Amigo Loans is a personal loan provider specialising in 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.