Frequently Asked Questions

A guarantor loan is a type of personal loan backed by a trusted person — a friend or family member — who agrees to cover your repayments if you are unable to. This reduces the lender's risk, making it possible to approve applicants who may have been declined elsewhere due to poor or limited credit history.

With a standard personal loan, approval is based solely on your own credit profile. A guarantor loan adds the backing of a second person, which means lenders can offer credit to people who wouldn't otherwise qualify — often at a lower rate than payday or high-cost short-term lenders.

Yes. Amigo Loans was built specifically for people who have been turned down by mainstream lenders due to a poor credit history. Missed payments, defaults, or a low credit score do not automatically disqualify you, provided you and your guarantor meet our eligibility criteria.

You must be a UK resident aged 18 or over with a regular income. You also need to find a suitable guarantor. We carry out affordability checks on both you and your guarantor before making a decision.

Your guarantor must be a UK resident aged 18–75 with a good credit history and their own UK bank account. They can be a friend, colleague or family member, but cannot be your spouse, civil partner or anyone with whom you share a financial product.

No. Unlike some lenders, Amigo Loans does not require your guarantor to own their home. They simply need to meet our standard eligibility requirements including a reasonable credit history.

Checking your eligibility on our website uses a soft credit search, which is not visible to other lenders and does not affect your credit score. Only when you submit a full application will we carry out a hard credit search, which will be recorded on your credit file.

Our online application typically takes around 10–15 minutes to complete. Once submitted, both you and your guarantor will need to verify your details and sign the loan agreement digitally before we can release funds.

Once your application is fully approved and all documents are signed by both you and your guarantor, funds are typically transferred to your bank account the same or next working day.

Your monthly repayment depends on the loan amount, the term you choose, and your individual interest rate. Use our loan calculator for an estimate based on our representative rate of 49.9% APR.

Yes. You can make overpayments or repay your loan in full at any time without penalty. Paying off your loan early will reduce the total interest you pay.

If you miss a payment we will contact you to discuss your options. If you are unable to pay, your guarantor will be asked to make the repayment on your behalf. We strongly encourage you to contact us as soon as possible if you are experiencing financial difficulty. For free debt advice, visit moneyhelper.org.uk.

You can reach our customer service team by phone on 01202 629 161 (Mon–Fri 8am–8pm, Sat 9am–5pm) or by email at hello@amigoloans.uk. Our office is at Unit 11a, The Avenue Centre, Bournemouth, Dorset, BH2 5RP.