NEED HELP ASAP! Amigo Loans

D3xt3r5L4b

Martin Lewis has no part of this forum.
I don’t understand the regimental control you seem to think this forum needs or you can bring to the table?

Willing2Learn

Fighter1986 said:

The chastising behaviour towards borrowers who have had Amigo loans coming here for help is frankly disgusting.

I agree.  Too many members are too quick to pass judgement and way too slow giving helpful advice and support

MinuteNoodles

Fighter1986 said:

Malkytheheed said:

The problem is, they are a payday lender. You arent going to get any favours from them at all. Proper lenders might throw you a bone with a one off missed payments, but no chance with a payday lender. Also, as mentioned above, simply having an amigo loan on your credit file is the main worry here. not the missed payment. Combine the two together and you have a major problem now trying to get a mortgage. sorry! Best you pay that loan off right now and dont apply for a mortgage for the next 12 months. 

See my post above bud.

They aren't a payday lender, they are a loan company, and Amigo accounts are reported on borrowers credit files as "Personal Loan".

Payday lenders are loan companies too, sub-prime lenders who happen to offer a month long term. Amigo Loans are a sub-prime lender. Mortgage companies don't like sub-prime lenders on credit records whether it's a payday loan company or Amigo.
Oh and as an aside payday loan company loans also just show up as a personal loan on your credit record too.

Fighter1986

MinuteNoodles said:

Fighter1986 said:

Malkytheheed said:

The problem is, they are a payday lender. You arent going to get any favours from them at all. Proper lenders might throw you a bone with a one off missed payments, but no chance with a payday lender. Also, as mentioned above, simply having an amigo loan on your credit file is the main worry here. not the missed payment. Combine the two together and you have a major problem now trying to get a mortgage. sorry! Best you pay that loan off right now and dont apply for a mortgage for the next 12 months. 

See my post above bud.

They aren't a payday lender, they are a loan company, and Amigo accounts are reported on borrowers credit files as "Personal Loan".

Payday lenders are loan companies too, sub-prime lenders who happen to offer a month long term. Amigo Loans are a sub-prime lender. Mortgage companies don't like sub-prime lenders on credit records whether it's a payday loan company or Amigo.
Oh and as an aside payday loan company loans also just show up as a personal loan on your credit record too.

Oh my sweet merciful... The mis information here is unbelievable.

LENDERS DO NOT SEE WHO A CUSTOMER HOLDS ACCOUNTS WITH, ONLY THE TYPE OF ACCOUNT.

From a third party lenders perspective, an Amigo Loan is indistinguishable from any other personal loan on an applicant's credit file. 

The account type is listed as "Personal Loan", not "Payday Loan", on the borrowers credit file.

They are two completely distinct types of account with very different terms, conditions, and payment schedules. 

Amigo offer high APR PERSONAL LOANS, they do not offer Payday Loans.

You are right that some lenders don't like borrowers who have accounts listed under the account type of "Payday Loan" on their credit file. This isn't based off the name of the lender. It's based off the account type heading. Amigo Loans aren't Payday Loans so don't negatively affect a borrowers credit the way a Payday Loan would, and the APR is irrelevant - third parties don't see the APR.

Having and successfully paying off an Amigo Loan has exactly the same effect on a borrowers creditworthiness as having and paying off a loan from any other personal loan provider. 

jjames1985

A lot of us here would do well to grow up a bit. 

Yeah and  that can start with you.
nothing in my post warranted THAT reaction so maybe you should reconsider trying to summon the admins.

the only difference between yourself and the people you're criticising is that you're doing it from the other side of the fence, as if that gives you the right to blow up at people.