Been asked to be someone's guarantor? This guide explains everything you need to know before you agree.
When you agree to be a guarantor for an Amigo Loan, you're promising to cover the borrower's monthly repayments if they're ever unable to make them. It's a serious financial commitment, and it's important you understand your responsibilities before signing.
The good news is that in the vast majority of cases, the borrower makes all their repayments on time and the guarantor is never called upon. But you should only agree if you're confident you could cover the payments if needed.
To be eligible as an Amigo Loans guarantor, you must meet the following criteria:
You must be aged between 18 and 75 years old and a UK resident.
You should have a reasonable credit score with no recent defaults or CCJs.
You need a UK personal bank account in your own name.
Friend, colleague or family member — but not a spouse or financial partner.
Your friend or family member completes the online application and names you as their guarantor.
We'll contact you by email or phone to verify your details and carry out a soft credit check.
You'll be given full details of the loan and asked to sign a guarantor agreement digitally.
Once both parties have signed, funds are released to the borrower.
In the vast majority of cases, the borrower makes all repayments and you are not contacted again.
We'll contact the borrower first. If they cannot pay, we'll ask you to cover that repayment. We'll always let you know in advance.
Our team is happy to talk you through it — no obligation.
Contact us