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Amigo Loans - Whats the point?

Whiner · 2014-05-13 12:47:17

I can't see the point of Amigo loans. If you want a loan with them, and you can't get one elsewhere, then you need a guarantor to take a loan with Amigo loans, who charge a huge APR. Effectively the guarantor is getting the loan for you, and this would mean their credit rating needs to be ok. So, why doesn't the guarantor…

Comments

CKhalvashi Posts: 12,134 Forumite

13 May 2014 at 11:26PM

ricky_v wrote: »

To be fair you can have the mortgage arrangement fee (if charged) added onto the loan which is then charged interest. Depending on the product this can be over a couple of grand, although the rate is sub-2%, not 49.9%:rotfl:

Which even at current rates, can add to 50% of the cost of it if not paid upfront.

Scary, really

CK

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