender: Rates between 9.3% APRand 1294% APR – your no obligation quote and APR will be based on your personal circumstances – we compare short-term loans from over 50 lenders to get you the best APR possible for you. Loan term lengths from 3 to 36 months.
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Who can be your guarantor?
Typically, a guarantor must be aged between 18 – 75 and have a good credit history. Striving to make repayments as easy as possible, you are allowed to make payments in a variety of ways, including Direct Debit, online, phone and cash at any one of approximately 22,000 PayPoint locations. Many guarantor lenders will require that your guarantor is a homeowner, however, Amigo Loans do not require this. As long as the person has a strong enough credit score they will be considered