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Clintek... ah ok. Still lending...yes............a no brainer.
Still lending to those that need it. Hmm I perhaps think not...
My apologies if this was as you said just a test to see if they were still lending.
Tommy.
tommyboy, we are in agreement, i don't know what you are disagreeing with.
My point was to see if they were lending and how quick was the process. not to check out what their credit score criteria was.
They will not give a loan to anyone unless their guarantor has a good enough credit score, so that stops the lending process there and then.
If the guarantor is credible, they can afford the loan and they are critical workers...Then they can recieve the money with 48 hours and then start paying back within the month. I now know this is happening, so they still have revenue and possibly quite a lot of it.
Clinrek.... I disagree, that they wouldn’t be expecting too much of a credit score otherwise you wouldn’t need a guarantor.
Hence those with a low credit score go to Amigo to get a loan with the guarantor being of higher credit rating to secure the loan..(house, mortgage etc)
So just an observation as to weather it is that easy.
If both credit ratings are good... The first doesn’t need the second..just go to a bank....
That’s not what Amigo is about.. surely...
Hunniford...you are correct, there are 1000 employees at my plant and they are all class as critical/key workers. 90% of them are on minimum wage or there abouts. there will be millions of people around the U.K that are on low wages but are classed as critical workers. All these workers would there pass the first test by Amigo. with a decent guarantor they could all get a loan...IF their finances would allow it.
Tommyboy..I wouldnt know what impeccable would be with credit ratings, but i would hazard a guess that i would be better than the average Amigo customer (Otherwise they'd go elsewhere) All my point was is that Amigo are still giving loans to people quite easily, i'm not sure the criteria to get a loan but i'm sure they wouldn't be expecting too much of a credit score.
That was one point I was making earlier "critical workers" covers a lot of people like factory workers for food and other services, delivery drivers, supermarket workers, military, child care, obviously NHS, farm workers, agriculture etc etc.
Be good to see how many new loans they have managed during COVID I will be asking this at the next company meeting along with some other questions.
Clintek, Just an observation, surely with both you and your sons impeccable credit rating, is this a true test of as to whether Amigo is lending generally, as I’d probably lend you the money myself.
No offence implied.
I would hope that if our CEO is any good, he will ensure the loan approval process is whiter than white to minimise complaints going forward. I am guessing the job adverts people have been posting has been to process some change control, and inforce rigourous processes - although that does not seem to be the case with your experience which is slightly concerning....
Yes Jonno, He is in the food industry as am I, funny though they never ask me if I was a critical/key worker (Just him) maybe that will be another way people can claim back against amigo.
Thanks for that Clintek - I assume your son is a critical worker so would of been able to apply for the loan? Of course we do not know how many loans have been agreed by Amigo in the last fews months. Not sure if the market has allcated any value to the loans that have been agreed, would be interesting to see some figures from amigo as it could be quite profitable.
So....Yesterday I decided to see how easy it was to get a loan from Amigo.
My son and I have quite a few shares with Amigo, so i thought i would find out if they are still lending.
My son applied for a £5000 loan for a debt consolidation (his credit rating is actually as good as mine), I was his guarantor.
After showing proof of salaries, credit checks and a few other hoops to jump through, they accepted the loan of £5000 over 24 months at the cost of £309/month.
Quite a lot to repay, but as a dummy loan it didn't matter.
It took just over 24 hours to get £5000 off amigo.
Not at all important in the bigger picture of things, but at least they are still lending (Got to be a good thing), Now all i have to do is stop the pushy phone calls to persuade us to have it.