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Credit union Guarantee

  • 06-12-2010 9:50pm
    #1
    Kunle
    Closed Accounts Posts: 101 ✭✭


    Does the person who guarantees your loan need proof of income ?


Comments

  • #2
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Kunle wrote: »
    Does the person who guarantees your loan need proof of income ?

    Yes and would be worried about a CU who doesnt ask this of a guarantor.


  • #3
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    They sure do alright as I done this for a sister of mine who is going to collage, they ask for the same details as they would do if the gurantor was making the loan application themselfs ie copy of payslips and 3mth bank statements etc...


  • #4
    Kunle
    Closed Accounts Posts: 101 ✭✭Kunle


    I am a student so i have no income but my friend thinks all i have to do is sign my name and address for him to get a loan.


  • #5
    Kennie1
    Registered Users, Registered Users 2 Posts: 302 ✭✭Kennie1


    Kunle wrote: »
    I am a student so i have no income but my friend thinks all i have to do is sign my name and address for him to get a loan.
    Your friend is not asking a lot is of you is he??? I would not ask a friend to do this regardless of their situation. Lets say that you had regular income and he defaulted on his payments... then you would have to pick up the tab. A friendship ruined! Dont you watch Judge Judy!!


  • #6
    maximoose
    Registered Users, Registered Users 2 Posts: 9,209 ✭✭✭maximoose


    Kunle wrote: »
    I am a student so i have no income but my friend thinks all i have to do is sign my name and address for him to get a loan.

    Hit your friend a slap around the head for being so naive


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  • #7
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Dont do it. You are putting yourself legally responsible if he defaults on payments.

    There is a reason they are requesting a guarantor as they view him as risk on his own.


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