Money Insider: Find a cheaper alternative to payday loans
The Independent, 29 Nov 2013
Another more palatable option is guarantor loan provider Amigo, offering credit of up to £5,000 at a representative APR of 49.9 per cent.
To qualify for an Amigo loan you need a creditworthy friend or relative to act as guarantor. If you are unable to pay, then the guarantor becomes liable for the outstanding balance.
Again the interest rate is far cheaper than going down the payday loans route, plus Amigo loans are flexible, so you can make additional ad hoc reductions without penalty.
Read the full article here