Amigo Loans

Amigo Loans is a company that prides themselves in their personal way of dealing with loans. When you submit an application with Amigo Loans, they do not simply allow a credit score from a computer determine if you can borrow and how much you can borrow. Amigo Loans takes on a different approach than most companies because they rely on a process that includes a guarantor.

 

Amigo Loans

Short-term loan companies are not the first option you should consider when you need to borrow money. However, you may consider Amigo Loans if you are in a financial emergency and have nowhere else to turn to.

As the word “amigo” means friend, Amigo Loans only lends to people when they have a friend or family member who will guarantee to make repayments for you if you are unable. During the application process, Amigo loans will call both you and your guarantor to get an understanding of how you plan to pay back the loan.

When choosing a guarantor, you will need to keep in mind that they will need to have a good credit history. You can ask your family or friends to take on this role. You will need to make sure to let them know they will need to have enough money to cover your monthly payment, as well as their costs. Your guarantor must also be a UK homeowner. This can be either through owning their home outright or through having a mortgage. This loan will also not appear on your guarantor’s credit file unless the loan is not paid back for some reason.

Amigo Loans can offer cheaper rates than most payday loan companies. You are also allowed to pay your loans early. Interest is calculated each day. This means that if you can pay back a certain amount first, you stop paying interest for that amount. In the end, this will be able to save you money on what you would otherwise have been paying the high interest of a payday loan.

You will also never have to worry about fees with Amigo Loans. They do not charge for late payments, letters, early settlement or anything. Many companies that are not responsible lenders will try and catch you here by having extremely high fees for every single thing you try and do.

You can also repay the loan that you borrowed through several ways. From regular payments taken out of your direct debit account, to paying by card, online, over the phone, or even at their PayPoint locations, you will have no trouble paying your loan back on time.

Amigo Loans is dedicated to helping you as a customer. This means that they want your financial future to be better. They assist you by reporting to all three credit reference agencies to show your repayments each month. Doing this will greatly benefit your credit profile. They also offer financial advice and help to those who need it. If you are a customer with Amigo Loans, you can get help to ensure that you are on the right track to a financially stable life.