Amigo Loans support phone number for assistance and complaints

Amigo Loans is a UK-based financial services company known for its unique approach to lending through guarantor loans. Established to help individuals who may struggle to obtain credit due to a limited or poor credit history, Amigo Loans offers a pathway to financing by allowing borrowers to secure loans with the backing of a guarantor. This guarantor, often a trusted friend or family member with a stable credit background, pledges to cover repayments if the primary borrower cannot, thereby reducing the lender’s risk and opening opportunities for those traditionally underserved by mainstream banks.

With loan amounts ranging from £2,000 to £10,000 and flexible repayment terms, Amigo Loans has become a notable option in the UK for those seeking a second chance at financial support. The company is committed to transparency, ensuring customers experience no hidden fees or charges and providing straightforward terms to build trust.

Services Amigo Loans

Amigo Loans was a UK-based lender specializing in guarantor loans, which are unsecured personal loans requiring a guarantor to co-sign the agreement. This guarantor would commit to covering repayments if the primary borrower defaulted. Amigo offered loans ranging from £2,000 to £10,000, with repayment terms between 12 and 60 months and a maximum Annual Percentage Rate (APR) of 49.9%.

However, as of March 2023, Amigo ceased offering new loans and initiated an orderly wind-down of its business. This decision was due to the company’s inability to secure necessary capital to fund new lending operations. Existing loan agreements remain in effect, and customers are expected to continue their repayments as per the original terms.

For current customers seeking assistance or information about their accounts, Amigo provides support through their online account portal and customer service channels. Customers can manage their loans, make payments, and update personal details via the online portal. For direct assistance, Amigo’s customer service can be reached at 01202 629 161 during business hours.

Amigo mobile app

Amigo Loans offers a mobile application designed to enhance the user experience for its borrowers. The app provides several functionalities to facilitate efficient loan management:

• Payment Management: Users can make payments directly through the app, ensuring timely transactions.
• Account Overview: The app allows borrowers to view their payment history and check upcoming payment dates, providing a clear picture of their loan status.
• Profile Updates: Users have the ability to update their payment methods and contact information within the app, ensuring their details remain current.

It’s important to note that the Amigo Loans mobile app is exclusively available to borrowers. Guarantors do not have access to this application. For those interested in downloading the app, it is available on the App Store for iOS devices.

Contact information Amigo Loans

Customers can reach Amigo Loans through various channels:

• Email: [email protected]
  • Introducers: [email protected]
  • PR: [email protected]
• Phone: 01202 629161
• 24 hour payment line: 01202 560 996 (Open all day, every day)
• Physical Address: 71–75 Shelton Street, Covent Garden, London, WC2H 9JQ
• Website: https://www.amigoloans.co.uk/
• Operating Hours: Monday to Thursday: 9:00 AM – 6:00 PM; Friday: 9:00 AM – 5:00 PM

Frequently Asked Questions

What is a guarantor loan?
A guarantor loan is a type of personal loan where a third party, called a guarantor, agrees to make repayments if the borrower cannot. This approach allows individuals with less-than-perfect credit to access credit.

Who can be a guarantor for an Amigo Loan?
A guarantor can typically be a friend or family member aged between 23 and 75, with a good credit history and sufficient income to cover the loan if needed.

How much can I borrow from Amigo Loans?
Amigo Loans offers loans ranging from £2,000 to £10,000, with repayment terms between 12 to 60 months.

What is the interest rate for Amigo Loans?
Amigo Loans has a variable interest rate with a representative APR of 49.9%, but the rate can vary based on individual circumstances.

How does the loan approval process work?
The application process involves filling out an online form, followed by credit and affordability checks for both the borrower and guarantor. Once approved, the funds are transferred to the guarantor’s account for security purposes.

Can I repay my loan early?
Yes, Amigo Loans allows for early repayment without any additional fees, meaning you can pay off your loan whenever you are ready.

