Amigo Loans scoops Personal Finance Innovation Award
Financial Reporter, 23 Jan 2013
Bournemouth based guarantor lender, Amigo Loans, has won the Personal Finance Innovation category in Moneynet’s Personal Finance Awards 2013.
The third annual awards of its kind, recognises the top personal finance providers and products from the last twelve months. Other winners this year include Funding Circle, Co-operative Bank and Post Office.
James Benamor, founder and CEO of Amigo Loans, comments:
We love that Amigo has been recognised for its innovation because we've taken an idea that has been around for thousands of years and made it relevant to today's market. We've bucked the trend, which has seen a raft of complex and confusing financial services products in recent years, and gone back to basics with a simple, honest and sensible solution.
Our guarantor model is truly different to other alternative lenders in the market, giving people who have been turned down by traditional banks, the chance to build up their own credit score rather than destroying it by using payday loans. We offer an old-fashioned lending model, widely used by banks before the local bank service was replaced by computerised credit scoring. Our lending is based on trust, personal endorsement and one-to-one interviews.
John Sexton, Managing Director of Moneynet comments:
Amigo Loans was chosen because it offers simple, fair and affordable solutions for people who don’t meet the strict requirements of banks. It helps borrowers build up their credit score and offers an alternative to using a payday lender. We also like the flexibility it offers, charging no hidden fees for early payment.
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