Amigo / FLM Loans - Guarantors Please be careful!!

meer53

FinanceForEveryone wrote: »

errrr...lots of people use Mis-sold PPI agencies, debt consolidation companies...just because lots of people use them is no proof that they add any real value

You still haven't explained why you feel their service is redundant.

If lots of people use Debt consolidation and PPI misselling companies, surely it proves that their services are far from redundant ? If said people manage to get refunds for their PPI and manage to consolidate their debts by using these companies, where's the problem ? If they did their homework before using them then they'd realise that there's no need to pay anyone to do this for them but some people just can't be arsed. Everyone has a choice, there's enough information available to make an informed choice, you might think they make the wrong choice, but thats just your opinion. As far as PDL companies are concerned, they're the only option some people have.

McClane54

Hi

If you stick to the book and pay all the monthly repayments then Ameigo loans are ok surley? Just checking the website and a loan of £1250 will have to pay back £1489 over 1 year

so if your really stuck surely its not that bad?

bankscausepain

McClane54 wrote: »

Hi

If you stick to the book and pay all the monthly repayments then Ameigo loans are ok surley? Just checking the website and a loan of £1250 will have to pay back £1489 over 1 year

so if your really stuck surely its not that bad?

That's just the interest! Jesus. Over 50% interest over a year 'is not that bad' ?!

Don't know about you, but I can think of better ways to spend £1489.

debtcutter

bankscausepain wrote: »

That's just the interest! Jesus. Over 50% interest over a year 'is not that bad' ?!

Don't know about you, but I can think of better ways to spend £1489.

THere site says it's total repayable of 1545.84 repaid for 1250 borrowed for 12 months.

Just read this whole thread and i got to say, I think it's funny this guy is trying to accuse them of being "worse than wonga" With wonga you'd pay more interest than that over 30 days!

McClane54

bankscausepain wrote: »

That's just the interest! Jesus. Over 50% interest over a year 'is not that bad' ?!

Don't know about you, but I can think of better ways to spend £1489.

but its not £1489, its £239 intrest, that aint that bad if your desperate for a year

McClane54

debtcutter wrote: »

THere site says it's total repayable of 1545.84 repaid for 1250 borrowed for 12 months.

Just read this whole thread and i got to say, I think it's funny this guy is trying to accuse them of being "worse than wonga" With wonga you'd pay more interest than that over 30 days!

sorry its £1545 repayable, they seem much much better interests rates than wonga and most payday loan companys

DCFC79

FinanceForEveryone wrote: »

Trouble is we all know that people don't read these thing carefully, they're rushed into it and don't give things the proper time and attention they deserve, often not seeing the obvious, the wood-through-the-trees etc. - e.g. "hang about, why don't I just lend them the money myself, get an agreement in writing, and cut out this expensive redundant service?"

Im not disputing the fact that sometimes peoples eyes get glazed over and either dont listen to reason from others or just dont do enough research/read the T&C's.

FinanceForEveryone

Apples2 wrote: »

Even the guys username could be the slogan for some kind of guarantor loans company..

Ok, Ok you got be me there...I confess...I'm really working for 'Gringo Loans' and their sister payday company 'Bandito loans' :T

Somerset

I don't get the point of the post. Everyone knows guarantor loans can bite you in the bum. Everyone knows payday loans are horrendously expensive. Everyone knows borrowing from loansharks can be hazardous to your health.

Everyone knows .... desperate people use the only avenue's that will lend to them. The bottom-feeder's. Mainstream won't.

FinanceForEveryone

debtcutter wrote: »

THere site says it's total repayable of 1545.84 repaid for 1250 borrowed for 12 months.

Just read this whole thread and i got to say, I think it's funny this guy is trying to accuse them of being "worse than wonga" With wonga you'd pay more interest than that over 30 days!

I dislike wonga as much as the next payday lender, but I do respect that fact that at least their interest is calculated to actually reflect the risk - remember there's no guarantor with wonga, just a borrower with a bad credit rating with a very high chance or defaulting, with a loan period that typically lasts over a very short period. Amigo Loans are much larger, carry incredibly low risk and are typically over a 3 year tenure, so the borrow does typically pay well over twice the loan amount, which is really bad value for money in my opinion.

You can't really compare the products of these 2 companies, which is why the Amigo advertising is at best, MISLEADING.

There is a moral comparison to be made though, and in my view AL are worse than all of the PDLs I've come across, for all the reasons above.