Amigo Loans

Amigo Loans is a UK based tech-finance company, offering guarantor loans of between £500 and £5,000, to UK consumers, via its website. Applicants choose their loan amount and repayment period on the website homepage, before submitting their personal details. Amigo requires borrowers to provide a guarantor who is a UK homeowner. This allows the company to lend to people that would traditionally be declined by banks and other mainstream lenders. Amigo has been compared to peer to peer lenders, such as the UK company Zopa, due to employing elements of collaborative consumption, to overcome problems faced by traditional finance companies. Amigo charges interest daily, without charging fees for early repayment, encouraging customers to repay their loans early, reducing the total cost of their loan. This enables them to be used as an alternative to high cost payday loans, as the loan may be repaid at any point. Customers have access to an online servicing site, giving 24 hour access to statements, credit agreements and their current balance. Customers can make over payments towards their loan, at any point.