Has anyone used Amigo Loans?

CadburysGirl_2

I need to borrow £2<3,000 to buy a car when my lease car is returned in 6 weeks' time. My credit history is absolutely awful (for reasons I won't go in to). Am looking in to Amigo Loans as my parents could act as guarantor. I know the interest rate is very high but I plan to pay off early when I receive some cash later in the year and it seems that payments made to them will count towards rebuilding my credit rating. Are they legit? Has anyone used them?? Any advice appreciated. :0)

happycamel_2

Get your parents to take a loan (they will get a much better rate and be no more liable) then et them to give the money to you. You pay them back and they pay the lender. Get them to try their main bank first.

happycamel_2

Get them to read the sticky on lending to family and friends first though

michael1983l

There are massive early repayment penalties with amigo loans and they are unscrupilous when chasing the guarantor for any missing money. Either save the cash yourself, if you can afford to pay the loan you can afford to save, or buy a cheap run around until you can afford the car you want. Do not lumber your parents with your debt, your credit rating is poor because you have been irresponsible with your borrowing, why would any son/daughter wish to push these problems on to their parents?

jonesMUFCforever

CadburysGirl wrote: »

I need to borrow £2<3,000 to buy a car when my lease car is returned in 6 weeks' time. My credit history is absolutely awful (for reasons I won't go in to). Am looking in to Amigo Loans as my parents could act as guarantor. I know the interest rate is very high but I plan to pay off early when I receive some cash later in the year and it seems that payments made to them will count towards rebuilding my credit rating. Are they legit? Has anyone used them?? Any advice appreciated. :0)

Sorry to say this but you must really hate your parents if you want to put them through this.

CadburysGirl_2

happycamel wrote: »

Get your parents to take a loan (they will get a much better rate and be no more liable) then et them to give the money to you. You pay them back and they pay the lender. Get them to try their main bank first.

Good point! Thanks.

CadburysGirl_2

michael1983l wrote: »

There are massive early repayment penalties with amigo loans and they are unscrupilous when chasing the guarantor for any missing money. Either save the cash yourself, if you can afford to pay the loan you can afford to save, or buy a cheap run around until you can afford the car you want. Do not lumber your parents with your debt, your credit rating is poor because you have been irresponsible with your borrowing, why would any son/daughter wish to push these problems on to their parents?

Thanks for the info. They obviousy don't make the early repayment penalties very obvious. I could save but it would take too long. I need a half decent car as I have to make a lot of long journeys so it needs to be fairly reliable (as much as a second hand car can be!?). As I said, I won't go in to the reasons for my poor credit history but it wasn't due to my being irresponsible. It is way more complicated than that. My parents are happy to help where they can but don't have the money to hand.

CadburysGirl_2

jonesMUFCforever wrote: »

Sorry to say this but you must really hate your parents if you want to put them through this.

My parents are happy to help in any way they can. I am trying to avoid asking them if possible though, hence the query about Amigo Loans.

jonesMUFCforever

CadburysGirl wrote: »

My parents are happy to help in any way they can. I am trying to avoid asking them if possible though, hence the query about Amigo Loans.

Please avoid Amigo loans or any lender requiring a guarantor.
Not only will your credit rating get wrecked should you default but there are huge charges which will have to be picked up by your parents.

CadburysGirl_2

My income is not currently huge as am studying full time (as well as working freelance and doing a part time job), retraining so that I can get a 'proper' job ASAP. For this reason, my bank are reluctant as they say they like you to have a regular pay cheque on the same day of each month for £1,000+.

CadburysGirl_2

jonesMUFCforever wrote: »

Please avoid Amigo loans or any lender requiring a guarantor.
Not only will your credit rating get wrecked should you default but there are huge charges which will have to be picked up by your parents.

I was considering them as they state that there are no late charges etc as they 'don't want to make the matter worse' (or something to that effect). They seemed decent but I wanted to ask on here first as I thought someone would have more knowledge than me on the matter. :0)