Has anyone used Amigo Loans?

CadburysGirl_2

KingElvis wrote: »

These loans count on the taker being finacially feeble and they bank on you deafulting (which you will) and some other poor sap who's a responsible person footing the bill.

Only inflict this on your worse enemy.

I see absolutely no reason why I would default. I have cash coming in later in the year that I would use to pay it off (with no early repayment fee).

Apples2

CadburysGirl wrote: »

I see absolutely no reason why I would default. I have cash coming in later in the year that I would use to pay it off (with no early repayment fee).

Which is why they want a guarantor, they know this.situation much much better than us.
Everyone in your position are quite confident all payments will be made, easily affordable and all that jazz.

Reality is quite different.

fozmcfc

You should definitely be asking yourself, what if the worse happens, before committing to any loan.

There are far too many threads saying, I was promised this money, but it never came through, or I lost my job/income, normally with these things happening out of the blue.

It really boils down to what I said earlier in the thread, if it does go pear shaped, what happens.

If everything will be fine, then no problem. But if it would lead to difficulties for your parents to pay it and/or your relationship with them falling to bits or becoming very strained at least, then you are taking a risk, whether you believe that or not.

Apples2

Out of interest, how long have you known when your lease expires?

Seems odd, most people will know when the car is going back the day they take it out.
To make zero provision at all but with just 6 weeks to go all of a sudden becoming money sensible.

Lenders aren't daft, borrowers are.

CadburysGirl_2

Apples2 wrote: »

Out of interest, how long have you known when your lease expires?

Seems odd, most people will know when the car is going back the day they take it out.
To make zero provision at all but with just 6 weeks to go all of a sudden becoming money sensible.

Lenders aren't daft, borrowers are.

I knew this lease would be coming to and end but only found out that I wouldn't be able to renew (despite me showing up as 'green' on their traffic light system) about a week and a half ago when all the paperwork was being processed.

I am generally pretty savvy when it comes to these things but because this was unexpected (and my cash lump sum has been delayed - again, not a straight forward explanation) and my options are so limited I've been struggling to figure out the best way forward. Hence coming on here to get some feedback on the Amigo Loans thing rather than blindly diving straight in!

Apples2

CadburysGirl wrote: »

Hence coming on here to get some feedback on the Amigo Loans thing rather than blindly diving straight in!

I hope that now your eyes are wide open to Amigo, you will go nowhere near them.

Loans_Scams

They're being bigged up on a website called Guarantor Loans Compare. I can't provide a link but if you type that name in it comes straight up at number one in Google.

One thing for sure is you really want to make sure you need one of these loans before taking it out.

Remember it isn't just you that is committed to 50% APR its your family member or friend as well.

It begs the question that if this is what you have to do to get a loan should you be taking one out in the first place. They're cheaper than Payday Loans at an average of 2500% APR and most of these Payday lenders don't do adequate checks. Its up to you but I would air on the side of caution.

jonesMUFCforever

You are not comparing like with like here.
Amigo loans is a personal loan with a guarantor - nothing more nothing less.
Payday loans are short term finance which should be paid back within 30 days max.