Amigo loans how does it work

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Log in Sign up. Create your personal profile and easily find a job you love. Sign up. Read more Amigo is the UK's first guarantor loans company, lending to consumers that have been left behind by the banks and their computerised credit scoring. Amigo Loans Amigo is the UK's first guarantor loans company, lending to consumers that have been left behind by the banks and their computerised credit scoring. Find a job you love at one of the 5, employers on Magnet.

Sign up Create your personal profile. At this moment there are no open jobs at Amigo Loans. Please check again later. Interesting to know Where do I find more information about Amigo Loans? Connect Share:. People also viewed. Get help now. Guarantor loan debts. How to deal with them. Rental agreements and mortgages can also be guaranteed in the same way.

Money worries? Find out how we can help you. How does a guarantor loan work? The guarantor will be asked to prove they can afford the repayments, based on their income, savings or assets. They may secure the loan against their property.

Sometimes the loan money is transferred directly to the guarantor to pass on to the borrower. Before getting to the stage where the account defaults, try to agree affordable payment arrangements with the lender. If payments are not made to the account it will default and the lender can then ask the guarantor to make the repayments, or take the money from the guarantor's bank account.

The debt will be dealt with using the normal debt collection process which could involve the debt being passed to a collection agency or court action being taken.

The default will be recorded on the credit files for both the borrower and the loan guarantor. I owe money to Amigo Loans, do I still have to pay it? Are guarantor loans a good idea? Need help with a guarantor loan? Related articles How can joint debts affect me?