Amigo loans guarantor criteria

Amigo Loans is the largest guarantor loan lender in the UK.

Since the start of the economic crisis, millions of people have been left out in the cold by their bank. If you need a loan and have no credit history, or a bad credit score, you may feel like your only option is to apply for a payday loan, which can mean an APR as high as 4, per cent. There are options out there with less jaw-dropping interest rates that are willing to lend to people that the banks won't. Until recently, one of these options, Guarantor Loans, was relatively unknown, but in recent times they've started to become seen as an increasingly viable alternative to the under-fire payday industry, partly due to the work of guarantor lender, Amigo Loans. Benamor's Amigo Loans is shaking up the industry by returning to a more traditional, trust based form of lending, where affordability is the main focus and borrowers are asked to provide a guarantor to back their application.

Amigo loans guarantor criteria

We have access to 10 other guarantor lenders that may be able to offer you a loan with better terms, including lower rates or higher borrowing amounts. Each and every lender will have their own list of criteria. Forces Compare can look through your details and help you find personal loans, or even secured loans, at fantastic rates. Amigo offers guarantor loans. With this type of loan, a guarantor is elected and promises to repay the loan if the borrower defaults. Amigo loans are not the only lenders that offer guarantor loans. There are a range of different guarantor loan providers for borrowers to choose from, some of which are able to offer you better terms. Forces Compare can help to find the best guarantor loans through our trusted lenders. We also work with lenders who accept those with bad or non-existent credit, provided both the borrower and the guarantor meet the specified criteria. Guarantor loans are often used by borrowers with bad credit, leveraging the good credit history from their guarantor to access finance. Those with a CCJ or IVA can still be eligible for a guarantor loan with our trusted lenders, as well as those who have experienced bankruptcy. In addition to this, borrowers will still need to be employed and have a regular salary to be eligible. As previously mentioned, our trusted lenders may also be able to offer guarantor loans with lower rates or higher borrowing amounts.

Amigo guarantor loans review The word Amigo means "friend", and with Amigo guarantor loans, a friend or relative could help you to borrow the money you need for anything from a car purchase to consolidating existing debts.

In this guide. Loans from. Compare alternative guarantor loan providers. Amigo is a UK-based direct lender specialising in loans for people who are self-employed, have low credit scores, have county court judgements CCJ or simply find it difficult to get a loan from other providers. Amigo will ask you for a guarantor — a friend or family member who trusts you and will back your loan by agreeing to step in if you ever miss repayments.

Find lenders that can approve you. Good and bad credit histories considered. Fast funding with no hidden costs. In this guide. Personal loans. Loans for.

Amigo loans guarantor criteria

The loans come with a representative APR of People borrowing money from Amigo Loans will need a guarantor who will have to pay the loan back if the borrower defaults. This involves checking their credit history and their track record of repaying debts. Although guarantors need to be homeowners, the loan is not secured on the property. Amigo suggests asking a friend or family member to be a guarantor. Being a guarantor for a loan means you are responsible for the loan and can be chased for the debt if it goes unpaid. Here's what James Benamor, the CEO of Amigo Loans, has to say: "Over 65, people have acted as guarantors for their friends and family with Amigo and customers tell us it's a positive and rewarding experience. Guarantors have been able to help their loved ones regain financial control, whether it's been to start their own business, buy a car for work or consolidate expensive payday loans. Ultimately this means the borrower will have a wider choice of financial products in the future.

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Click on the button below to start your online application. Be over the age of Borrowers with a bad credit history can still be eligible for a loan with Amigo, even if they have a County Court Judgement. Applications can take less than 5 minutes to complete and funds can be received within 48 hours. You can pay for big ticket items over several months for a fixed fee, with Plan It. Can I change the payment date for my Amigo personal loan? You should continue to make payments in the usual way. Amigo mentions that customers with bad credit are able to rebuild their credit rating if they pay on time because the information is passed onto a credit reference agency. Write a review. Guarantor loans are available to anyone that can afford the repayments and find someone that's happy to be their guarantor, as long they aren't bankrupt, or in an IVA Individual Voluntary Arrangement. Amigo will carry out affordability checks prior to approving your loan — this may involve confirming your salary with a copy of your pay-slip or bank statement in order to match up what you wish to borrow and can afford to repa A key factor determining how much you can borrow will depend on the credit rating of your guarantor.

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The idea of having a strong guarantor is based largely on trust. Back then your local bank manager would know you and lend to you based on your assets or your income. The terms "best", "top", "cheap" and variations of these aren't ratings, though we always explain what's great about a product when we highlight it. Social Media Follow us on: Follow us on:. Thank you for your feedback! Amigo offered a variable rate, which means it had the right to change the interest rate on your loan if needed. Your credit score can be affected positively, as Amigo informs your main credit reference agencies when you make a loan payment on time. February 27, If you are looking for a bad credit loan with no credit checks, unfortunately there are not that many available. So, if you want to make a big purchase but have been turned down for loans in the past, an Amigo loan could be what you need. When you applied for a loan, Amigo set up a monthly direct debit. Instant guarantor loans.