6 months ago
speed to payout
We took a loan with Amigo when they were know as FLM. Immediately, when applying, you are made aware that you need a gurantor. With a not-so-great credit history, other financial institutions wouldn't touch us. My partners mum offered to guarantee for us, was contacted the next day by Amigo and the loan was paid out within the week. At all stages they kept us up to date with the process, from initial enquiry to the moment of payout to confirmation that the funds had left their bank. Low and behold, the money was in the bank within 3 days, just as they had said. People can moan about the interest all they want, the fact is, bank charge you interest up front, Amigo charge you daily. So, if you pay extra one month, the amount that you paid extra would reduce a days interest. We started off paying around £88 pounds interest per month in 2009 on a £3000 loan. Now, with only a few payments remaining, our interest is dropping by at least £2s per month (currently stood at £24 for the month of November according to our online statement). You can also do everything online, from changing bank details, telerphone numbers, payment dates (which, unlike some banks, Amigo do not charge you for the the privilege) and after a while, applying for a top up. We have paid for 43 months and was made eligible for a £5000 top up some time ago due to a good payment history. If needed, we would take without a doubt. If you do have to deal by phone, (started a new job, wages date changed, direct debit bounced) they show great empathy and listen to what you're saying. Would highly recommend.
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