Will Amigo Loans credit check me?
We will credit check you, but not to view your credit score. Unlike banks, we don’t base our lending decisions on your credit file. Instead, we lend based on trust: if you have a guarantor who trusts you and agrees to make any payments you don’t, then we can trust you too.
When we credit check you, this is to make sure you’re not currently bankrupt or on an IVA (or equivalent). While we don’t judge based on credit scores, we will review your recent financial commitments so we can be sure an Amigo loan wouldn't put you in financial difficulty.
Will Amigo Loans credit check the guarantor?
We credit check the guarantor differently to the borrower because the criteria for our guarantors is slightly different. We check they’re financially stable and haven’t had trouble paying back their bills in the past, which lets us know the responsibility of standing guarantor is right for them.
This is done with a quotation search, also known as a soft search. But don’t worry, these types of credit checks are invisible to other creditors and won’t affect the guarantor’s credit score. The only person that will be aware of the credit check is the guarantor themselves.