Amigo is the leading company in the UK guarantor loans market and offers access to credit to those who are unable to borrow from traditional lenders due to their credit histories.
The guarantor loan concept introduces a second individual to the lending relationship, typically a friend or family member with a stronger credit profile than the borrower. This individual acts as guarantor, undertaking the responsibility to make loan payments if the borrower does not. The business is authorised and regulated in the UK by the Financial Conduct Authority (FCA).
Amigo was founded in 2005 and has since grown to become the UK's largest provider of guarantor loans. In the process, Amigo's guarantor loan product has allowed borrowers to rebuild their credit scores and improve their ability to access credit from mainstream financial service providers in the future.
Amigo provides a single product - a guarantor loan at a single APR of 49.9%, with no fees, hidden charges or redemption penalties. We believe this offers an attractive alternative to higher cost loans, such as payday loans and other forms of non-standard finance.
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Amigo is a mid-cost credit provider. Mid-cost credit is defined by the FCA (the Financial Conduct Authority, who are our regulator) as “credit above prime borrowing rates but below the high-cost short-term credit (HCSTC) cap level” of 100% APR*.
High cost credit is defined as a credit agreement whereby the APR is equal to or exceeds 100%, and where the credit is due to be substantially repaid within a maximum of 12 months**.
With a flat APR of 49.9%, with no additional fees or costs, Amigo is well positioned within the mid-cost credit market.
Amigo’s rate also compares well to many mainstream credit cards, which often hide behind “headline rates”, which are only applicable to a proportion of customers, and even then, this headline APR can reach a significantly higher figure when factoring in late payment fees and administrative costs.
Amigo fills the gap between mainstream and high cost credit markets providing an alternative for those who are locked out of traditional sources of finance. We believe our rate is fair and reasonable and reflective of the service we offer.View Investor FAQs