Amigo loans

27col

JoeyBelle wrote: »

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.

If you believe that, you will believe anything. You have only to read some of the posts on the subject in this forum, to know that that statement is patently not true.

shinkyshonky

JoeyBelle wrote: »

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.

https://forums.moneysavingexpert.com/discussion/4667993

read and weep

heartbreak_star

I had a guarantor loan. I make my last payment at the end of May. I won't be doing it again, but it helped me out of a really tight spot when I needed it.

I never defaulted, and the only time my guarantor ever got involved was when she had to withdraw the money from her account for me

HBS x

LEUK

I appreciate people feeling passionate about subjects close to their hearts but Apples2, there is no excuse for being a bigoted bully. A forum is designed as an open debate and for the audience to make up their own minds having considered both sides of the argument. Lilyputian is entitled to her opinion and was only relaying her experience. Your attitude is playing right into the hands of companies such as 'Amigo Loans'.

My opinion, based on my own experience, is that I hope I never ever have to take one of these out again. It has been hell. Every individual will have their own reason for considering taking a high interest loan. It is usually down to desperation and feeling like you have nowhere else to turn. Some people just genuinely have a really bad run of it. My advice would be to contact the CAB if you are struggling with debt. I went with Amigo Loans and found them to be the sharks you would expect. They have no regard for you or your guarantor. They ignore your communications and wishes. They want their money and they'll do anything to get it! They are robotic. 'Amigo'?!? - a simply hilarious suggestion. You may think a guarantor is just a safety net but you have no idea what is going to happen during the term of your loan. In my case, I was made redundant unexpectedly. You may see a loan like this as a means to start improving your financial situation but I assure you, all you're doing is spiralling further downwards. And yes; they do carry out a full credit check on both you and your guarantor.

It's about time regulators shut these 'Amigo Loans' cowboys down!!

If you are in a state of panic and anxiety over your financial situation; again I urge you to at least try the CAB first.

John1993_2

LEUK wrote: »

I appreciate people feeling passionate about subjects close to their hearts but Apples2, there is no excuse for being a bigoted bully. A forum is designed as an open debate ...

And yet you seem to want to stop Apples2 posting his opinions and advice on this open forum as you take issue with his attitude.

How very hypocritical.

dealer_wins

Apples2 gives advise old school, but she always spot on, and anyone who takes head of her advise on the loans board will save themselves shedloads of interest, stress and being in tow to loan companies all their life!!

LEUK

John1993 wrote: »

And yet you seem to want to stop Apples2 posting his opinions and advice on this open forum as you take issue with his attitude.

How very hypocritical.

That is not what I said now is it John1993. My point is that everyone is entitled to state their own opinion which Apples2 clearly has, earlier on in this discussion. If you then disagree with somebody else's comment then politely explain why without trying to undermine others' feelings or own experiences.

Maybe look up 'bigot' John1993 and hopefully you'll get my drift.

John1993_2

LEUK wrote: »

That is not what I said now is it John1993. My point is that everyone is entitled to state their own opinion which Apples2 clearly has, earlier on in this discussion. If you then disagree with somebody else's comment then politely explain why without trying to undermine others' feelings or own experiences.

Maybe look up 'bigot' John1993 and hopefully you'll get my drift.

I don't need to look it up, its definition is oozing out of your posts. In case you aren't sure, someone not willing to take on others' views is not a bad definition.

You are trying to bully another poster out of posting because you don't like what they are writing. This stinks. You seem unashamed of it, though.

kirsten365

My friend has asked me to be a guarantee her amigo loan soley to help her build up a credit rating. the loan will be paid into my bank account so she will not recieve it. I will use the loan solely to repay the loan within 4 months and my friend will give me in advance the fees charged for having the 500 for the 4 months.

What I would like to know is will this acutually (as it says on amigos website) help build up her credit rating.

thanks

kirsten

izools

If repaid over the four months no.

A good credit standing is built by maintaining a small number of accounts impeccably over a long period of time.

Ideally:

One bank account
One mobile phone contract
One credit card (doesn't matter if it's sub prime) paid off in full each month

The longer the accounts are left open for the better your friend will look to a potential lender.

Other than that ensuring debt levels are low and balances compared with limits are low, and (obviously) never missing payments or incurring charges.