Amigo Loans

Amigo Loans Ltd was a publicly-listed financial services company in the United Kingdom, specializing in guarantor loans. Its business model focused on lending to individuals with poor or limited credit histories, with the loan's repayment guaranteed by a creditworthy friend or family member. Following extensive scrutiny from the Financial Conduct Authority (FCA) regarding its affordability checks and a surge in customer complaints, the company faced significant financial distress. It entered a court-approved Scheme of Arrangement to manage compensation claims but was ultimately unable to raise the required capital to continue its business, leading to the decision to permanently stop lending and wind down the company in March 2023.