Looking for Amigo Loans?
Searching for Amigo Loans? Amigo Loans no longer lends, but Drafty does. At Drafty, we offer loans between £1,000 and £3,000, with 12, 18, and 24 months to repay. There are no early repayment fees and we consider bad credit. With Drafty, you get an instant decision and, if approved, we’ll send the cash to your bank in 90 seconds*.
Representative 79.9%APR
Representative Example: Given a Representative APR of 79.9%, if you borrow £1000 over 18 months at 59.9% p.a. (fixed), you would owe 18 equal repayments of £85.56. You will repay £1,540.08 in total.
Not all applications will be approved for credit. An offer of credit is subject to status and affordability checks.
Why choose Drafty as an Amigo Loans alternative?
Fast
Cash sent to your bank in under 90 seconds, if approved. It may take longer to reach your account depending on your bank’s processes.
Varied repayment periods
Repay in 12, 18 or 24 months.
Convenient
Secure online application available 24/7. An instant decision.
About Amigo Loans
Amigo Loans was a lender offering guarantor loans between £2,000 – £10,000. The company was based out of and had offices in Bournemouth, UK.
Amigo Loans was known for providing loans to individuals who had difficulty borrowing from mainstream lenders. For instance, those with low credit scores. As of May 26, 2022, Amigo stopped offering new loans and transitioned to a new business scheme.
What happened to Amigo Loans?
Amigo Loans has stopped lending. This was due to failing to secure the necessary capital to continue operations. As a result, the company decided to wind down its business in 2022.
However, any outstanding loans still need to be repaid.
If you have an outstanding loan with Amigo, the total cash claim value of the loan must still be repaid as agreed.
If you are looking for an alternative to Amigo Loans, try Drafty. We offer two products:
- Drafty Loan: Borrow between £1,000 and £3,000. Choose between 12, 18, or 24 month repayment terms.
- Drafty Flex: A flexible line of credit with a maximum limit of £3,000. As long as there is available credit, you can take from it as needed, no need to reapply.
How is Drafty different to Amigo Loans?
| Drafty | Amigo Loans |
|---|---|
| We offer two products: Drafty Loans and Drafty Flex. With Drafty Loans, you can borrow from £1,000 – £3,000. Drafty Flex is a reusable line of credit (maximum £3,000). | They previously offered loans between £2,000 to £10,000 with flexible repayment options. |
| Drafty Loans and Drafty Flex are unsecured. No need for any assets or a guarantor. | Previously a guarantor loan provider. Amigo required a third party to guarantee loan repayment. |
| Drafty considers applications with bad credit. | A guarantor with good credit was required, making approval dependent on a second person. |
| Drafty is still lending today. | Amigo is not in business anymore and no longer providing new loans. |
If you’re looking for a loan with Amigo Loans, consider Drafty instead. We understand bad credit happens, that’s why we look at more than just your credit score when assessing applications.
How can I check my eligibility with Drafty?
To apply online with Drafty, you need to meet the following requirements:
- Be at least 18 years old.
- Be a UK resident with an active UK bank account and debit card.
- Be in regular employment with a monthly income of at least £1,250.
Representative 79.9%APR
How can I apply online for Drafty Loans?
To apply for Drafty Loan:
Apply
Click on the apply now button and complete our online application
process. Choose how much you want to borrow. Then, fill in your
personal, employment and banking details. It takes around 15 minutes
to complete (application completion time varies).
Checks & approval
Once you submit the application, we’ll run credit and affordability
checks. This is to see if you can afford the repayments on top of your
existing financial responsibilities. In most cases, we’ll give you an instant
decision.
Get your money
If approved, we will send the money to your bank in 90 seconds. It may
take longer to reach your account, depending on your bank’s processes.
Alternatively, visit our homepage to apply for Drafty Flex, a personal line of credit (maximum £3,000).
After you’ve applied, we’ll run affordability and credit checks. If approved, we’ll send the money to your bank within 90 seconds. Depending on your bank’s processes, it may take longer to reach your account.
Representative 79.9%APR
FAQs- Amigo Loans
Is the name Amigo Loans being used to scam consumers?
Yes, fraudsters using the Amigo Loans name to scam consumers have been reported. These fraudsters are not linked to the original Amigo Loans business. It is important to be careful of any company using Amigo’s name.
Is Drafty regulated?
Yes. We are authorised and regulated by the Financial Conduct Authority (FCA). Our registration number is 689378.
Will applying for Drafty hurt my credit score?
When you apply for Drafty, we perform a soft credit check, which does not impact your credit report or credit record. If you accept the loan provided, we will carry out a hard credit check, which will be recorded on your credit file. However, missing payments on your loan agreement may negatively affect your credit score. It’s important to ensure you can comfortably manage the repayments before accepting a loan.
How much can I borrow from Drafty Flex?
With Drafty Flex, we offer a maximum credit limit of £3,000. You will be approved for a line of credit based on your individual circumstances. For the first time, you can withdraw a minimum of £50. But, from the second time onwards, you can withdraw a minimum of £100.
Please think carefully about whether Drafty is the right solution for you. This is even more important if you're in financial difficulty. If we don't think you can afford to repay your credit, we won't be able to approve you. We'll look at your current finances and credit history before we decide whether to give you credit. Failure to repay could impact your credit file.