Amigo Loans Review | www.amigoloans.co.uk
Address: Nova Building, 118-128 Commercial Road, Bournemouth, BH2 5LT.
Branding: Amigo Loans. AKA: AmigoLoans.
FCA Licence: 557709.
From: The Richmond Group Ltd.
Launched: 2012 (2004 as FLM Loans).
Related: No companies.
Available: Monday to Thursday (9am/7pm), Friday (9am/6pm), Saturday (9am/1pm).
Bad Credit Considered: Yes.
Manage: Amigo Loans login provided via www.amigoloans.co.uk.
Offers: Guarantor loans.
Sums: £500 to £7500 (new and returning).
Terms: 12 to 60 months.
£236.72 /£1000 (12)
£483.68 /£1000 (24)
Notes: There are cash and term restrictions such as £2000 stopping at 36 months. Your guarantor must be aged between 18 and 75 and have a good credit score. Their rating must be excellent if the backer is not a homeowner. The headlined rate is 49.9% APR. There is now an option to buy goods such as smartphones and TVs (www.amigostore.co.uk).
– Amounts: The £500 sum is less than what most providers start from and they now head to £7500.
– Efficiency: If you apply throughout the week and both you (and the backer) complete the applications quickly a payout could be made within 24 hours. The process otherwise takes 48 hours or so. As well as the fast payouts, account logins are provided and they allow early settlements whereby you pay interest to that point only. Not everyone in this field provides account servicing and the process is usually slower elsewhere (some require forms to be sent through the post).
– Eligibility: Those with past CCJs and defaults are accepted. They even consider those in self-employment. All that matters is that the applicant can meet the agreed repayments. The requirements are also relaxed for guarantors who don’t have to be homeowners.
– Experience: Whilst this newer brand was only set on the market in 2012, the earlier identity had existed since 2004. They were the first company to bring this type of product into the mainstream that has been discussed further below.
– Niche: The owner (James Benamor) is credited as innovating the guarantor loan concept in the UK. They did have some early competitors, but no one has quite managed to attain their level of popularity with more than 200,000 people being served since launch. Over the years this subprime niche has become one of the most fiercely contested.
– Operations: Funding is possible for a few hours on Saturdays. If you are hoping on a speedy payout then it would be recommended to apply through the week and have your backer prepped.
– Ownership: The Richmond Group has become a major player in the subprime industry. Amigo is now the single lending product of theirs (after they closed down FLM Quick). They have however been successful with other projects such as Loanfinder. They also started the DebtLine debt management company, but this has now become independent.
– Profile: This has been the market leading brand over their history. Their experience has played a key role, but they have continually made product enhancements over the years. Accepting tenants, increasing the sums and providing same day payouts are a few examples. Their profile as a whole has boomed through their extension advertising on the TV. No other lender in this field uses this channel to their advantage. Whilst this market has become crammed with competitors it has been difficult for such firms to stand out. Those that have looked to differentiate themselves have tended to focus on lower pricing or they have offered higher cash sums.
– Reviews: This is the only lender to rank highly at both Review Centre and Trustpilot. The Trustpilot ranking stands out though the high volume of feedback that runs in the thousands.
– Past limit was £5000.
– www.amigostore.co.uk launched in February 2016.