Has anyone used Amigo Loans?

DCFC79

Yes they are legit, have you seen the groovy new tv ad ? What happened to whats known as saving ?

DCFC79

CadburysGirl wrote: »

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)

Cant see anything about charges (the site does say no late fees under about us) but the Q&A says if you miss a payment you need to tell the guarantor so they are aware the payment may be taken.

forgotmyname

49.9% interest?

Take the change from your pocket and buy something with that. Or save up until you can afford something better.

forgotmyname

You miss a payment and they raid the guarantors bank account instead??

CadburysGirl_2

DCFC79 wrote: »

Yes they are legit, have you seen the groovy new tv ad ? What happened to whats known as saving ?

I didn't like to trust a TV ad!? :0#

CadburysGirl_2

forgotmyname wrote: »

49.9% interest?

Take the change from your pocket and buy something with that. Or save up until you can afford something better.

Trouble is, until my lease car goes back, I still have to pay the big payments on that so saving as well is practically impossible. And I only have 6 weeks to sort it! :0#

CadburysGirl_2

It obviously wouldn't be my first (or second, or fifth) choice but my options are extremely limited!? :0#

27col

Just bear in mind that the loan is effectively your parents loan. Can they afford the repayments if you can't. If you default Amigo will be straight into your parents bank account for the money.

tonkinator

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?

The website says they don't charge anything for paying off early or late payments.

"We NEVER charge for late payments, letters, early settlement or anything else."

If your parents understand what being a guarantor is and knowthat they got to pay if you don't and you can't get it cheaper somewhere else (i'm assuming that you've tried that) then you could see if they can get the loan at a cheaper rate in their name, just remember that won't improve your credit rating though so you will probably need them to do that if you need a loan in future. If you do get them to be your guarantor then make sure you pay!

CadburysGirl_2

27col wrote: »

Just bear in mind that the loan is effectively your parents loan. Can they afford the repayments if you can't. If you default Amigo will be straight into your parents bank account for the money.

Yes, they can afford it IF it went wrong but I don't foresee any problems whatsoever with making the payments on time.