Amigo loans is a loan company that offers up to £ 10,000 for the term up to 60 months.
It offers credits for people who are unemployed, part-time working or working at home, as well as for students.
The peculiarity of this company is that persons with bad credit can get loan here.
To obtain a loan, you only need a guarantor, which can be a family member or your friend. The guarantor undertakes to repay the debt if the borrower does not pay.
In Amigo, you can get a minimum loan of £500 for a period of 12 months and a maximum of £ 10,000 for 60 months.
Amigo terms say that the company restores all missed payments of the borrower and guarantor, withdrawing money from credit and debit cards.
In addition, Amigo Personal Loans claim that if payment is not paid on time, they do not charge payment charges.
However, they say that in case of late payment, you will have to pay extra interest.
To obtain a loan, you need to complete the application and fill out the online form.
Then the lender contacts you by phone.
After registration of the loan, the funds are credited to your guarantor’s account within 48 hours.
Guarantor’s responsibilities and policy
In order to get a loan in Amigo, you need a guarantor who will have to repay the loan if the borrower does not pay it.
The credit history of the guarantor is checked by the company and displayed in the credit report of the guarantor.
Amigo Loans guarantor should be a homeowner, despite this the loan is not secured on the property.
The property of the guarantor is a proof that the person is solvent and will not run away from the country.
In order to act as guarantor, a person must be between the ages of 18 and 75, have a good credit history and be a citizen of the United Kingdom.
Being a guarantor is a legal obligation that presupposes responsibility for repaying a loan.
Amigo Loans Reviews
The company offers loans of a large amount for a long period. Its feature is the mandatory presence of a guarantor.
When registering a loan, the credit history of the guarantor is checked, but not the borrower’s.
Thus, even if you have bad credit, you can get a loan in Amigo.
In order to help a friend or relative to get a loan, the guarantor must have enough money on the account, which he risks losing if the borrower fails to pay the loan.
You can find various reviews about the company Amigo on the Internet, both positive and negative.
We tend to think that it is better to borrow money from a guarantor without the participation of a credit company ( it is better to sign an appropriate contract with a person who is ready to become your guarantor in the presence of a lawyer and pay the debt to him, rather than to a credit company).
But if you have a person who is ready to become a guarantor, and you decide to take out a loan in Amigo, please read carefully all of its conditions and the obligations of the guarantor before signing the contract.