Representative example: Borrow? 4000 over three years, repay? 195.16 per month, total reimbursable? 7025.76. Interest rate 49.9% (variable). Subject to the cheaper option status than payday loans, we think our guarantor loans are pretty smart. But we would say that, so have a read to see what you think.
Why choose Amigo Loans as an alternative to payday advances?
We’ve all been there – an unexpected bill in the mailbox or in the vehicle making weird noises screaming âtime of serviceâ. If you are looking for more money, a quick payday loan may seem like a quick fix, for example. But we realize much better than anyone that a payday loan is becoming more of a problem than a cure.
If you maybe don’t need to be careful, your high APR will quickly grow to be a lot and you could also soon take a worse spot than when you started. It is not uncommon to get trapped and take out a new payday loan on a monthly basis just to pay off the interest on previous loans. It’s not a pleasant destination to maintain, which is why we just want to help. Let’s take a quick look at the responsible alternatives to payday advances:
1 Guarantee loans
A guarantor is someone who agrees to guarantee your loan and steps in to make the repayments if you don’t. These loans allow you to borrow the same amount as a personal loan but at a significantly reduced interest rate and for a longer term. In fact, our 49.9% APR is up to 25 times lower than that of a typical cash advance, which can typically be well over 1000%.
2 credit unions
Credit unions typically provide short-term loans with a lower APR, capped at 42.6%, and are therefore often valued between 50 and 3,000. The downside is with them first and they don’t tend to have as much flexibility in the services they offer which you need to be a member of the credit union you may need to save some money. money.
3 bank loans
Banks can lend larger sums of money with an APR ranging from around 3% to 14%. While it might sound ideal, they do require strong credit which will make it difficult for them to be accepted.
4 Borrow from friends or home
There is no APR included (assuming you are entertaining with family and friends), but your family will not return to credit reference agencies. This could be a useful option as a one-off but will not help improve your credit rating, if you are in need of a loan as payday loans near me are open now that time is passing your choices might still be limited. Among the payday loan alternatives, secured loans may be the best option for anyone who needs fast and affordable financing that can help improve your credit score. Our flexible secured loans are regularly cited by price comparison sites as a suitable selection for anyone borrowing between Â£ 2,000 and Â£ 10,000, enough reason for an APR up to 25 times lower than a conventional loan. on salary. All you really need is a guarantor who will be able to maintain repayments if you don’t.
How different are we?
We are ranked among the providers of âmedium spendingâ loans. Our loans may be more expensive than banking institutions, but because we’re not looking for the perfect credit score, we can just help the hundreds of thousands of men and women that banks don’t want, with the help of ‘a guarantor. On top of that, we are up to 25 times cheaper compared to a payday loan.
An alternative to payday loan less the inconvenience
We keep it easy – a simple form that can be completed in minutes. Once submitted, you can receive your cash advance option to use on any actual amount for responsible purposes. This can be home improvements, buying a new car or perhaps for debt consolidation to help settle existing debts. Whatever the purpose of your loan and provided it is responsible, we have you covered now. We supply up to 10,000? which can be repaid between one and 5 years, depending on what really works for you. This allows you to select a reasonable monthly payment plan on a loan that is right for you.