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    • jonnym8083
    • By jonnym8083 16th Apr 17, 8:56 PM
    • 180Posts
    • 15Thanks
    Applying for amigo loan
    • #1
    • 16th Apr 17, 8:56 PM
    Applying for amigo loan 16th Apr 17 at 8:56 PM
    Hi all I'm looking to apply for a loan with amigo for debt consolidation. My credit score is very poor at 526. I have been out of work previously due to ill health and to stay a float I've had to use payday loans which has affected my credit. Although amigo loan rate is high it's still better than where I am at with payday loans. I'm now fortunately well and back to work. I understand a guarantor is required and my sister is happy to do this. Will I pass the credit check with these guys though? Not sure how it works if my sister is credit checked or both of us? She does not own her own property but her credit score is very good but I don't want to apply for another rejection.
Page 2
    • OneLife_OneShot
    • By OneLife_OneShot 18th Apr 17, 11:51 AM
    • 741 Posts
    • 533 Thanks
    Do not get a guarantor loan. Like Mark said it will end terribly. If she is happy to help you, ask her to get a bank loan with lower APR and you pay her back and save you both money and hassle.

    This is a terrible idea, not only will it not consolidate your debt it will cost you more money and potentially ruin your relationship with your sister.

    If you have to go into a DMP or an arrangement with your own lenders but do not risk your sisters future credit for the sake of yours.
    CC Debt - Paid £3041 / £3700 - Finishs in Sept 2017
    OD Debt - Paid £1400/£1400 - Finished

    "All truths are easy to understand once they are discovered, the point is to discover them."
    • poppasmurf_bewdley
    • By poppasmurf_bewdley 19th Apr 17, 10:09 AM
    • 5,039 Posts
    • 5,192 Thanks
    With the salary I'm now on I could afford the loan fine and also I now have insurance if I was to fall ill I would still receive my same monthly salary. I'm keeping afloat at the moment with pay day loans but makes sense to consolidate and would be so much easier.
    Originally posted by jonnym8083
    With this good salary, how much have you saved up since you've been on it?

    The answer will give you a good idea of whether or not you can afford the loan.
    "Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery." Mr Wilkins Micawber in David Copperfield by Charles Dickens.
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