Joint Applicant needed for loan

I currently have loan from AIB to cover part time law school fees. Have happily topped up this loan over the past 2 years to pay for same and now Im looking for a larger amount to consolidate other personal amounts.

I was phoned tonight and told that now I can only borrow 50% of my earnings, (30k) I wanted to borrow 14k. As this amount and the amount still owed add up to over 15k I cant apply solely.

I was told I needed someone to be a joint applicant on the loan.

Im really nervous about this, this would mean for example, my father would be liable if I missed any payments? Ive never missed a payment as my loan payment comes directly out of my account by direct debit before I get to touch it, but my Father has a modest income and Im nervous about his credit rating being affected if I defaulted on payments.

Is this okay, reccomendable, etc? Sorry if Im not being clear enough. A little confused.

Hi Stacey,
Have had similar issues myself trying to consolidate BOI loan of €25k. I asked for a 1 month payment holiday (going to the sun for 2 weeks) and was told I needed to re-apply. I was fine with this but they said to get this I would need my dad to go as joint applicant instead of guarantor. The ridiculous thing about this is that they want more security now for the loan than when I was an unemployed student about to go into a masters -crazy!

Your father is fully liable if a joint applicant unlike when he's a guarantor. It also affects your parents capacity to borrow in the future. For this reason I told BOI to go stuff themselves and I will use my credit card instead (which is completely clear and I avoid using)

Perfect example of how banks aren't lending to people in reality!

Thanks for the reply, I dont feel too good about my Dad being affected by my loan, Im a grown woman after all.

I was in a similar situation, borrowed 2000 about 5 years ago for college with my Dad as guarantor and me with under 10 hours work. Now Im working for couple of years, good income, etc and they say I can only have half my wages. Was it always based on 'half your wages?'

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