On our list of online loans, we have been talking about Instant payday loans and Amigo Loans is one of the top credit provider in United kingdom that you can borrow up to £10,000 without collateral or paperwork.
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Amigo Loans Review
According to Wikipedia, Amigo holdings is a guarantor Loans lender that is listed on London stock exchange.
Amigo holdings started as a guarantor lending business in 2005, and now they proudly hold 14 years of experience that they continually use to push forward our growth.
Amigo loans was the first direct-to-customer brand in the UK guarantor lending sector and the first standalone guarantor lender to obtain full Financial Conduct Authority (FCA) authorisation.
How Amigo Loans Work?
Amigo Loans product is simple and transparent – Amigo offer guarantor loans to customers who typically have a poor or thin credit file, with an APR of 49.9% APR.
There are no other fees, early settlement penalties or any other charges. What you see is what you get on Amigo Loans.
Their thousands of happy customers are at the forefront of their thinking, and will forever be the main driver of amigo business culture.
Their aim is to be helping those who need financial help gets quick cash loan via Amigo loans and this is what keeps them working hard and retains their focus.
If you are struggling to take out a loan from Amigo, a guarantor loan means you may still be able to borrow the funds you need without being charged an unreasonable amount of interest.
Unlike banks Loans, Amigo base their lending decisions on friendship and trust.
Well, a guarantor is someone who trusts you. They are someone who agrees to back up your loan and make any repayments that you miss.
So even if you don’t have the best credit score, if someone’s got your back, Amigo Loans could back you too.
Can I Get A Loan Without A Guarantor On Amigo Loans?
Amigo Loans is a guarantor lender, which means you need a guarantor for amigo to lend money to you.
If you have a guarantor, that’s a good sign to amigo that someone trusts you and that Amigo should lend money to you.
If your credit score is not considered strong enough to get a loan from a bank, the alternatives can often be high interest loans with inflexible repayment terms.
By asking you to provide a guarantor, Amigo can provide you with the loan you need and at a fraction of the cost of other ‘bad credit’ loans available.
Who Can Be A Guarantor On Amigo Loans?
Almost anyone can be a guarantor, whether that’s friends, family, a work colleague or a stranger in a bar.
Okay, maybe not a stranger in a bar. Your guarantor needs to be someone that knows you well, and you need to trust each other.
Whoever you are thinking of, remember that your guarantor needs to meet this criteria:
• Must be the age of 23 – 75 year’s
• Must have a UK address
• Must be a homeowner or have a good credit score with a history of paying their bills on time
• Have a minimum income of £800
• And also be able to afford the monthly repayments if you don’t pay.
Can Someone Be A Guarantor For More Than One Person?
A guarantor can only be an Amigo customer on one loan at a time. They may need to step in and make any loan repayments that you don’t, and Amigo holdings don’t think it would be right to expect someone to make payments on two loans at the same time.
Who Can Apply For Amigo Loans?
Almost anyone can apply for an Amigo Loan as long as they meet our criteria:
1. You must be a UK resident
2. Must be between age 23 -:75 year’s
3. Not on an active bankruptcy, IVA, or equivalent or a Debt Management Plan
4. Have a minimum income of £800
5. And are able to make the loan repayments and pass their affordability checks.
When you make an application they will carry out a credit check and will ask you to complete an online budget plan.
Don’t worry, Amigo loans don’t mind if you don’t have the perfect credit score, they just want to make sure the loan repayments are right for you and your situation.
How Much Amigo Loans Offer?
With an Amigo loan, you can borrow up to £10,000. As long as it’s affordable for you, Amigo loans got you covered.
Next, choose your loan term. Amigo loans can be taken out between one and five years depending on what suits your budget.
How To Apply For Amigo Loans?
Step 1: Start Your Loan Application Process
Amigo will need to know a bit about you by applying for Amigo Loans here. That means your name, date of birth and your contact details (for when we send you information about your loan).
Amigo will then ask you to read the T&Cs and your credit agreement. Once you are happy with everything, click the box and sign your agreement electronically.
2. Complete Your Budget
Next, they will ask you to provide a quick breakdown of your finances. Amigo want to make sure this is the right loan for you, so they will take down your income and outgoings.
This will show us if the loan payments are affordable alongside your other financial commitments.
3. Submit Guarantor Application
Once done, Amigo Loans will need your guarantor to complete their part of the application.
They can do this right there with you, or you can send them a link so they can do this in their own time.
Your guarantor may need to make any payments towards the loan that you don’t, so Amigo will ask them to complete a budget plan too.
This makes sure any payments they do happen to make are comfortably affordable.
4. A Quick Call Confirmation
Amigo will also give your guarantor a quick call to confirm their details and to arrange paying out the money. If they can’t verify any of your own details or there are any issues, Amigo loans may also need to call you to finalise the application. But don’t worry – they will make this quick, easy, and stress-free.
Once everything’s done, Amigo will complete their final checks (dotting the i’s and crossing the t’s). Amigo will be in touch if there’s anything further they need from you, or they will send you a text once the loan is paid out.
The money is paid into the guarantor’s bank account for them to transfer on to you.
Why Choose Amigo Loans
Amigo offers loans from £2,000 – £10,000 over terms between 12 and 60 months, with a maximum APR of 49.9%.
Amigo Loans Ltd is Authorised and regulated by the Financial Conduct Authority. Registered in the UK, number 4841153. Registered Office: Nova Building, 118-128 Commercial Road, Bournemouth, BH2 5LT.
Registered with the Information Commissioners Office Z8738456. Financial Conduct Authority Permission Number 708284. VAT Number 290 5939 69.
Amigo Loans Login
If you are a new customer or already an existing customer with Amigo loan then you can follow this link to access your Amigo loans Login Page.
Amigo Loans Contacts
Are you having difficulty applying for the Amigo loans or you want to talk to them about anything else.
Then feel free to use the Amigo Loans Contacts support Link to reach and lay down your complaints.