Moving On From Amigo Loans: How to Choose Your Next Lender

If you’re hunting for emergency funds, you need clarity and peace of mind, especially now. You may have spotted Amigo Loans online, but recent challenges mean you should proceed with caution. You deserve safer, simpler options. Let’s explore a better way forward.

Why You Might Need an Alternative to Amigo Loans

Amigo Loans (originally Amigo Holdings PLC) has provided guarantor loans since 2005. These require someone you trust to co-sign and pay if you can’t. While this helps some with poor credit, it carries real risk for both borrower and guarantor.

Things haven’t been smooth. In December 2019, Amigo experienced board shake-ups when their CEO and chairman stepped down amid turmoil. More recently, in February 2023, the FCA publicly censured Amigo for failing to carry out adequate affordability checks. They acknowledged that one in four guarantors had to step in during the loan term.

Uncertainty remains. Amigo paused new lending in November 2020 and only resumed on a limited, regulated “pilot basis” in October 2022 under strict FCA oversight. They also launched a Scheme of Arrangement to pay redress to mis-sold borrowers, with refunds ongoing as recently as March 2025.

You deserve a lender who’s stable, fully regulated, and free from drama.

TIP: I have seen that relying on a guarantor can put your loved ones under huge pressure and risk. If you can, choose a loan where you are the sole borrower. It keeps your relationships safe and your financial responsibility clear.

Who We Are and Why You Can Trust Us

At Payday Loans Online, we do things differently:

• Unsecured loans: No guarantor is required. You borrow in your name alone.
• Fully FCA-regulated: We’re launched under modern standards, so you’re protected.
• Ethical lending: No roll-overs and no hidden fees. Just transparent terms.
• Fast and supportive: Apply online, get an instant decision, and have funds in your account within the hour.
• Respecting your privacy: No need to involve loved ones. It’s just you.

You don’t have to sacrifice privacy or comfort to get help.

Compare Application, Cost, and Eligibility

Feature	Amigo Loans	Payday Loans Online
Loan type	Guarantor loan (someone else responsible)	Unsecured loan (just you apply)
Loan amount	Loan amounts typically range from £1,000 to £10,000.	£100–£500 for emergencies
Term length	Up to 60 months	3–6 months
Application	Online or by post with guarantor documents	Fully online, fast and simple
Decision time	Several days	Instant online decision
Funds received	Within days after guarantor approval	Within an hour if approved
Fees for early repayment	Possible charges	There are no penalties. Repay early and reduce the cost.
Roll‑over policy	Roll‑overs sometimes allowed	No roll‑overs permitted

TIP: From my experience, always check if you can repay a loan early without penalty. It can save you a lot on interest. Never feel locked into paying more than you have to.

How to Apply with Us

1. Visit our website and start your application.
2. Enter your bank details, income, and expenses. We use affordability checks, not just credit scores.
3. Get an instant decision. No waiting, no guessing.
4. If approved, funds arrive within the hour.

No paperwork. No hidden charges. No stress. Just reliable, private help when you need it.

Responsible Borrowing Tips

• Borrow only what you need, not the maximum you’re offered.
• Check your repayment date and budget for essential bills first.
• Use reminders or set up a direct debit to avoid missed payments.
• Contact us early if you’re struggling. FCA rules mean we’ll support you rather than escalate.
• Seek free advice from Citizens Advice or Money Helper if you need extra support.

TIP: I always tell borrowers to never stretch their budget too thin. Prioritise essential expenses and only borrow what you can comfortably repay. It keeps you out of trouble and your credit record safe.

What You Could Consider Instead

If Amigo seems too uncertain or complicated, here’s where you can turn:

• Payday Loans Online is ideal for quick, unsecured loans between £100 and £500, with instant decisions and funds available within an hour.
• Finio Loans (formerly Likely Loans) offers larger amounts up to £5,000 with longer repayment terms.
• OakbrookOne is a new debt-consolidation loan launched in June 2025 by Oakbrook Finance in partnership with Experian. It helps streamline the repayment of multiple debts.

All options are fully authorised by the FCA, with transparent APRs, real affordability checks, and online applications.

Where This Leaves You…

If Amigo Loans feels too uncertain or you’re worried about involving a guarantor, you still have better, safer, and simpler options. Choose a lender who offers:

• Short-term borrowing when you need it
• Instant approvals and fast funds
• No hidden fees or roll-overs
• Full FCA regulation and consumer protection

Ready to Take the Next Step?

You deserve respect, clarity, and control when borrowing. If you want a fast, small loan that’s completely secure and private, you’re in the right place.

• Need one under £500 and repayable within months?
• Want truly instant decisions and same-day funding?
• Prefer no hidden costs and ethical practices?

If your answer is yes, take the next step:

Click “Get Started”

Or talk to us. We’re here to help.

No stress. No shame. Just straight, supportive solutions. You’ve got this.

FAQ: Switching and Alternatives

What if I was considering Amigo Loans?

You no longer need a guarantor. Our unsecured loans let you borrow in your own name.

Can I borrow if my credit is poor?

Yes. We carry out fair affordability checks because you’re more than your credit score.

How fast is it?

Decisions are instant. Funds are typically with you in under an hour.

Are there hidden fees?

Absolutely not. We’re upfront and honest about all fees.

If I repay early, do I save money?

Yes. There are no early repayment penalties, so you’ll pay less interest overall.