Amigo loans
Options
shopaholic2
Posts: 637 Forumite
in Loans
Firstly, I am NOT considering using this company...
I'm just wondering if anyone actually has?
I've just seen the advert again, and I cannot understand how anyone, who reads this forum anyway,would use them?
Or more to the point, who would be the "amigo"? The one who actually ends up paying the loan when you don't?!
Anyone got any thoughts?
I'm just wondering if anyone actually has?
I've just seen the advert again, and I cannot understand how anyone, who reads this forum anyway,would use them?
Or more to the point, who would be the "amigo"? The one who actually ends up paying the loan when you don't?!
Anyone got any thoughts?
0
Comments
-
They do guarantor loans. They know their customers won't pay back so they need someone who will.
If anyone asks you to be a guarantor, either tell them no or give them the money yourself.0 -
Yes I know what they do!! That's kind of why I'm posting... Guess I think does anyone,seriously,use them?????
I could do an advert saying " need a loan? No problem, I will charge you £100, then I will get your mate to lend you the money, quite frankly, at that point I don't care if you pay it back or not!"0 -
Wonga and others are getting spanked for their collection techniques on those in poverty. So, perfect answer - have two people to legally chase instead!
Guarantors get suckered into thinking it will be OK - if the advert said 'All you need is a friend who will pay back the money when you screw it up' I think there might be less takers.
But yes, there are people who will use it.Some days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200 -
Yes, there would be plenty of people willing to use them. Sadly lots of people, for lots of reasons, are crap when it comes to understanding or dealing with money!“In any moment of decision the best thing you can do is the right thing, the next best thing is the wrong thing, and the worst thing you can do is nothing at all.” - Roosevelt0
-
Yes, we have lots on here who do. In fact the whole guarantor issue crops up regularly. It is normally the guarantor looking for a way out denying ever agreeing to repay this huge loan when the applicant, true to form, stops the repayments.shopaholic2 wrote: »Guess I think does anyone,seriously,use them?????
You seem as bewildered by the whole saga as we are.
Too many people really and genuinely do not give a hoot what the terms are, they just want cash, and want it fast. They plan their life by the hour with no regard for consequence.
They simply do not care about the terms and when the enevitable happens, claim innocence and victimisation that they had no food for the kids etc.0 -
One person on here wanted a payday loan for £100 to fund a first birthday party. A child who wouldn't know what day it was if you wrote it in chocolate sauce, would have been perfectly happy with three balloons and a large cardboard box, and would end up sitting happily in his own poo regardless of the expense.... and she 'needed' £100 for his birthday.
As long as there are people who justify such things, then there are likely to be people who will end up needing guarantor loans, with friends/family daft enough to help them, in good faith.
Jesus wept.Some days, it's just not worth chewing through the leather straps....
LB moment - March 2006. DFD - 1 June 2012!!! DEBT FREE!
May grocery challenge £45.61/£1200 -
bargainbetty wrote: »One person on here wanted a payday loan for £100 to fund a first birthday party. A child who wouldn't know what day it was if you wrote it in chocolate sauce, would have been perfectly happy with three balloons and a large cardboard box, and would end up sitting happily in his own poo regardless of the expense.... and she 'needed' £100 for his birthday.
As long as there are people who justify such things, then there are likely to be people who will end up needing guarantor loans, with friends/family daft enough to help them, in good faith.
Jesus wept.
lol yes I remember that..'' Ok Marge, if anyone asks, you require 24-hour nursing care; Lisa's a clergyman; Maggie is seven people and Bart was wounded in Vietnam ''0 -
shopaholic2 wrote: »Firstly, I am NOT considering using this company...
I'm just wondering if anyone actually has?
I've just seen the advert again, and I cannot understand how anyone, who reads this forum anyway,would use them?
New name for one of everyone's favourite lenders: FLM Loans, see http://www.flmloans.co.uk/Home.
Oddly, their website proudly boastsABSOLUTELY NO CREDIT SCORING
BORROW UP TO £5000
If your friends trust you, we can too
But their terms and conditions tell a different story:CREDIT REFERENCE AGENCIES
In considering your application we will search your record at
credit reference agencies such as Call Credit, Experian or Equifax.
The credit reference agencies will provide us with credit
information about you...
"NO CREDIT SCORING?" Why do they want "credit information about you" from the credit reference agencies?
And I bet they credit score the borrower's gullible friend.
The Consumer Credit Licence number on their website (557709) is invalid.
And if all that isn't enough to put anyone off, their "About Us" web page contains this:WE'RE NOT A BUNCH OF BANKERS
We're an eclectic bunch of designers, software engineers and researchers. Many of us have been Amigo customers ourselves. We're not in it for the money. In fact over the last 7 years, between us we've put in way more of our own money than we've taken out. We're here to make stuff work.
They make it sounds like [STRIKE]FLM Loans[/STRIKE] Amiga Loans is ran as a hobby, makes a loss, and is propped up financially by those who own it.
Hmmm.0 -
Love it.... I've made mistakes in the past,as all of us have, but this site is invaluable with its advice, yet time & time again people come along with the same dilemma of guarantor loans, everyone on here screams "NO, DONT TOUCH" then amigo loans are blasted all over the tv..
Some people will actually think, " we'll if it's on tv it must be legit and ok"
Aaagagghhhhhh0 -
I had a loan when they was FLM loans.
I had £2K, my mum was my guarantor and i paid it back after lessthan a year (was a 3yr loan). it cost me about £700 in interest sowasn't that bad.
I understand people here saying that you shouldn't be a guarantorfor random people, but mine was my mum, if she asked me to be herguarantor then I would to, same for my brother and same for probably1 of my friends and my girlfriend, anyone else, no.
I don't buy the whole lend it yourself argumnt, my mumcouldn't afford to, if she took it out for me from her bank, then mycredit score would never have been better.
After I paid them back I could get 0% credit card to pay off my19% one, which saved me quite a bitFrom £8,800 to £2,200 in 2 years.
Nearly there, just the 0% credit card to go!0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards