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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.
If you are interested in taking out a loan from Amigo, you’ll find that they are not solely concerned about your credit score. They are known to look beyond that and at other factors concerning your financial circumstances to decide whether to grant you a loan or not.
A Loan For Bad Credit
It is expected though that they are going to do a full credit check in order to confirm that you are not bankrupt. If you are going to have a guarantor for the loan you’re taking out, expect that they will also be checked in order to determine if they have never had any trouble in paying their bills and other financial obligations on time in the past.
The Amigo loan, however, is not going to be reflected on the credit file of your nominated guarantor. This is because Amigo only performs a quotation search when verifying the financial information of the guarantor which is not going to have any effect on their credit score. The check is necessary to determine if they have never had a history of paying bills late and if they are stable financially at present.
Your guarantor needs to be made aware though that there could be a time when the loan could appear on their credit file and could affect their credit score and yours too. This is when you fail to pay back the loan and the guarantor does not take any action in making the payment on your behalf. Once Amigo has to take court action, then expect that both you and the guarantor’s credit record will get affected.
If there is still a refusal to pay on your part and that of the guarantor’s, then the court can record the judgement which will then be reflected as a CCJ or a County Court Judgment. This is something you and the guarantor would not want to have to deal with since this can seriously affect both your chances to secure credit in the future.
Not everyone can secure a loan approval on their own. There are borrowers with problematic financial background that can make it hard for them to secure a loan. Lenders are always wary of borrowers that have a history of not being able to get their monthly payments done on time. In cases like these, a borrower may present a loan guarantor to increase his chances of a loan approval.
This is a loan that involves another person that will co-sign the agreement. If a borrower does not have the necessary credentials to prove that he is creditworthy on his own, a guarantor that has the necessary financial qualifications and background will be able to boost his chances.
Being a loan guarantor is a serious commitment to make. Not only is a guarantor there to help a borrower increase his chances for a loan approval, he is also bound to the loan legally. This means that in the event that the borrower is not able to fulfil his repayments, the guarantor will be held responsible for the loan. This is the reason why guarantors need to understand the risks involved. They have to be doubly sure that the individual they are co-signing for is trustworthy enough to make the repayments for the loan.
Are credit checks necessary?
Borrowers that wish to take out a guarantor loan will no longer need to be judged by the lenders based on their credit score alone. Instead, what they would be concerned with is whether the borrower and the guarantor will have the ability to get the debt paid off.
A guarantor needs to understand that he is not merely just a witness to attest the capacity of the borrower in taking out a loan and that he will be able to pay up. He is also, in effect, agreeing to financially back the borrower while also guaranteeing that the loan will be paid in the event that the borrower will end up defaulting on the loan.
Guaranteeing a loan means agreeing to the responsibility of taking on the loan repayments if the borrower is unable to fulfil his dues. This often happens when a borrower has a poor credit score and is seen as a high risk to lenders. Qualifying and getting approved for a loan is often difficult in this case. But lenders will be willing to overlook this if a person with a good credit score can guarantee the loan.
What does being a loan guarantor mean?
As the loan guarantor, you will be responsible for the debt if the borrower fails to make the payment. The role could have an impact on your credit and more so, your relationship with the borrower in the event of a default. You’ll have to keep track that the monthly repayment are made ad paid on time too or this will reflect badly on your score.
Things to consider before agreeing to be a guarantor
Before you decide to become a loan guarantor, whether for a friend or a family member, consider the risks involved first. Ask yourself if you are willing to take on the responsibility of paying the debt off if the borrower is unable to get it sorted out himself. Remember that this is a huge responsibility and it can impact your chances of borrowing in the future. If there is a chance that you and the borrower can look for other alternatives, it is best to explore it to avoid taking on such a huge risk yourself.