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Amigo Loans | www.amigoloans.co.uk Reviews

Amigo Loans

About Amigo Loans

This was the first guarantor lender to reach the market in 2005 under the FLM identity. The rebrand went through in 2012. Today Amigo’s guarantor dominance is reportedly hitting market share close to 90%. We’d personally expect this to be a little lower based on the recent surges of Bamboo and George Banco. They are certainly doing well with 224,000 customers and a recent posted after tax profit of £100 million. Founder James Benamor had controlled the operation through the Richmond Group, but they have since split. Amigo’s product has been crafted to a high standard, but a massive boost has come from the level of focus on TV advertising and lead acquisition via brokers.

For reference, they pay brokers large fees, but this comes out of their own pocket. There are no related brands. They did operate for some time through FLM Quick and also tested out finance, but each didn’t stick around. Amigo’s service is the best in its field. Borrowers can access as much as £10,000 and be paid out within 24 hours (paperless applications have been available since 2011). They charge no late fees, but you should always repay on time as they report to all 3 CRAs that can improve your score greatly. Guarantors can be tenants from 18 years and for borrowers CCJs, defaults and self-employment are considered. They rate at 91% on Trustpilot from 21,600+ reviews.

Company Details

Address: 118-128 Commercial Road, Bournemouth, BH2 5LT

Brand: Amigo Loans (aka: AmigoLoans)

Company: Amigo Loans Ltd (subsidiary of Amigo Holdings Plc)

Contact (📧): hello@amigoloans.co.uk

Contact (☎): 0120 262 9200

FCA Licence: 708284

Launched: 2005 (was FLM Loans)

Niche: Guarantor

Opening Hours: Mon/Thu (9am-7pm), Fri (9am-6pm), Sat (9am-1pm)

Related Brands: Non

Site Address: www.amigoloans.co.uk

Site Rank (Alexa UK): #14,202

Product Specs

Amounts Available: £500 to £10,000

Backings: Homeowners or tenants aged between 18 & 75

Late Payment Fee: £0

Login Provided: Yes

Pricing: £236.72 /£1000 (12m) & £483.68 /£1000 (24m)

*Variable APR based on potential future change. Representative 49.9%

Repayment Terms: 12 to 60 months

Review Feedback

Feefo: Not listed

Reviews: 67% (10+ count)

Trustpilot: 91% (21,640+ count)

Rivals & Similar Lenders Like Amigo Loans

Many rivals have modelled their products on Amigo’s and so the same kind of specs are common elsewhere. There are slight improvements on pricing elsewhere. The difference is very slight if you are backing with tenants. LendFair’s Standard 47 comes in at £228.68 against Amigo’s £236.72. It’s when you include homeowner backings where things get interesting. GuarantorMyLoan factoring cashback comes in at just £129.81. If your score isn’t too bad then Lendfair’s Advantage 29 product costs £148.88. Bamboo and George Banco are each the main competitors from a traffic standpoint. Non-Standard Finance are certainly an interesting group. They control George Banco and TrustTwo in this sector, as well as Everyday and LAH in others.

Last Check @ www.amigoloans.co.uk: June 22nd, 2019

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