Amigo Loans is a personal loan provider which specialises in providing guarantor loans. This is a type of loan which relies on the borrower finding a friend or family member who is able and willing to ‘guarantee’ the loan.
If you want to take out a guarantor loan, you will have to find someone who really trusts you. If the borrower can’t repay the loan, their guarantor will be held responsible and have to cough up. So failing to pay could affect your personal relationships as well as your credit report.
Amigo boasts that its rates of interest are a fraction of those charged by payday lenders. But it still sets a very high representative APR. It’s definitely not the cheapest lender out there.
Its customer ratings for both happiness and trust have, in the past, not been stellar. They're still not fantastic, but it's worth mentioning that there has been some improvement in these areas since our last set of ratings.
The company tends to be fairly good at sorting out complaints too, and its transparency score is high.
Amigo Loans has climbed from near the bottom of our tables in its first appearances to now sit just within our tier of Bronze Ribbon winners. While it still has some way to go, it does seem to be improving.