Amigo Loans Alternative
Looking for Amigo Loans? They’ve stopped lending, but Lending Stream hasn’t. 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 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 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?
Fast
Cash sent to your bank in under 90 seconds, once approved.
Convenient
24/7 simple & online application. Instant decision. Direct lender since 2008.
Affordable
Repay in 6 monthly repayments. Pay early with no extra fees and save on interest.
Warning: Late repayment can cause you serious money
problems. For help go to moneyhelper.org.uk.
About Amigo Loans
Amigo Loans was a UK-based guarantor lender offering guarantor loans of up to £10,000. A guarantor loan is a type of unsecured loan which requires a friend or family member to act as a guarantor for the borrower. The guarantor agrees to make 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 approved for loans from traditional lenders, in particular to people with poor credit scores.
Amigo has stopped lending new loans now to address historic lending issues and 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. On the 26th of May 2022 the high court approved their new business scheme to give a fair and proportionate amount of total compensation to past borrowers.
If you are looking for Amigo loans then you can try Lending Stream and check out our short term loans. We’ve been lending since 2008 and we are one of the biggest and most reputed direct lenders in the UK.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
What is happening with Amigo Loans now?
2 years ago, Amigo received affordability complaints from their customers. As a result, Amigo sought after and failed to secure additional funder to repay their customers claims. However, they announced a new Scheme of Arrangement for their customers. Under this scheme, they are likely to pay approximately 17 pence for every pound of compensation due to the respective customers.
This new scheme is called as “fallback solution” by Amigo.
At Lending Stream, we offer a better solution. Our cash loans or emergency loans can help customers by lending them money for their unexpected financial needs (if approved).
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How is Lending Stream different from (or better than) Amigo Loans?
The key differences between Lending Stream and Amigo Loans are:
| Lending Stream | Amigo Loans |
| Lending Stream is an FCA authorised direct lender which is still lending | Amigo Loans was also an FCA authorised direct lender, but they are not lending anymore |
| We offer loans of up to £1500 and we don’t require a guarantor | Amigo Loans used to offer £10,000 but you had to have a guarantor |
| We’re rated excellent on Trustpilot and 99% of reviewers on reviews.co.uk recommend us | Amigo are not lending anymore due to affordability complaints |
| If approved, we’ll send the cash to your bank in under 90 seconds | Upon guarantor approval, Amigo used to send the cash within 24 hours |
So, if you were looking for Amigo loans but found out that they’re not lending, you can try Lending Stream. We even consider lending loans for bad credit as we understand your credit score will never give us the complete view of your finances and everyone should get a fair chance to get credit.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How can I check my eligibility for a Lending Stream loan?
If you are looking to check your eligibility to apply with Lending Stream, then you must:
- Have an active UK bank account
- Have a valid debit card
- Be at least 18 years old
- Be a UK resident
- Be in regular employment with a monthly income of at least £400
Being a direct lender, we look at all your information rather than just your credit report.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
How can I apply for a Lending Stream loan?
To apply for a loan with Lending Stream, you need to fill our online application form and provide us with the following information:
- Give all your personal details
- Choose the amount which you want to borrow with us
- Provide us with your employment, salary, expenses, and banking details
Once your application is submitted to us, we will run a credit and affordability check to see if you can afford the repayments. If approved, we will send the approved loan amount to your bank within 90 seconds.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk.
Contact us - Lending Stream
If you already have an account with us, you can log in and chat with us through there. Otherwise, you can get in touch on our contact us page.
If you prefer you can give us a call on 0203 808 4440#. We’re open from 9am to 6pm Monday to Fridays, and 9am to 1pm Saturdays.
FAQs - Amigo loans
-
Are Amigo Loans refunding customers?
Yes. Amigo Loans are refunding the customers who have claimed that their affordability was not checked properly at the time of lending.
-
Are Amigo Loans paying compensation?
Yes, as announced on 26th May 2022, 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.
We don't offer loans under 60 days. We offer 6 or 12 month loans. The maximum repayment period is 12 months. Maximum APR 1721%.
Representative Example: Given a Representative APR of 1333%, if you borrow £200 over 6 months at 292.0% p.a. (fixed), you would owe 6 equal repayments of £64.44. You will repay £386.61 in total.
Warning: Late repayment can cause you serious money problems. For help go to moneyhelper.org.uk