Amigo Loans

pauletruth

listern to them and with your user name. will you be able to pay it back?

Clive_Woody

If you fail to pay this will potentially negatively affect your sisters credit file and possibly stop her from borrowing at decent rates in the future. Essentially she would be taking a big risk by standing in as guarantor for your loan.

Avoid this type of loan at all costs, they are not good for anyone involved except Amigo.

Tiddlywinks

It was only back in July last year that you were worrying about debt collectors at your door and you said you were paying a token amount of £5!

Roll on a year and you think you are ready for a loan which will put your sister in the frame as well?

Selfish.... you know how scared you were - do you want to run the risk of that happening to your sister?

SeanG79

Amigo will pay the money into your sisters account and she will need to "gift" it to you. they then will take the DD from your account with your sisters as a backup...essentially the same as getting your sister to loan the money at a lower rate and save you both money in the end...

bargainbetty

As you can see from every other response on this thread, guarantor loans are generally regarded with the same affection as tapeworms and genital herpes.

You mention a 'smallish' loan - define smallish. Have you run a budget to see how you would afford repayment if you cannot afford to save for the purchase in advance? Can you reduce the amount you need/want by lowering expectations, going second hand, or any of the other money-saving tips that people offer on here?

Good luck, but please, don't do this to your sister. All it takes is one bad month for you, and she could end up with huge damage to her credit files.