AMIGO FINANCE

AMIGO FINANCE

(4.3)
Paid
Web
Best for: individuals with poor credit
AMIGO FINANCE preview
346 upvotes
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Our Verdict

Amigo Finance provides a unique solution for individuals with poor credit histories through its guarantor loan model, offering quick access to funds. However, the high interest rates are a significant concern. Borrowers should carefully evaluate the benefits against the potential financial risks.

About AMIGO FINANCE

Amigo Finance is a UK-based financial service specializing in guarantor loans, providing individuals with limited access to traditional credit the opportunity to secure personal loans by having a friend or family member act as a guarantor. This model aims to provide financial assistance to those who might otherwise be excluded from conventional lending options. Borrowers should carefully consider the total cost of the loan, including interest and any associated fees, before proceeding with an application.

Review Summary

Purpose of Tool
Personal Loan Services
Compatibility
UK Residents
Pricing
High Interest Rates
Rating
4.3/5
Loan Accessibility 4.5
Application Speed 4.1
Customer Support 4.2
Loan Flexibility 4.4

Who Is This Tool Best For?

  • Individuals with Poor Credit Histories: Those who have been declined by traditional lenders may find Amigo Finance's guarantor loans a viable option.
  • Borrowers with Supportive Guarantors: Individuals who have friends or family willing to act as guarantors can leverage this service to access funds.
  • Consumers Seeking Quick Loan Approval: Amigo Finance offers a streamlined application process, potentially providing faster access to funds compared to conventional methods.
  • Residents in the UK: As a UK-based service, Amigo Finance primarily caters to individuals residing in the United Kingdom.

Key Features

Guarantor Loans
High Interest Rates
Flexible Loan Amounts
Quick Application Process
No Credit Score Impact
UK-Based Service
Personalized Loan Options
Dedicated Customer Support

Pricing Plans

Guarantor Loans

Interest rates up to 49.9% APR, depending on the loan amount and term.

Personal Loans

Interest rates starting at 39.9% APR, with terms up to 7 years.

Pros & Cons

Pros

  • Accessible to individuals with poor credit histories.
  • Offers a streamlined application process with quick approval times.
  • Provides flexible loan amounts and terms up to 7 years.
  • Allows borrowers to access funds without impacting their credit score.
  • Offers personalized loan options tailored to individual needs.

Cons

  • High interest rates compared to traditional lenders.
  • Potential for significant debt accumulation if not managed responsibly.
  • Requires a guarantor, which may not be feasible for all borrowers.
  • Limited availability outside the UK.
  • Potential for high fees and charges in addition to interest rates.

Frequently Asked Questions

Amigo Finance specializes in guarantor loans, providing personal loans to individuals with limited access to traditional credit.
Individuals with poor credit histories, those with supportive guarantors, and UK residents seeking quick loan approval can benefit from Amigo Finance.
Yes, Amigo Finance charges high interest rates on its loans, which can be significantly higher than those from traditional lenders.
No, using Amigo Finance's services does not impact your credit score.
The main drawbacks include high interest rates, the requirement of a guarantor, and the potential for significant debt accumulation if not managed responsibly.

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