Amigo guarantor loans review September 2019

The word Amigo means "friend", and with Amigo guarantor loans, a friend or relative could help you to borrow the money you need for anything from a car purchase to consolidating existing debts.


Amigo is a UK based direct lender specialising in loans for people who are self-employed, have low credit scores, have County Court Judgements (CCJ) or who simply find it difficult to get a loan from other providers. Amigo will ask you for a guarantor – that’s a friend or family member who trusts you and who will back your loan by agreeing to step in if you ever miss repayments.

Guarantor loans from Amigo are repayable over terms from one to five years and available in amounts up to £10,000. So if you want to make a big purchase but have been turned down for loans in the past, an Amigo loan could be what you need. Your loan can be used for any responsible purpose – this might be buying a car, making home improvements, consolidating your existing debts or perhaps paying for further training.

Amigo Guarantor Personal Loan – Get 1 month interest-free

Borrow up to £10,000 within 24 hours with a guarantor

If a limited credit record is holding you back from the money you need, a guarantor loan can be a great option – allowing you to borrow money while building your credit score.

  • Amigo loans will not judge you based on your credit score
  • Loans of £500-£10,000 over 1-5 years
  • Loans normally paid out within 24hrs of the guarantor being accepted

Representative example: Borrow £5,000.00 over 3 years at a rate of 49.9% p.a. (fixed). Representative APR 49.9% and total payable £8,782.92 in monthly repayments of £243.97.


warning icon Warning: late repayments can cause you serious money problems. See our debt help guides.

What is a guarantor loan?

A guarantor loan is a type of unsecured loan that requires a co-signatory. This person might be a friend or relative. The guarantor agrees that they will pay back the loan should you struggle to meet the repayments. This type of loan generally comes with a higher interest rate, as it represents greater risk to a lender, but it is available to people who wouldn’t be able to get finance through the regular lending channels.

Key features of Amigo loans at a glance

  • Borrow £1,000-£10,000 over 1-5 years. Note that loans under £2,500 are available over terms of 1-3 years.
  • “Unsecured” loans. Your loan is not secured on an asset such as your car or home.
  • Backed by your guarantor. Your loan will need to be guaranteed by a friend or relative who will promise to step in should you fail to repay your loan.
  • No set-up fees. There are no “product”/”arrangement” fees for an Amigo loan.
  • Early repayment option. You can make overpayments or clear your loan at any time, and this could save you money on interest.
  • Low credit score accepted. You can be accepted for an Amigo guarantor loan if you have a low credit score or do not own your own home.
  • One interest rate. All borrowers are offered the same rate of interest on an Amigo guarantor loan (most lenders tailor the rates that they offer according to the risk-profile of the borrower).

Eligibility terms for the borrower and guarantor

Borrower eligibility

You can apply for an Amigo loan if you meet the following criteria:

  • You must be a permanent resident of the United Kingdom
  • You must be aged 18 – 75
  • You must not be in active bankruptcy, meaning that you have filed for bankruptcy and your case is ongoing
  • You must not have an active IVA or equivalent
  • You must be able to comfortably afford the repayments
  • You must have a friend or family member who agrees to be your guarantor

Amigo states that it will not judge your application based on your credit score.

Guarantor eligibility

Your guarantor should be someone who trusts that you will make the repayments each month and who would be comfortable making the payments on your behalf if things go wrong. They must also meet the following criteria:

  • Your guarantor must be able to make repayments if the borrower doesn’t pay
  • Your guarantor must be aged 18–75
  • Your guarantor must have a very strong credit history or be a UK homeowner (a homeowner is more likely to be accepted)
  • Your guarantor must not hold an Amigo loan in their own name or already be an Amigo guarantor for someone else

How do I apply?

If you think that an Amigo personal loan is the best option for you, there are five straightforward steps to the process:

  1. Register on the Amigo website and select the loan amount and term that you require.
  2. Complete the simple online budget plan. This so that Amigo can make sure that the loan is affordable for you.
  3. Amigo will send you a link so that your guarantor can complete their part of the application. Your guarantor will also need to complete a budget plan, to make sure that the loan would be affordable for them too.
  4. Amigo will telephone your guarantor. During this conversation Amigo will make sure that your guarantor understands the terms of the loan, can afford to repay the loan if needed and will take their bank details.
  5. Once your guarantor has been accepted, Amigo will aim to pay out the loan within 24 hours. The money will be paid into the guarantor’s bank account.

Frequently asked questions

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