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Guarantor

  • 24-05-2019 6:41pm
    #1
    Mikey15106
    Registered Users Posts: 39 ✭


    Can a carer be a guarentor for a credit union loan?


Comments

  • #2
    Miike
    Registered Users, Registered Users 2 Posts: 2,021 ✭✭✭Miike


    Depends on the amount but in the large, the answer will be no unless they have substantial savings. I don't think the bank or credit union will recognise carers as income.


  • #3
    Mikey15106
    Registered Users Posts: 39 ✭Mikey15106


    Miike wrote: »
    Depends on the amount but in the large, the answer will be no unless they have substantial savings. I don't think the bank or credit union will recognise carers as income.

    They don't have a credit union account they'd be liable to repay the loan


  • #4
    Miike
    Registered Users, Registered Users 2 Posts: 2,021 ✭✭✭Miike


    Mikey15106 wrote: »
    They don't have a credit union account they'd be liable to repay the loan

    Yeah but I don't think a financial institution will recognise carers allowance as income for them to go guarantor for the loan. Unless they had significant savings which could be used to repay the loan in the even it was defaulted.

    There are a number of factors due for consideration though including how much the loan is, the term of the loan and the capacity of the person drawing it down to repay it. Speak to the bank / credit union and they'll give you a straight yes or no.


  • #5
    Mikey15106
    Registered Users Posts: 39 ✭Mikey15106


    Miike wrote: »
    Yeah but I don't think a financial institution will recognise carers allowance as income for them to go guarantor for the loan. Unless they had significant savings which could be used to repay the loan in the even it was defaulted.

    There are a number of factors due for consideration though including how much the loan is, the term of the loan and the capacity of the person drawing it down to repay it. Speak to the bank / credit union and they'll give you a straight yes or no.

    My loan.was approved is there a time scale to collect it I'm busy with work till Saturday and can only go then


  • #6
    Miike
    Registered Users, Registered Users 2 Posts: 2,021 ✭✭✭Miike


    Mikey15106 wrote: »
    My loan.was approved is there a time scale to collect it I'm busy with work till Saturday and can only go then

    They'll keep it for as long as it takes, don't worry.


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