Amigo Loans


    • Typical APR: 49.9%
    • Min: £500
    • Max: £5000
    • Term: 1 - 3 Years
    • Bad Credit: Yes

Update: FLM loans rebrands itself as Amigo loans

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When James Benamor attempted to get a loan for his business in 1999, lenders repeatedly turned him down due to his lack of credit history. Instead of letting this dishearten him, however, Benamor got inspired. He decided to do something that would change the system forever.

A short time later, he started a small credit card brokerage. Unlike most other credit card brokerages, though, Benamor's company catered to individuals with no credit history or bad credit history. A short time later, after massive amounts of perseverance and hard work, the small business rapidly began to expand into what is now known as The Richmond Group.

Amigo Loans started in 2005 as a part of The Richmond Group. Although this company does not specialize in secured homeowner loans, they are dedicated to helping high-risk borrowers.


Amigo prides itself on being a responsible lender. Employees of the company are also encouraged to provide quick service and communicate with borrowers during every step of the loan process. The company strives to help individuals with unfavorable credit histories to get the loans they desperately need. It's the perfect type of loan process for borrowers who have been turned down by other lenders.

The company centers on one core principle – customers and endeavors to provide the best service to people who have been refused credit elsewhere. To make sure they continuously achieve this goal, the company devised a few top promises that they continuously try to keep. First, Amigo vows to always keep you informed during the lifetime of your loan. The company also promises to lend responsibly and be the fastest lender in the world. In addition, it never charges you for the early repayment of your loan.

Unlike other kinds of lenders, Amigo Loans does not rely solely on a person's past credit history. Instead, they lend money to individuals who have at least one person that believes they will pay back the loan. This person, called a guarantor, signs the loan agreement and agrees to pay back the loan if the borrower defaults on it. This unique approach to lending hinges on the trust of interpersonal relationships to secure a loan instead of a person’s past credit history.


As mentioned above, Amigo Loans does not specialize in secured loans. This company is also not suitable for borrowers who are looking for very large loans, such as home loans. The company is more of a micro-lending institution that provides personal short-term loans for its customers.

Borrowers can get small loans from this institution, however. The maximum amount of money that a person can borrow is £3,000, and the minimum amount is £500. Borrowers who are looking for small short-term loans may qualify for an Amigo Quick Loan, which offers loan amounts of £500 or less. These are similar to payday loans, and you must repay them quickly or face hefty interest charges.

Clients and Customers

The majority of Amigo customers and clients are individuals who have unfavorable credit or a lack of credit history. Whether borrowers have no credit or bad credit, people who believe that they will not default on the loan must back them so they will qualify. These people, the guarantors, must meet several criteria. First, they must be at least 23 years old and own their own homes. They must also have a good credit history, along with a monthly income of at least £800. Having a guarantor sign for you is one of the only strict requirements for obtaining a loan.

Without a guarantor, a borrower is unable to get any type of loan through Amigo Loans. In the event that the borrower is unable or unwilling to pay back the loan, it is the guarantor's responsibility to do so.

Associations and Credentials

The Richmond Group has received a number of awards and, as its website states, it's not afraid to display them. In 2008, 2009, and 2010, The Richmond Group was recognized as one of the Best Companies to Work for by The Sunday Times. It was also listed in the Fast Track League in 2007 and 2009, as well as the Profit Track league in 2008 and 2009. James Benamor also received an Entrepreneur of the Year award from Ernst and Young in 2010.

Interest Rates

At the time of publication, Amigo Loans had a representative 49.9% APR. This is a variable rate, which means that it is subject to change at any time. Interest accrues daily on the balance of the loan. Once the borrower begins to pay back the loan, the amount of interest charged begins to get smaller.

Amigo also gives borrowers an incentive to pay off the balance of their loan early. The company charges no fees or penalties for paying off the balance of the loan, therefor borrowers will pay less in interest if they pay off the loan early.

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