Amigo have over 65,000 customers and is the flagship brand of The Richmond Group, a rapidly growing and innovative loan company based in Bournemouth.
Their customers, both past and present who, according to their CEO, James Benamor, have found it a “positive and rewarding experience.” Those backing the loans “have been able to help their loved ones regain financial control, whether it’s been to start their own business, buy a car for work or consolidate expensive payday loans”.
Loans are available from £500 to £5000 and for a period of between one and five years with interest charged daily. There are no early repayment fees and over payments can be made at any time.
The Amigo payment hotline is available 24 hours a day and the customer service departments have extended working hours. Statements are also available online so customers are always aware of the balance of their loan. Unlike many other lenders payments can be made at PayPoint approved stores as well as in many other ways including online.
As with all of these types of loan you will need a backer; someone who will be able to clear the debt if you are unable. This person could be a family member (not spouse), colleague or friend but must be aged between 18 and 75. They should also have a good credit history and a regular income. They can be either a homeowner or a tenant who has a good credit rating.
As well as allowing customers to overpay and clear the debt at any time they are able, Amigo also give regular feedback to the three major credit agencies. This enables their customers to improve their credit rating while they repay the loan. It is often very difficult to turn a bad credit rating around so this is a major benefit to their applicants.