Amigo Loans Ireland
Borrow up to €5,000 with a guarantor at 49.9% APR (fixed). Flexible terms from 12 to 36 months. Bad credit accepted. Quick online application.
Amigo Loans Ireland offers a high-cost credit option for individuals needing to borrow between €1,000 and €5,000. The standout feature is the willingness to consider applicants with poor credit as long as they have a suitable guarantor. The representative APR is 49.9% (fixed), and terms range from 12 to 36 months. Monthly repayments depend on the borrowed amount and chosen duration, with clear examples provided upfront.
How to Apply: Step by Step
- Select your desired loan amount and term online.
- Complete the online application by providing your personal and guarantor details.
- Wait for the initial decision and submit supporting documents if needed.
- Once approved, funds are paid directly to your bank account.
Key Advantages
One of the main advantages Amigo Loans offers is the flexibility to apply even with a low credit score, thanks to the guarantor model. There are no application fees or early repayment penalties, and the application process is accessible entirely online, which makes it quick and convenient. Loans can be used for a variety of needs, including car finance, weddings, or managing other expenses.
Applicants who make timely repayments may also see an improvement in their credit rating over time, as payments are reported to credit agencies.
Potential Drawbacks
The biggest drawback with Amigo is the high interest rate, with a cost of credit of €75.64 per €100 borrowed over 36 months. This makes it an expensive form of borrowing compared to alternatives. Applicants also need a guarantor who meets strict criteria, which may not be easy for everyone to secure.
Late or missed repayments can also have a negative impact on both the borrower and guarantor’s credit records.
Verdict
Amigo Loans Ireland is best suited for people who have few alternatives for borrowing and can reliably make monthly repayments with a trustworthy guarantor. While it is not the cheapest option on the market, its accessibility for those with less-than-perfect credit makes it a potential lifeline in urgent situations. Carefully consider the costs before proceeding.