The global crunch in economy has led to a highly volatile market and under these circumstances it has become very difficult not only for the young entrepreneurs but also for experienced businessmen who are suffering from a bad credit profile. The scenario in UK is quite similar. Banks are no longer interested to give small loans at high risk. A large number of money lending firms have entered the market to fill the gap and among them Amigo Loans are doing a substantial amount of business.
Amigo Loans is a UK based company which follows a traditional method of lending money, based on trust. Guarantor based loans are given to people irrespective of their credit score. Simplicity regarding the application process and hassle-free payment methods makes it a very attractive platform for quick and mediocre amount of loans. Loans can be readily achieved in due presence of a guarantor, ranging from parents, relatives or friends who has to pledge a guarantee of repayment if the first person fails to repay. Moreover the interest rates are not fixed and can be designed as per the nature and dynamics of the loan. These attractive features have made Amigo Loans an alternate but potent option.
Amigo Loans was founded by James Benamor as a part of Richmond group. Soon the project was widely accepted and a large number of credit seekers showed immense interest in taking loans from the company. The principle features which make Amigo Loans very efficient are:
- The whole loan advancing process can be completed in online mode. After receiving the application, Amigo Loans will go through the details and call the applicant and the guarantor chosen by the applicant. The calls are generally made very promptly. Once the company is sure about the credibility of the application and the applicant along with the nominated guarantor, the loan amount will be transferred in the account of the guarantor. The whole process can be completed roughly within 24 to 48 hours.
- No computer analyzed methods for determination of credibility are done. Hence discrimination on that basis is not done. The only required element is to find a suitable guarantor who fulfills all the criteria. Anybody can procure a loan ranging from £500 to £5000.
- Amigo Loans provide credit at a very affordable rate of interest. The Annual Percentage Rate of Charge or APR is not fixed and they are designed on the basis of the loan.
- A great feature of Amigo Loans is that they never take any commission to set a loan. If a certain individual is introduced by a broker, the broker may take a charge but Amigo Loans do not take any percentage out of that money.
- Amigo Loans follows a process of calculating interest rates on a daily basis. This allows the loan to be repaid earlier than the stipulated time. No additional charges will be implemented. This implies that the quicker a person repays a loan, the cheaper it will be.
- Amigo Loans offers a 24×7 web based service portal. Clients can login with their id and password to find suitable solutions related to their respective issues and queries.