The financial crisis has affected us all in some way or another. Everyone is being forced to tighten their purse strings and cut back on various luxuries. Where once banks were practically begging their customers to take out credit cards and loans, nowadays getting a loan is almost impossible for anyone without a perfect credit score.
The banks’ reluctance to lend money has led to problems for the huge amount of people who have a less than perfect credit score. When they do approach their bank for a loan, being turned down can cause humiliation and even put another black mark on their credit record. So, where can they turn when the have a large purchase, like a new car, home improvement or a wedding, to make? Although certain companies have sprung up offering bad credit loans, they often have APRs of up to 5000%! Why should the many people with low credit scores be punished now for mistakes they may have made in the past?
This is where Amigo Loans come in. An Amigo Loan is offered on the basis of a person’s ‘social score’ rather than ‘credit score’. One of the people who knows them best, their friends or a member of their family, can act as a ‘guarantor’ for them. If they believe that the applicant is able to pay back the loan, then their credit record doesn’t matter. They are seen as a person rather than a number on a record.
Amigo Loans offer a viable alternative to the wealth of high street retailers offering expensive bad credit loans. They offer loans from £500 up to £3000 which can be paid back over a fixed term of 12 to 60 months with a relatively low APR of 49.9%.