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Amigo Loans | Reviews

Amigo Loans


Amigo is the dominant force in guarantor lending having served more than 300,000 customers. They were importantly first to market when they launched in 2005. This was under the FLM identity, with the rebrand following in 2012. TV advertising has been important to boost their market share, but at the same time this has really helped to raise consumer awareness in guarantor lending as a whole. The Richmond Group has historically been involved in a range of projects including the likes of Debt Line, FLM Quick and Loanfinder. Each of these have now closed that shows their growing emphasis on this central brand. The owner otherwise now just invests in a range of start-ups.


Brand: Amigo Loans (aka: AmigoLoans).
Company: Amigo Loans Ltd (part of Richmond Group Ltd).
Founder: James Benamor.
Launched: 2012 (2005 as FLM Loans).
Licence: 708284.
Offers: Guarantor.
Opening Hours: Monday to Thursday (9am-7pm), Friday (9am-6pm), Saturday (9am-1pm).
Other Projects: Non.


Address: 118-128 Commercial Road, Bournemouth, BH2 5LT.
Phone: 0120 262 9200.


Alexa Rank (Local): #9921.
Facebook Page: 8180+.


£236.72 /£1000 (12m).


Amounts: £500 to £10,000 (new applicants).
Amounts: As above (when reloaning).
Amount Selections: £250 increments.
Late Payment Fee: £0.
Terms: 12 to 60 months.

*There are term restrictions based on the amount selected. For instance, £500 is set at 12m only, the £1k range is 12m-36m range whilst £10k starts from 24m. Guarantors can be tenants so long as they have a good credit history. The required age range is 18 to 75. Often brands under single name as seen in logo.

Service Pros…

This is one of the best crafted guarantor loan products around. Turnarounds are speedy with payouts often completed within 24 hours of acceptance. Borrowing now extends as high as £10,000. This has changed a fair amount over time since we do recall them previously stopping at £5000 and then later £7500. Applicants can see approval with CCJs, defaults and working in self-employment isn’t an issue. It is handy that tenant guarantors from 18 onwards are accepted that should make it easier to find a backing. Using this lender is a great way to improve a low credit score with all 3 CRAs (Callcredit, Equifax and Experian) being notified on a monthly basis.

Rebuilding in this sector makes sense due to the 5 year max term to craft a more manageable repayment. This should lower the chance of any payment problems, but if this did occur then there are no late payment fees charged. Through the Amigo loans login you’ll be able to make a complete full settlement with ease and they are charging the interest on a daily basis. One of the key advantages with dealing with such a popular company like this is that you’ll see a proven track record with borrowers. This is very much the case here with Amigo’s Trustpilot score standing at 95% from 19,100+ reviews. There are also no broker fees.

Service Cons…

Nothing major, but their opening hours could be extended and pricing could be dropped. The Mon-Thu closure of 7pm and Fri of 6pm leaves little time to get a same day response when people may just be arriving in from work. Then on Saturdays they close at 1pm and don’t return until Monday. With pricing, their interest at 49.9% APR is in the same ballpark as most rivals firms. It could perhaps be an idea for a lower rate to be made available when homeowner guarantors are sourced. Their APR for reference is headed as variable, but it is actually fixed, whereby they note variable since they may potentially change it in the future.

Similar Lenders Like Amigo Loans…

Many rivals have modelled their product on Amigo’s and so the same kind of specs are common elsewhere. For anyone seeking more extended hours, Juo is the best choice. During the week they stay open later until 8pm. Saturday runs as 9am to 5pm and you can also get approved on Sundays between 10am and 4pm. They also have a back-up personal loan. On pricing, LendFair drops as low as £148.88 per £1000 over a year. Guarantor My Loan drops to £129.81 (factoring cashback), but they require homeowners stepping in. 49.9% APR itself is worth paying when you consider that they are reporting to 3 CRAs, improving the chance of prime qualification in the distant future.

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