Amigo Loans Alternative
Looking for Amigo Loans? Amigo is no longer lending.,. At Lending Stream, we offer short term loans, with an instant decision and if approved, the cash will be sent to your bank in 90 seconds*.
Representative Example: Given a Representative APR of 1271%, if you borrow £300 over 6 months at 292% p.a. (fixed), you would owe 6 equal repayments of £96.39. You will repay £578.36 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Why choose Lending Stream as Amigo Loans Alternative?
Trusted
Rated excellent on Trustpilot & 99% recommendation rating on Reviews.co.uk.
Convenient
Secure online application available 24/7. A decision in seconds, not days.
No early repayment fees
Repay in 6 monthly instalments. We don’t charge for early repayment.
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
About Amigo Loans
Amigo Loans was a UK-based guarantor lender offering guarantor loans of up to £10,000. Their office was in Bournemouth. A guarantor loan is a type of unsecured loan, where a friend or family member helps you get credit. They act as a guarantor for the borrower, so their credit history is used as part of the application. The guarantor agrees to make the loan payments if the borrower is unable to do so.
Amigo Loans was known for offering loans to people who may have struggled to get loans from mainstream lenders. In particular, people with poor credit scores.
Amigo is no longer lending new loans now. They moved to a new business scheme on the 26th May 2022.
Is Amigo Loans going bust?
Amigo has not gone bust or gone into administration, but they are no longer lending. They started winding down their business in 2022.
If you are looking for a short term loan, try Lending Stream. We’ve been lending since 2008, and in our opinion we are one of the most well-known direct lenders in the UK. And we consider applications from people with bad credit.
What is happening with Amigo Loans now?
Amigo was unable to secure the capital they needed to continue lending. Due to this they made the decision to wind up the company. Any outstanding loans still needed to be paid, but they are no longer lending to any new customers. They also set up a separate website to deal with customers who had submitted complaints about their loans. With this arrangement, they are likely to pay approximately 12.5 pence for every pound of compensation due.
At Lending Stream, we offer an alternative. We provide cash loans between £50 and £800 for new customers and between £100 and £1500 for existing customers We’ll give you an instant decision and if approved we send the cash to your bank in 90 seconds. It may take longer to reach your account depending on your bank’s processes.
How is Lending Stream different from Amigo Loans?
| Lending Stream | Amigo Loans |
|---|---|
| Offers no guarantor loans, providing short term loans directly to individuals. | Previously a guarantor loan provider, requiring a third party to guarantee repayment. Not lending anymore. |
| Offers loans between £50 – £800 to new customers and between £100 – £1500 to existing customer which can be repaid in over 6 months. | Previously offered loans up to £10,000 with flexible repayment terms. Not lending anymore. |
| Offers quick online application with instant decision-making based on creditworthiness. | Required a guarantor with good credit, making approval dependent on a second person. |
| Active and operational, offering new loans. | Not into business anymore. No longer providing new loans. |
If you were looking for a loan from Amigo you could consider Lending Stream
instead. We consider applications from people with bad credit. We understand your credit score will never give us the complete view of your finances. So, we take a look at your income and expenses, along with your credit history. This is why we offer loans for bad credit too.
How do I check my eligibility for a Lending Stream loan?
If you want to check your eligibility to apply for a short term loan with Lending Stream, then you must:
- Be a UK resident.
- Be at least 18 years old.
- Have a valid debit card.
- Have an active UK bank account.
- Be in regular employment with a monthly income of at least £400.
Rather than just relying on your credit score, we’ll look at all your information. A bad credit score or poor credit history won’t give us a complete view of what your current financial situation is.
Representative 1271%APR
How to apply with Lending Stream?
To apply for a loan with us, all you need to do is fill out our online loan
application form and provide us with the following information:
- Your personal details.
- The amount which you want to borrow with us.
- Your employment, salary, expenses, and banking details.
Once your application is received, we will do an affordability and credit check to see if you can afford the repayments. If approved, we will send the amount to your bank within 90 seconds. We even allow early repayment with no extra fees.
Representative 1271%APR
FAQs – Amigo Loans
Are Amigo Loans refunding customers?
Yes. Amigo Loans are still refunding customers. This is due to affordability claims. You can find out more on their Loans Scheme site.
Are Amigo Loans paying compensation?
Yes. Amigo Loans are paying cash compensation to all their customers that made a claim before the 26th of November 2022.
Do I have to pay back my Amigo loan?
Yes, you’ll have to make your loan repayments to Amigo. But if you’re having financial difficulties then you can talk to them regarding this.
Is the Amigo Loans name being used to scam consumers?
Yes, fraudsters are claiming to be Amigo Loans to scam consumers. These fraudsters are not linked to the original Amigo Loans business. It’s important to be cautious of any company using the Amigo name.
How can I protect myself from fraudulent Amigo Loan scams?
Always ensure that you are dealing with a lender who is registered and authorised by the Financial Conduct Authority (FCA) . If someone is using the Amigo name to scam, you can report them to the FCA Fraudsters are claiming to offer loans using the Amigo name but are not linked to the original company.
Are the fraudsters who use the Amigo name linked to the original
company?
company?
No, these fraudsters are not linked to Amigo. The original Amigo Loans business is no longer lending, and any new business scheme that claims to be linked to Amigo is likely fraudulent. Always check that the lender is registered with the FCA.