RewardRate will offer two lending products, a personal loan and a guarantor loan, providing cheaper credit to those who pay back on time.
Amigo Loans had previously said that it risked insolvency if it paid out more than 10p in the pound
The conditions include the Financial Conduct Authority (FCA) testing Amigo's new lending system, the British regulator said in a letter to Amigo published to FCA's website. The firm had halted lending in March 2020 and has been scrambling for survival after a deluge of customer complaints of misselling loans.