Hidden charges

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Amigo Loans - www.amigoloans.co.uk
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Immanuelk1's review of Amigo Loans - www.amigoloans.co.uk

“Hidden charges”

★☆☆☆☆

written by Immanuelk1 on 26/05/2015

Got to the end of the loan, payed the 24 repayments on time and found out i still owed 500 pounds.

Amigos explanation is because i changed the repaymnet date to later in the month the intrest accrued.

Do they not make enough out of us with the astronomical intrest rate?

Be warned, even though i payed the amount specified within the loan agreenment, within the 24 months specified i still owe them 500 pounds, if it wasnt for the fact they would charge the guarantoor i would rather end up in court than pay this extra.

Highwaymen in disguise, use at your peril.

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Amigoloans's Comment

Written on: 29/05/2015

Hi there,

My name's Scott, I work at Amigo. I wanted to reply to your review, as it's clear you're not happy and that you feel there were hidden charges attached to your loan, so I wanted to take the time to try to explain the situation.

To explain, we charge interest daily. This means that when you make an early payment or pay your loan off early, you'll pay slightly less interest, but if you move your payment date to later in the month, you'd pay more interest, as your balance would remain higher for longer.

This is the way that interest is calculated. It's not something we're adding to your loan as a charge. In fact, we don't charge any fees for applying for a loan, making a late payment, or repaying your loan early.

If you'd like me to arrange for someone to call you, to talk you through exactly what's happened, just send me your contact detail to us and I'll arrange for one of the team to call you.

Thank you,

Scott @ Amigo

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