Amigo Loans was started in 2005 and has since grown to become the largest guarantor loan company in the UK. In the process, their guarantor loan product has enabled consumers to rehabilitate their credit ratings and increase their future potential to obtain loans from traditional financial service providers. This Amigo Loan review can help you learn what other Amigo Loans clients had to say about their lending experience, more information about
Amigo Loans offers guarantor loans, auto finance, & personal loans and they loan to those with a low credit score or those who have a poor credit history. They value clear communication during the application process and ensure that both the borrower & guarantor understands the terms & conditions.
This credit broker offers guarantor loans with a compensation scheme of up to £10,000. All of Amigo’s customers have a friend or family member prepared to act as a guarantor is what binds both you and your family member or friend together. Amigo Loans goes to considerable measures to ensure that guarantors understand their obligations when it comes to making payments or taking care of the loan repayment.
Borrowers like Amigo’s guarantor loan services because they offer easy, transparent, and direct payday loans with a doable payment plan. Amigo Loans also conducts a telephone conversation with each guarantor to lay out their responsibilities and ensure that the product’s terms are clear. Both the borrower and the guarantor are subjected to comprehensive affordability checks, and Amigo Loans requests that they give their debit card information and, if necessary, a direct debit.
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Amigo Loans Overview
Before paying out the loan, Amigo Loans will verify the guarantor’s credit rating to ensure that they can comfortably afford or settle payment for the loan. One needs to be financially secure and have never had financial difficulty, had missed payments, or trouble with repayments before.
The guarantor’s credit score is generally unaffected by acting as a guarantee. However, if a recovery proceeds to the point where the court issues a judgment against the guarantee, the court may record the judgment in the guarantor’s credit file. Customers only pay interest on their loans for as long as they have them.
For instance, if a customer borrowed £3000 over 36 months but elected to return it in 12 months, they would only be charged interest rates for those 12 months.
No one should sign on as a guarantor unless they are willing to pay back the money loan or any extra payments if the borrower defaults. So, a guarantor must have a good credit rating or at least no sign of a bad credit history as this is the only way Amigos will agree to a loan. When a payment is missed, Amigo Loans notifies the borrower and guarantor via phone, email, and text message so that Amigo Loans can resolve the situation as fast as possible and understand what caused the missing payment.
If a borrower is unable to pay, Amigo Loans will speak with them about why this is happening and, if necessary, provide them some time to resolve the situation. If the borrower is still unable to pay after a certain period of time, Amigo Loans will pursue payment from the guarantor.
Customers may be given more time before the guarantor is asked to make the payment in particular cases. Amigo Loans will also set a maximum interest rate and work up a payment plan with the borrower or both the borrower and the guarantor. The guarantor is kept up to date on everything that is going on.
Services Offered By Amigo Loans
Amigo Loans Ltd offers new and existing customers a single product: a guarantor loan with a single APR rate of 49.9% and no late payment fees. The team at Amigo sees this as a good alternative to higher-cost loans like payday loans and other non-traditional financing.
The guarantor loan concept involves bringing in a second party to the lending scheme of arrangement, usually a friend or family member who has better credit scoring than the borrower. This person serves as a guarantee in the loan application, and the only thing really giving the applicant any weight in the credit agreement since it can guarantee that the money loaned can be paid back. Having a third party works as they agree to make loan payments if the borrower fails to do so.
This also covers interest payments and other fees incurred if you loan early or pay early. The Financial Conduct Authority is in charge of authorising and regulating the company in the United Kingdom (FCA), like most companies so you can trust that they’re regulated by the financial ombudsman.
Amigo Loans Contact Details
Loans can get quite tricky and, if you aren’t careful, you might end up in more debt than you anticipated. If you’re a new borrower or just someone who has any questions, concerns or clarifications with the credit report, ways of paying, interest rates, repayments, and the like, customers can always give the Amigo team a quick call. Contact Amigo Loans company using the following methods:
Telephone – 01202 629 200
Email – [email protected]
Website – www.amigoloans.co.uk
Amigo Loans Reviews
Decided to go with Amigo loans and I’m glad I did. Very supportive and everything is explained. Had my loan over 2 years to suit my financial income and was a delight. It’s a shame other companies in this industry don’t follow suit. My last 2 payments I had to move forward and Amigo loans sympathise and wasn’t a problem, quick and simple. Well done Amigo loans ,you are a pleasure. – Mark Wildego
Really polite….. very helpful. A pleasure to speak to! – James Peacey
I think this company has helped a lot of people out in times of need even myself. – Darla Tudor
Just like to say Thank You souch for help and support I’ve had today from lovely kind lady on the phone to me she was 100% friendly, thank you. – Sandra Saxton
Thank you for keeping me well informed of the process and interest rates applicable and ensuring I had a clear understanding of my commitment. You were there when I needed help the most, pleasing my family far outweighed the costs and when my bank account issues and financial situation changed I found it easy to settle my outstanding balance with you. – David Hastie
In this Amigo Loan review, you’ll quickly see that why we recommend Amigo Loans. They are a customer-focused firm that provides cutting-edge technology and industry-leading services. They’re not just in the guarantor loan business; they’re also in the personal loan business. If you don’t have a good credit rating and are considering signing up with Amigo Loans, be sure the guarantor loan product meets your needs before applying.
They look out for their customer’s best interests and compared to other lenders, they give tons of ways to help improve one’s credit score at a more affordable rate than earlier options, which would have been either prohibitively expensive or impossible to obtain. For borrowers with a ‘poor’ or ‘no’ credit history, a guarantor makes borrowing more accessible so customer’s won’t have to worry about loan repayments. When a guarantor is there to give ‘oversight,’ the borrower is more likely to acquire sound financial habits.
An Amigo guarantor lender can help in rebuilding or establishing credit through Amigo loans. Other guarantors may choose to borrow on behalf of the borrower from a lower-cost mainstream lender. However, this does not allow the borrower to enhance their credit score, and some people do not want to deal with the hassles of applying for a loan, worrying about late payment or settling big outstanding balance amounts and managing monthly payments, nor do they want their credit file to be harmed. These problems can be solved with an Amigo loan.
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