There is so much bad press...

OutofDebt-NOT-OutofDanger

Eonel wrote: »

In my opinion Guarantor loans are worse than Pay Day Loans.

Despite being far from the most desirable & reputable finance, PDLs have their time & place. Short term high interest loans have always existed and always will do.

Guarantor loans from Amigo quote a representative 50% APR which the Guarantor will sometimes agree to under the misconception that it is not "their" loan.

Of course, it is their loan & they could possibly have got it a lot cheaper by applying on their own account and giving the cash to the person that needs it. The recipient pays them, they pay the bank.

The business model is based upon the misconception and naievity of some people. Grrrrrrr.

True, at least when someone gets into trouble with PDLs they're not lumbering someone else with a debt as well!

freshstart11

I agree that sometimes the guarantor often doesnt know what they are taking on, Im lucky in that my mum took out a loan for me many years ago under her name and I made every single payment - sadly my ex husband has destroyed my credit with things he made me do so I have no choice as to where I can go. (and reason I couldnt ask mum to take it in her name was that she had just taken a loan for a car) xx

freshstart11

I dont have an account sadly - did used to quite annoyed I got rid

jon1965

freshstart11 wrote: »

I dont have an account sadly - did used to quite annoyed I got rid

Did I miss something?
Don't have what account

freshstart11

lol my pc messed up and was meant to be on another tab - damn chrome playing silly beggers

jon1965

freshstart11 wrote: »

lol my pc messed up and was meant to be on another tab - damn chrome playing silly beggers

Ha ha easily done.

[Deleted User]

Amigo Loans say they don't credit check you, they want a guarantor instead. Does this mean they credit check the guarantor?

I've just seen an advert for them.

BugsyBrowne

Deleted_User wrote: »

Amigo Loans say they don't credit check you, they want a guarantor instead. Does this mean they credit check the guarantor?

I've just seen an advert for them.

Think about it??

[Deleted User]

BugsyBrowne wrote: »

Think about it??

So basically it's all a big con then.

jason1231972

Deleted_User wrote: »

So basically it's all a big con then.

Amigo loans do provide loans - many a poster here has one - but their rates are shocking, and guarantour loans are dodgy anyway (if you're on the guarantor end of the bargain!)