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Amigo Guarantor Loans FAQ
Who is Amigo?
Amigo is an online-based direct lender that specialises in guarantor loans. It is authorised by the Financial Conduct Authority and is based in Bournemouth.
Why might I want to take out a guarantor loan?
Guarantor loans can help those with poor credit scores to get a loan. A guarantor is typically a close friend or family member who is willing to commit to paying back a loan if you struggle to repay it yourself. Without the help of a guarantor, some borrowers may not be able to get a loan, particularly if they have had CCJs against them, for example.
How much can I borrow through an Amigo guarantor loan?
Amigo lends up to around £15,000 but the amount you will be offered will depend on factors such as your guarantor’s financial status and your personal situation.
How do I apply for an Amigo guarantor loan?
Firstly, you are required to fill in an application form online and make a budget plan. Whoever is acting as your guarantor is then sent a link and will also need to apply online. Once they are accepted as a guarantor, following various financial and affordability checks, the money will usually be paid to the guarantor within 24 hours for them to transfer to you.
How much does an Amigo guarantor loan cost?
The interest rate charged on guarantor loans from Amigo varies depending on your circumstances. It’s important to check the exact interest rate you are offered and ensure you are happy before committing to a loan. The guarantor should also be happy with the terms of the loan and the lender should check this as part of the application process.
Are there fees for repaying early?
No. Amigo does not charge fees for repaying more than your scheduled repayments and interest is calculated on a daily basis, which means the earlier you pay off your loan, the less you should repay in total.
How does Amigo loans check guarantors?
Guarantors are required to fill in an online budget planner that incudes their financial information, such as income and commitments. Amigo also checks whether the guarantor has had any problems repaying loans in the past, but this does not involve a credit check. Amigo will also speak to the guarantor directly to ensure they are happy with how the loan will work.
How do I manage my Amigo guarantor loan?
Borrowers can download the Amigo Loans app to their mobile device through which they can have a real-time view of their account and see if they are able to apply for top-up loans, for example. Whether a borrower is accepted for a top-up loan will depend on their eligibility. Borrowers with Amigo loans can also check their finances by logging-on to their online account, without needing access to the app.
Services offered by this provider may change over time. Always check Ts&Cs.