Are you in need of a loan and want to borrow from a company that can guarantee you quick and easy access to funds? Maybe you have heard of Amigo Loans and are wondering if they are a reliable option for personal loans.
Amigo Loans, for those who are not familiar, is a UK-based lender that offers personal loans to individuals who may find it difficult to secure funds from other financial institutions, maybe due to poor credit history. This company prides itself in providing quick, easy and accessible loans to individuals, both tenants and homeowners.
However, there are mixed opinions when it comes to Amigo Loans, with some people having positive experiences while others have had negative experiences. In this article, we will provide a comprehensive Amigo Loans review, looking at the different aspects of the lender and analyzing its reliability.
How Amigo Loans Operates
Amigo Loans is a guarantor lender, meaning that the loans provided are secured by a third party, known as the guarantor. The guarantor must have a good credit score and be willing to take responsibility for the loan should the borrower default on the payments.
To borrow from Amigo Loans, you will need to have a guarantor, as well as meet other lending criteria. The lender offers loans ranging from £2,000 to £10,000 and repayment periods of 12 to 60 months. The loans come with a fixed interest rate, which means that the amount you pay monthly will remain the same throughout the repayment period.
Amigo Loans reviews – The Pros
1. Quick and Easy Application Process: One of the benefits of borrowing from Amigo Loans is the fast and easy application process. The entire process is done online, and you can receive a decision on your application within minutes after submission.
2. Accessible Loans: The lender provides loans to individuals with poor credit history, thus making it possible for people who have been turned down by other financial institutions to access funds.
3. Fixed Interest Rates: The fixed-rate nature of the loans makes it easier for borrowers to manage their monthly payments and plan their finances.
4. No Hidden Charges: Amigo Loans has transparent charges, and borrowers are aware of the total amount they are expected to repay from the beginning.
Amigo Loans reviews – The Cons
1. High-Interest Rates: Although Amigo Loans provides accessible loans, the interest rates are quite high compared to other lenders, making it a costly option for borrowers.
2. Dependence on Guarantor: With Amigo Loans, you must have a guarantor to access the loan. This means that you are dependent on someone else, and if anything happens to your guarantor, you may not be able to access the funds.
3. Late Payment Fees: If you fail to make a payment, Amigo Loans charges a late payment fee of £12, which can add up to the borrower’s overall cost.
4. Debt Collection Practices: Some borrowers have complained about the lender’s debt collection practices, with some individuals feeling harassed by the company’s agents.
Conclusion
In summary, Amigo Loans is a quick and accessible lender that provides loans to individuals with poor credit history. However, the lender has its downsides, with high-interest rates and a dependence on guarantors being some of the major negatives. When it comes to debt collection practices, some individuals have had negative experiences, which may be a cause for concern.
Therefore, before borrowing from Amigo Loans, it is essential to weigh the pros and cons and ensure that you have a reliable guarantor to safeguard you should anything happen. With that said, if you are looking for quick and easy access to funds and have a guarantor to back up your loan, Amigo Loans may be an option worth considering.
Overall, based on the Amigo Loans reviews provided by previous borrowers, the lender appears to be reliable, with many individuals having positive experiences. However, as with any financial commitment, it is essential to do your research and make an informed decision about whether or not to use Amigo Loans.