Amigo is the most established guarantor lender in the industry. Founded in 2005, they have approved over 200,000 guarantor loans since they began and have won a host of awards including the Credit Today Award 2015 for treating customers fairly.

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Minimum Age


Debit Card


Credit Checks


Other Requirements

Tenants and Homeowners Accepted

Same Day Transfer Available


Loan Value Available

£1,000 to £10,000

Representative APR


Loan Length

1 to 5 years

Credit License Number


  • Direct
  • guarantor
  • credit
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About Amigo Loans

With a Trustpilot customer rating of 9.3 out of 10 based on 5,000 customers, the Bournemouth-based lender is one of the most popular loan providers in the UK, not just in the guarantor space.


Customers can borrow between £500 and £10,000 at a representative APR of 49.9%. The maximum period for borrowing £500 is 12 months and if you want to borrow £10,000, you can repay over 60 months in equal monthly instalments.

Applicants must have a guarantor to be eligible which Amigo says can be a close family member or friend. Their website states that they have a 5 minute application and as one of their partners, you can click through and apply directly on their website.

If an application is successful and passes all the relevant checks, funds can be transferred within 24 hours of approval to the customer’s debit account. However, it is noted that the funds always get sent to the guarantor first who has to approve them and confirm that they wish to go ahead. There is typically a two week period where the guarantor can decide to pass the funds on or change their mind, giving the monies back to the lender like Amigo without incurring any fees.

How To Apply With Amigo Loans

At, we are proud to be featuring the UK’s largest guarantor lender and to apply, you can simply click through the application below where you will be taken directly to their website. Here, you will be required to enter a few basic details about you and your guarantor.


This will usually be followed up with an instant decision letting you know if you have been provisionally accepted. If this is the case, you will be asked to electronically sign the online loan agreement stating the terms of your loan and what is required. This is to assess that you are serious about taking out a loan and so is your guarantor as they will be signing it too.

This is followed by some checks carried out by Amigo, including credit checks on all parties, affordability checks and a phone call to confirm details. Provided that all has been approved, your application can get ready for funding and sent to your guarantor’s back account on the same day.

We are a licensed broker and comparison website, so you can only apply by clicking through our site which will take you directly to Amigo Loans. We like this approach because it means we do not take down any details, maintaining your privacy, and therefore you do not run the risk of these being shared by numerous companies or being shared upfront fees.

We are tracking every application that comes through our website and we simple receive a referral fee if your application is successful. Any data that is sent through our site is completely secure, highlighted by our SSL secure server.

Amigo Representative Example 

The Representative APR is 49.9% APR (variable) so if you borrow £4,000 over 3 years at a rate of 49.9% p.a (variable) you will repay £195.16 per month & £7,025.76 in total.

You may notice above that the cost of the loan is variable. In fact, Amigo are the only guarantor lender to offer variable changes, with other only offered fixed rates. This suggests that they could change during your loan term. Realistically, this is not the case as Amigo state that they have never changed the amount they charge but as a formality, if they are subject to change, you will be well informed.

Amigo states that their APR is a 30th the cost of a payday loan and is considered one of the cheapest forms of borrowing for those with a low credit score. A payday loan works out to be around 0.8% per day, equal to £24 per £100 borrowed, compared to a guarantor loan which is around 0.1% per day and works out to be significantly less.

The representative APR is what is offered to at least 51% of customers and may vary depending on the credit score of the borrower and the guarantor and other factors such as the amount requested and the length of the loan.

Amigo Loans Criteria   

The leading guarantor lender specializes in offering finance to those with bad credit, even if they have previous defaults and CCJs. However, the borrower must have a guarantor aged 18-75 that is willing to repay the loan on their behalf if they fall behind on repayments.

Amigo recommends having a guarantor with good credit score and they follow the philosophy that if someone with a good credit history trusts you and is willing to be your guarantor, then we can trust you too.

Homeowners are the ideal guarantors because they are likely to have the added security of owning a property and whilst Amigo state that this is preferred, they will also lend to tenants if they have a good credit rating. So even if your guarantor lives with parents, with friends or is renting a flat somewhere, they can still be eligible to be your guarantor is they fulfil other criteria i.e strong credit score.

Amigo will always carry out a series of credit and affordability checks to ensure that you and your guarantor are eligible for a loan. Borrowers and guarantors alike may be required to provide documentation proving their income and employment. A routine phone call will be made by a customer advisor to both parties to ensure they fully understand the terms and conditions of the loan.

Rebuild your credit 

The lender is passionate about helping those with bad credit to rebuild their credit rating. If a customer repays their loan on time, the information will be sent to the three credit reference agencies in the UK and updated to increase the individual’s credit score. This will allow them to access other forms of finance at better rates in the future. You can read about how bad credit affects your borrowing.

However, failing to repay your guarantor loan on time will also be reported to the credit reference agencies and cause your credit score to fall. This is because it shows on your credit record as a default – so when other lenders review this, they are hesitant to lend to you, restricting your options.

No added fees 

Amigo does not charge any fees for applying and there are no extra charges for missing repayments, settling early or paying late. However, as mentioned, if you do not make your repayments on time, it will require your guarantor to pay on your behalf and it will have a negative impact on your credit rating.

Furthermore, since the loan is based on a daily interest rate, you may be charged extra interest if you wish to extend your loan and have it open for extra days.

Repay your loan early

Borrowers can repay their loan early at any point whether partial or full. With access to their personal account, they can decide to pay off part of their loan if they have extra income and pay off the rest on their scheduled repayment dates.

As the loan is calculated on daily interest, if you wish to repay your loan early, you will only be charged the amount that the loan is open for. So if your loan term is 5 years but you wish to repay in full after 2 years, you will only be charges 2 years worth of interest, which is a nice bonus.

About Amigo Loans 

Financial Conduct Authority Number: 4841153

Company Number: 4841153

Information Commissioners Office Number: Z8738456

Company Address: Walton House, 56 – 58 Richmond Hill, Bournemouth, BH2 6EX