Looking for loans like Amigo?
Before you go any further, how about giving Drafty’s line of credit a go instead?
No guarantor needed
Cash sent to your bank in under 90 seconds, once approved.
Decision in seconds - no need to wait!
Choose Drafty as an alternative to loan companies like Amigo
Before they stopped lending, Amigo was a company that used to offer loans of up to £10,000 with a guarantor. The guarantor could have been someone such as a friend or family member and was necessary to secure your loan. They were popular with those who had poor credit and might have otherwise not been able to borrow.
However, with loans like Amigo, your guarantor would have to be approved to make sure you could afford the repayments. Plus, with eligibility limits on the guarantor, some customers might not have the option of securing their loan this way.
There are still loan companies like Amigo out there who offer this type of borrowing. But we believe we’re a much better Amigo loans alternative. If you’re looking for quick cash without the need for a guarantor, Drafty’s line of credit could be just the answer.
Why do customers choose to take out loans like Amigo?
Many people choose to borrow using a guarantor because they can get access to a bigger credit limit than they would otherwise. Some with poor credit might not have been able to get a loan at all. Failure to keep up with the repayments, however, means the guarantor is usually liable to make them instead.
While this might not be an issue for some who borrow from loan companies like Amigo, others who struggle to pay on time and have to rely on their guarantor might find it damages their relationship, or at least puts a strain on it.
With a line of credit from Drafty, we consider your circumstances and, if approved, give you a credit limit of up to £3,000. Just like any responsible lender, we’ll only offer you our line of credit if we know you can afford the repayments. We’ll never ask for a guarantor, though.
So, if you’re looking for loans like Amigo with no guarantor, look no further. Drafty offers a simpler and more flexible way of borrowing cash quickly. In fact, once approved, you could have the money sent to your bank in under 90 seconds.
Sound good? Apply now and see why we’re a superior Amigo loans alternative.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How does Drafty’s Amigo loans alternative work?
Because we’re not a guarantor loan provider, we have a more streamlined process that makes our line of credit easy to use. Here’s what happens if you get approved for a Drafty Line of Credit:
Plus, you can find out if you’re likely to be approved for Drafty’s line of credit without the worry of it impacting your credit score. While applying won’t impact your score, we do check your credit file and if you do open a line of credit this will be shared with credit agencies.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Why Drafty’s Amigo loans alternative could be a better fit?
We think our line of credit offers more than a guarantor loan does. And we think you’ll agree when you discover what you could get with Drafty.
No guarantor
To borrow from loan companies like Amigo, you’ll need a guarantor to secure your credit amount. Amigo required guarantors to be aged 23 – 75, a UK homeowner and willing to make your loan repayments if you couldn’t. That meant extra hoops to jump through when it came to the application process.
We don’t offer guarantor loans, so the process to apply is much quicker and simpler. We’ll only need to take your circumstances into account – not someone else’s as well. We assess each application individually so we know you can afford the repayments. We don’t need you to back up your credit with anyone else.
Speed
Applying for a loan like Amigo that requires a guarantor could mean a complicated and lengthy application process. Both you and your guarantor will need to be checked before you’re offered any credit and get access to your cash. Amigo used to send the cash within 24 hours of your guarantor being approved. Even then, it would go into their bank account and not yours.
At Drafty, we keep things simple with our easy application process. We ask for the usual details and check your affordability before offering you a line of credit. Once you’re approved, you’ll get your cash quickly. We know that if you’re applying for credit, it’s probably because you need a financial boost for an unexpected situation, so we aim to get the money to your bank within 90 seconds. That’s right, less than two minutes. If it seems to be taking longer than expected to receive the cash, please check with your bank, as some banks can take longer to process the cash.
Reuse
Did we mention we like flexibility? If you find you need to borrow again, you can. Use up to your credit limit again and again with no need to reapply and no fees as long as you keep up with your repayments. We think you’ll agree that’s a much better option than borrowing a large amount and running the risk of not being able to keep up with the repayments.
No fees
If you want a loan like Amigo or an alternative but with no guarantor and no fees, you’ve come to the right place. You’ll only pay interest on what you use from your credit limit and there are absolutely no fees for late payments, early repayments, cash withdrawals or anything else you can think of. So now the cat’s out of the bag, why not go ahead and apply?
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Still unsure?
For more information about how we stack up against other lenders, head to our Compare Loans page.
It’s also easy to discover more about us. We’re a responsible lender. See how our customers rate us by looking at our Trustpilot reviews.
How much does a Drafty line of credit cost?
Let’s take a look, shall we? The Drafty rate of interest is just 0.19% (variable) per day, or 19p per £100 per day. So, if you borrow £100 over one month, you’ll pay just £5.70. Unlike some other Amigo loans alternatives, there are no fees for early repayment, no fees for late repayment, no fees for anything! Check out our pricing page for more information.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
How do I apply for a Drafty line of credit?
Applying couldn’t be easier, as long as you meet the following criteria:
- You’re a UK resident with an active bank account and debit card
- You’re 18 or over and employed
- You’re earning at least £1,250 a month
We’ll take some details to assess your affordability – nothing too intrusive, don’t worry – and then agree to a credit limit with you if you pass all our checks. You’ll then be able to access your cash!
So, what are you waiting for? Apply now.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
Contact Drafty
Looking for loans like Amigo and need some more information about our line of credit? Discover more about Drafty or get in touch with our friendly team. Our helpful FAQs section might also be able to answer your questions.
Live chat – Sign in or create a Drafty account and speak to a real person online in minutes.
Call us – Get in touch on 0203 695 8072 with your query. Our lines are open from 9am to 6pm Monday to Friday and 9am to 1pm on Saturdays.
Amigo loans alternative FAQs
Can I get a loan like Amigo with no guarantor?
To take out a loan from companies like Amigo, you’ll need to have a guarantor. This is someone who agrees to back up your loan and make the repayments should you be unable to. Your guarantor will need to meet certain criteria and they’ll be assessed on their affordability too.But Drafty’s line of credit could suit you better. You won’t need anyone to back up what you borrow and with a speedy application process, you’ll have your cash quicker than with a guarantor loan.
How much can I borrow with a loan like Amigo?
With some loan companies like Amigo, you could borrow up to £10,000. But you’ll need a guarantor to agree to pay if you’re unable to afford the monthly amounts. With Drafty, an Amigo loan alternative, you can borrow up to £3,000 and there’s no need for a guarantor. You’ll also have the benefit of a flexible repayment schedule and absolutely no fees.What credit score do I need for loans like Amigo?
Because loans like Amigo use a guarantor, you don’t need to have the most perfect credit score – you just need to be able to afford the repayments. However, your guarantor will need to prove they have a good credit history and, in some cases, be a homeowner.Drafty’s line of credit offers a flexible Amigo loans alternative and our responsible lending criteria mean we’ll always check you can afford your repayments.
What if I fail to keep up with the repayments on a loan like Amigo?
If you can’t make your payments, your guarantor will need to cover them for you. This could happen if you borrow too much and end up with large monthly repayment amounts. Not only could this affect your credit score, but it could also damage your relationship with your guarantor.That’s why we assess your affordability and never give a line of credit to anyone we don’t think can afford the repayments. And because we offer a credit limit of up to £3,000, the payments are often more manageable than a bigger loan taken out over a fixed period.
Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.