Amigo Loans

Written by:

Cara Bradley

5 minutes mins read

Updated: 2nd July 2024

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Are you looking for Amigo Loans? They have entered into administration and are no longer accepting new applications for credit; however, the lenders on the Little Loans panel ARE.

You can check your eligibility today with no impact to your credit score.*

Little Loans is a credit broker, not a lender. We could help you look for a suitable loan between £100 and £10,000, with repayment terms from 3 to 60 months, depending on the amount you apply to borrow.

*If you’re matched with a loan and decide to complete a full application with the lender, you will be required to undergo a hard credit search. Hard searches will remain visible on your credit file for up to 12 months, and too many hard searches over a short period of time could cause a decline to your credit score.

Why choose Little Loans as your Amigo Loans alternative?

• We, and all the lenders on our panel, are authorised and regulated by the Financial Conduct Authority (FCA).
• We don’t charge any fees for our credit broking service.
• All quotes are no-obligation.
• Our online form is straightforward and should take no longer than five minutes to complete.
• If successful, some of the lenders on our panel are able to send your money the same day your application is approved.*

*Please bear in mind that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.

Who was Amigo Loans?

Amigo Loans offered guarantor loans up to £10,000.
When you take out a guarantor loan, you ask a family member or close friend to agree to take over the repayments, should you find yourself unable to at any point during the term of the loan.
Guarantor loans could be one of the possible options for people who might struggle to be approved for standard loans due to poor credit history.

What happened to Amigo Loans?

Amigo stopped lending in March 2020, although some key workers were able to borrow money until November 2020.

The Amigo Loans website states the following: “Unfortunately, we haven’t been able to secure the capital, through the capital raise we were undertaking to fund our new business (RewardRate). Due to this we’ve decided to move into an orderly wind down of the business over a period of around 12 months.”

Some 210,000 customers complained about Amigo Loans, claiming that sufficient affordability checks had not been carried out.

Can I still get a loan with Amigo Loans?

Amigo Loans is no longer accepting new applications for credit.

I have an existing loan with Amigo Loans; what should I do?

Amigo Loans says that ‘all outstanding loans remain subject to the existing payment terms agreed with Amigo’ and that ‘customers should continue to make payments in the usual way’.
For further information and to keep up to date with the latest developments, you should visit the Amigo Loans website.
Updates on Amigo Loans Scheme of Arrangements can be found here.

I’m struggling to repay my Amigo Loan; what should I do?

If you’ve taken out a loan that you’re struggling to repay, you should contact your lender as soon as possible. There may be things they can do to help relieve the pressure, and they’ll want to work with you to put a plan in place moving forwards.

How can I contact Amigo Loans?

As of May 2024, the Amigo Loans website states that their contact centre remains open for queries. You can reach Amigo by either telephoning 01202 629 161 or emailing hello@amigoloans.co.uk.

Are there any alternatives to Amigo Loans?

If you’re looking for a short-term personal loan, Little Loans could help you search for a suitable match. We’re a credit broker, and we work with a panel of direct lenders offering loans from £100 to £10,000.

Who can search for a loan with Little Loans?

You can use Little Loans to search for a loan if you:

• Are over the age of 18;
• Are a UK resident;
• Have a UK bank account with a valid debit card; and
• Have a regular source of income paid into your bank account.

I have bad credit – is it still possible for me to get a loan?

Being approved for a loan with bad credit isn’t an impossibility, even without a guarantor. A number of lenders on the Little Loans panel are willing to consider applications from those with poor credit history.
If you are approved for a loan with bad credit, you should be aware that you may be offered a higher rate of interest and might not be approved to borrow as much money as you need.

How can I search for a loan with Little Loans?

The Little Loans process is straightforward. We’ve broken the journey down into 5 simple steps below.

1. Select the amount of money you need to borrow and choose an ideal repayment term. Fill out our online form.
2. It will take us just 60 seconds to run a soft search and scan our panel of lenders for a suitable match.
3. If we’ve found you a loan, you’ll be redirected to the lender’s website, where you can find out more about the loan offer.
4. Should you wish to proceed with the loan, you will be required to undergo a hard credit search. This will remain on your credit file for up to 12 months. Too many hard searches over a short period of time could have a negative impact on your credit score.
5. If the lender is happy with the outcome of their checks, you’ll be sent a loan agreement. You should read through the terms and conditions carefully before deciding whether to sign and return.

How quickly could my money be sent?

Some of the lenders on our panel are able to send your money the same day your application is approved, although it’s important to remember that the time it takes for the money to appear in your account will depend on your bank’s policies and procedures.

I’m worried about money; what can I do?

Money worries can feel all-consuming, but help is available. You can access free, impartial money and debt management advice through sites such as StepChange, MoneyHelper, Citizens Advice, and National Debtline.

This article was written in May 2024; all information was correct at the time of writing.