RewardRate — Amigo Loans’ Planned Successor Brand
RewardRate was the brand name Amigo Loans planned to use for a new lending business after the original Amigo Loans Ltd entity wound down. The plan was conditional on Amigo raising £15m of new investor capital under the preferred outcome of its Scheme of Arrangement. When the capital raise failed in March 2023, the RewardRate plan was abandoned and Amigo switched to the fallback wind-down route. RewardRate is therefore not an active lender — there is no consumer-facing RewardRate business to take loans from or to make claims against.
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The original RewardRate plan
In 2022, Amigo announced that the preferred outcome of its court-approved Scheme of Arrangement would involve:
- A capital raise of £15m from new investors.
- Use of the new capital to support a relaunched lending business under the RewardRate brand.
- A £15m contribution from the new business to the scheme creditors’ redress fund.
- Estimated payouts to scheme creditors at around 41p in the pound (under the preferred outcome).
The fallback outcome was an orderly wind-down of Amigo and the abandonment of RewardRate, with lower payouts to scheme creditors.
What happened
In March 2023, Amigo announced that it had not been able to secure the necessary £15m investment. The preferred outcome was therefore not available. The Board switched to the fallback outcome — orderly wind-down — in line with the scheme that creditors had supported.
Consequences:
- RewardRate did not launch as a lender.
- The £15m new-business contribution to the redress fund was not made.
- Scheme creditor payouts dropped from the projected ~41p to a final 18.51p in the pound.
- Amigo Loans Ltd entered solvent liquidation in September 2025 after the scheme completed in August 2025.
What this means for customers
For Amigo customers and guarantors:
- There is no RewardRate to take a loan from. Anyone seeing the name should check carefully — it has not become a UK lender.
- The original Amigo loans and their treatment under the scheme are unaffected by the RewardRate non-launch — except that the absence of the £15m new-business contribution reduced the final payout.
- The Amigo scheme is now closed; no further claims can be brought.
A note on similar names and possible scams
Where a previously-known lender name (or planned brand name) becomes inactive, fraudsters sometimes attempt to use it. The FCA has issued multiple “clone firm” warnings about unauthorised entities posing as legitimate lenders. If you encounter anyone claiming to be RewardRate offering loans:
- Check the FCA Register at register.fca.org.uk before engaging.
- Be wary of upfront fees, pressure to act quickly, or requests for unusual payment methods.
- Report suspected scams to the FCA.
- Do not confuse RewardRate with any current FCA-authorised lender.
For Amigo customers wanting to claim
Amigo Loans liquidation and scheme outcome.
Frequently asked questions
Is RewardRate offering loans?
No. The RewardRate brand was associated with a planned new business that never launched. Anyone offering loans under the RewardRate name should be treated with extreme caution and checked against the FCA Register.
I had an Amigo loan — does the RewardRate non-launch affect me?
Indirectly — the absence of the £15m new-business contribution reduced your scheme payout from the projected ~41p to the final 18.51p in the pound. But there is no separate RewardRate-specific complaint route, because there is no RewardRate business operating.
Related guides
- Amigo Loans liquidation and scheme outcome
- What if the lender has gone into administration?
- Guarantor loans claims hub
- Section 140A and the unfair relationship test
- Do I have an unaffordable lending claim?
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