Amigo loans

lollie182

dealer_wins wrote: »

You and your OH both have debts that you "need a loan" to pay off, and you wonder why NatWest wont grant a loan to you?

Sorry I completely forgot I wrote on here, however it wasn't me and my OH that needed it, it was just myself... In the end my OH wanted to sort some things out and got himself a loan and gave me some of the money.

lollie182

DCFC79 wrote: »

What Christmas debt is this ?

Christmas has always been 25th of December so could you not have planned for it if the money was for presents, food etc.

I used a catalogue to buy some presents as I had just dropped one job and had been living off a lovely maternity pay and large amounts of tax credits, that dropped due to my OH getting a pay rise but I don't like to take his money for trivial things such as presents etc as he pays the mortgage and bills.

lollie182

Apples2 wrote: »

We all know it is a stupid idea, but then we also think swapping £1,250 of our money for £600 of someone else's is pretty stupid as well.

I for one have no idea how that mind of yours is working to think this is a good plan.

History shows us on here the first sign of a financial disaster about to unfold, is when we read the phrase, "I can easily afford the repayments"

Please reconsider this plan, we're on your side really.

TBH I don't think I was fully considering this (it was a few months back I can't entirely remember even by what I was typing) however I knew I could afford a small repayment compared to several repayments. I was stressing and I am new to this site (well as of Feb) Thing is because other than food I have no bills but the bank have to take in to consideration I need to have money.

However as I have said my OH got a loan, he didn't have debts, now other than this loan, because we try to keep things like that seperate as my money is pretty much my own

sirwiggum

When I was renting a student flat, I had to use my mother as a guarantor.

Paid rent in full, didn't wreck the place, she was never out of pocket.

Apples2

sirwiggum wrote: »

When I was renting a student flat, I had to use my mother as a guarantor.

Paid rent in full, didn't wreck the place, she was never out of pocket.

Were you paying 50% APR on the accomodation fees?

rartherinv

Every time I see the Amigo Loans advert I join OP in scratching my head and wondering what kind of people would take up their bizarre offer.

If an upstanding person with collateral wishes someone they trust (but the banks do not trust) to borrow a small amount of money, why would they not just lend from their own collateral or borrow at a low rate to pass on to them and maybe make a profit on the deal, instead of agreeing to risk their whole home to a middle man for no personal gain and have their client pay the same middle man 50% APR for the privilege of using your collateral?

It is a pretty damning indictment of Britain's economy, lack of financial education and market regulation that such a flawed strategy can make a successful business.

dealer_wins

rartherinv wrote: »

Every time I see the Amigo Loans advert I join OP in scratching my head and wondering what kind of people would take up their bizarre offer.

If an upstanding person with collateral wishes someone they trust (but the banks do not trust) to borrow a small amount of money, why would they not just lend from their own collateral or borrow at a low rate to pass on to them and maybe make a profit on the deal, instead of agreeing to risk their whole home to a middle man for no personal gain and have their client pay the same middle man 50% APR for the privilege of using your collateral?

It is a pretty damning indictment of Britain's economy, lack of financial education and market regulation that such a flawed strategy can make a successful business.

Agree 100%.

Anyone prepared to put their home on the line for someone else's loan needs their head testing!!

JoeyBelle

I'll tell you EXACTLY who uses a Guarantor Loan option - those that have no other access to credit and don't want any dodgy payday loans. Borrowing directly from a friend or family member won't do ANYTHING to help rebuild your credit - hence this option. It certainly helped me a while back when my bank wouldn't lend to me and I didn't have many options. My parents wanted me to be responsible, so I went the Guarantor option and it was fine. Now my credit is better and I can access more normal means to borrow funds. Plus, when a good mate or family member is backing you, you don't want to let them down and are probably more apt to pay it back on time.

Clive_Woody

JoeyBelle wrote: »

Plus, when a good mate or family member is backing you, you don't want to let them down and are probably more apt to pay it back on time.

Read a few threads on here and sadly you will see that is far from the truth and many many friendships have been ended by this sort of loan.

DCFC79

JoeyBelle wrote: »

dodgy payday loans.

Nothing wrong with pay day loans, problems arise when the money isnt paid back as and when agreed.