Banking Guarantor - Unemployed parents?

cherie1990

Im looking to get a student loan from Ulster bank for €2700 - I earn well enough to pay it back, however, it says on their website that student loans over €1300 need a parental Guarantor. Unfortunately, my mother is on careers allowance and my father is an unemployed construction worker. My mother has a fair bit of debt - but never misses a payment and has almost perfect credit history and my father doesn't even have bank account.

Would I be correct in assuming that they wouldn't be accepted as a guarantor?

Are there any other options?

It says on their website:

If the need to borrow arises, come and talk to us about our rates for students. You can apply for a student loan for anything up to €1,300 per year from year 1 (€2,750 if parental guarantee is in place, maximum drawdown over duration of course €4,000).

Im an 18 year old, second year finance student and I have no previous credit history.

chris85

They will test the guarantee for ability to repay so if in this case with a low fixed income and other debts it would be unlikely the bank would take them as guarantor.

DylanII

I know it says parental guarantee - buy they might accept it from someone else, if thats possible for you?