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Rebuilding credit profile - Has anyone used Amigo loans (Guarantor loan) and would you recommend as seem to be cheapest loan available.

Taking high risk credit from such lenders is to be avoided at all costs. Having such a loan on your file will do you no favours on your credit file.

To rebuild, you need to make sure any defaults have been removed and then to ease in gently with mobile phone contracts, maybe a vanquis card or something of that ilk -- repaid in full every month, properly run bank account, paid utilities, etc.

Not sure why it is high risk as 40% in no where near payday loans etc and can't see any other way of getting a two year short term loan. We have some urgent repair on house to do and this seems to be best and cheapest way.

Sorry -- the loan itself isn't high risk, you are high risk, hence the need to approach those such as Amigo. Incidentally, Amigo are known for being pretty swift at placing a charge on property if a payment or two are missed.

I based my reply on the assumption, as outlined in your title, that you were after credit rebuilding, not an "urgent" loan. In which event, as I say, a loan from a company specialising in high risk borrowers would do you no favours!

Hi cb3 - sorry to read your need for urgent repairs - thats put extra pressure on your above the normal methods of rebuilding your credit.

I do not personally know of Amigo Loans but do your research carefully as you dont want to come unstuck and regret it. Can anyone help you with the cost and you repay them money each month as a loan instead of a formal company.