What happens if I miss a payment?
If a payment is missed, Amigo Loans will contact the guarantor to make the payment. It’s important to communicate with Amigo Loans if you experience financial difficulties.

How is the loan amount disbursed?
Once approved, the loan amount is transferred to the guarantor’s bank account. The guarantor then passes the funds to the borrower.

What support does Amigo Loans provide for existing customers?
Existing customers can access account management tools on the Amigo Loans website, including balance checks, payment options, and downloadable statements.

Does applying for an Amigo Loan affect my credit score?
Yes, applying for an Amigo Loan includes a credit check, which can impact your credit score. However, if you make repayments on time, it can positively affect your credit history over time.

Social media presence Amigo Loans

Amigo Loans maintains an active presence on several social media platforms:

• Twitter
• Facebook
• Instagram
• YouTube

Unique features Amigo Loans

• Guarantor-Based Lending: Amigo Loans specializes in guarantor loans, enabling individuals with limited or poor credit histories to access personal loans by having a trusted person guarantee the repayment.
• Transparent Fee Structure: The company emphasizes transparency by not imposing hidden fees or charges, ensuring borrowers are fully aware of their financial commitments.
• Flexible Loan Amounts and Terms: Borrowers can access loans ranging from £2,000 to £10,000, with repayment periods between 12 and 60 months, allowing customization to individual financial situations.
• Daily Interest Calculation: Interest is calculated daily, meaning borrowers pay interest only for the days they have the loan, potentially reducing the overall cost if the loan is repaid early.
• No Early Repayment Penalties: Amigo Loans allows borrowers to make extra payments or settle the loan early without incurring additional fees, promoting financial flexibility.
• Inclusive Eligibility Criteria: The company accepts applications from individuals discharged from bankruptcy and those with non-traditional income sources, broadening access to credit.
• Award-Winning Service: Amigo Loans has received multiple accolades, including the Best Guarantor Loan Provider at the Consumer Credit Awards, reflecting its commitment to customer satisfaction.

Payment methods Amigo Loans

Direct Debit: Upon loan disbursement, a monthly Direct Debit is established, allowing automatic deductions from your bank account on the agreed payment dates.

• Debit Card Payments: As a backup to Direct Debit, Amigo retains your debit card details. If a Direct Debit payment fails and no prior arrangement has been made, Amigo may use these details to process the payment, ensuring your account remains current.
• Online Account Portal: You can make payments, check your balance, and download statements through Amigo’s online account portal. Access it by logging in with your mobile number and date of birth.
• Automated Payment Line: For 24-hour payment access, call Amigo’s automated payment line at 01202 560 996.
• Easypay Link via SMS: Text ‘PAY’ to 07595553371 to receive an Easypay link, enabling you to make an online payment without logging into your account.

Types of loans Amigo Loans

Amigo Loans specialized in guarantor loans, a type of unsecured personal loan that requires a guarantor to co-sign the agreement. The guarantor commits to covering repayments if the primary borrower defaults. This structure enabled individuals with limited or poor credit histories to access credit by leveraging the guarantor’s stronger credit profile.

In October 2022, Amigo introduced a new brand, RewardRate, offering two loan products:

• Personal Loans: Unsecured loans starting at a 49.9% Annual Percentage Rate (APR). Borrowers had the opportunity to reduce the interest rate to 34.9% APR by making timely payments.
• Guarantor Loans: Similar to their original product, these loans started at a 39.9% APR, with the potential to decrease to 34.9% APR through consistent, on-time payments.

Amigo Loans was a UK-based lender known for its guarantor loan model, aimed at providing credit access to individuals with limited or poor credit histories by allowing them to secure loans with the support of a guarantor. The company’s innovative approach helped many people obtain financing who might otherwise have been excluded from traditional lending. However, after facing regulatory scrutiny and financial challenges, Amigo Loans ceased new lending in 2023 and entered a wind-down phase due to an inability to raise additional capital.