Get the funds you need fast without hassle. If you need cash assistance that is simple, quick, and reliable, we have it right here! Don't settle for less. Borrow for up to £25,000.
- Apply for 50-1,000
- Fast Payout
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- Bad Credit
We make loaning easy and fast
Whether you're at home, office, or stranded on someplace, you can easily apply for a loan. Using our online platform, you can apply anywhere. You can have the funds you need in just a few clicks.
Select Loan Amount
You can select the amount that you need, exactly what you needed. We offer a range of options that you can choose from. And the best part is, you can have it as fast as two minutes.
The application process is so simple. Just complete an online form and provide your information. Make sure to include your proof of income and employment verification for your loan qualification.
Once you have completed the application process, you can sit back, relax, and watch the funds deposited directly to your account.
Yes. This is the standard protocol for many lending companies, and Amigo is no different. If you’re signing up as a guarantor for a loan, you will still get your credit history checked. This does not follow standard credit score checks, though. It is actually a security measure to see if the guarantor won’t have any difficulties repaying a loan if the borrower fails to do so.
What You Need To Know About Applying for Loans
A simple background check essentially accomplishes the following:
Credit checking – this is performed for both the borrower and the guarantor. This ensures that both parties have the capacity to pay off the loan. This credit check simply runs through the financial history of both parties, just to confirm that neither party is on an IVA or are bankrupt.
Telephone conversation – the company will call the guarantor via telephone or through their mobile phone and explain the necessary protocols that a guarantor has to follow. Representatives may even discreetly inquire about their financial stability, their job/s, and other additional sources of income. This will also cover the legal technicalities and financial responsibilities they will have to handle.
Payout – the company will pay the loan once all prerequisites have been met. Contrary to other lending companies, Amigo will only pay out the loan to the guarantor’s bank account. The borrower can then choose to coordinate with the guarantor to get their money. This is done to protect against fraud. It also gives the guarantor a clear heads-up on exactly how much money has been paid out.
What You Need to Know About Loan Sharks
A loan shark is someone who practices illegal ways to provide loans to needy individuals. The loans that they offer come with very high interest rates. Loan sharks are usually unlicensed loan providers who target borrowers unable to get a loan from legitimate lenders and banks. Traditional lenders and banks are regulated by law thus they need to follow the standard and approved methods in lending money to individuals and companies.
When a person has bad credit, it will be difficult to obtain a loan from a licensed loan provider or bank. Traditional financial institutions normally perform credit checks, ask for collateral or require a guarantor to secure a loan. Loan sharks do not perform credit checks, but since they operate illegally, they will resort to threats and blackmail if a borrower is unable to make repayments.
Loan sharks are not monitored or regulated by any government agency, thus they charge very exorbitant interest rates for their loans, as high as 144% APR or 12% monthly. They will offer immediate cash to desperate borrowers who end up paying twice or even thrice the amount that they originally borrowed. Dealing with a loan shark is illegal, and if you do, you are putting your and your family’s safety at risk. If you need immediate cash and you have bad credit, there is no need to turn to loan sharks for money. There are plenty of legitimate loan providers who can offer you the money you need even if your credit rating is negative.
How to Obtain a Loan While on Benefits?
People who are on benefits may realize that obtaining a loan is very challenging. Banks and most lenders look into a borrower’s earning capacity in order to gauge affordability. Traditional lenders typically will not entertain a loan applicant who is not employed and only receives government benefits as they see these borrowers too risky to grant a loan to.
The benefits an individual gets are not reflected on his or her credit history thus it has no positive impact on the credit reputation. However, there are lenders who specialize in loan products for individuals on benefits.
Loan options for borrowers on benefits
Even if you are not currently employed and only receiving benefits, you can get a secured loan if you have a vehicle or property that you can attach to your loan. Providing an asset to secure your loan help improve your creditworthiness and the lender’s risks will be reduced.
If you don’t have a property or a vehicle to attach to the loan you want to take, you can provide a guarantor to co-sign the loan agreement instead. The guarantor should be employed or possess an asset like a car or home to be used as collateral for the loan. This will help increase the likelihood of getting a loan approved.
It may be challenging to get a loan while on benefits, but it is possible. Search and compare lenders, or you can work with a loan broker so that you can get the best deal for your circumstances.