28th May 2008, 13:18
I'm about to start my ATPL course, and I've saved enough so I only need a loan for the Instrument Rating.
However, looking at the way things are now, I am having to budget for a type rating as well (I know a lot of people are against self funded type ratings, but what are the other options?)
Does anyone know where I could borrow around £40k unsecured for my training? If it comes to it I can secure it with my parents house, but I want to avoid this if possible. Most personal loans I've been offered are a max of £25k.
Do HSBC still offer pilot specific loans, or is this just for integrated courses now?
28th May 2008, 14:17
Don't get your TR... you will regret it, read the number of posts from people who have their TR and still can't get a job.
If you want to spend the extra money go for your FI rating, you will build hours and look more attractive to the airlines. It means they can do the TR with their approved schools in their style.
28th May 2008, 14:25
I wouldn't pay for a type rating unless I had already been offered a job at the end of it e.g. Ryanair scheme (I know a lot of people on here have strong views on that too).
I'm just looking at the worst case senario in which I need to find an extra £20k to start my dream job. If I go with a personal loan for around £10k, I won't be able to extend that if I need to pay for a type rating.
Therefore, I am looking to get a loan which could be extended up to around £30-40k.
I think the Instructor rating may be a better option. When I first set out on my dream of flying, I wanted to be an instructor, but it doesn't seem sustainable with a low starting wage and loads of debt to start paying off.
28th May 2008, 14:42
As far as I am aware, 25k is the maximum unsecured loan you will get in one go.
In theory you could approach more than one institution but you would either have to tell the second one that you already had a 25k loan elsewhere (which would probably influence their decision) or you would have to attempt to deceive them (not wise!)
Maybe if you had some kind of private banking in place you could negotiate more, but then as a 21 year old I suspect this is not the case for you?
28th May 2008, 14:43
It may be your dream job, but you also need to prevent the airlines from taking you for a ride. Ryanair & Co. have a habbit of exploiting this dream.
From what I know, apparently HSBC require the loan to be secured and it's only certain branches that offer this to pilots. Don't know if it's for integrated only or not.
28th May 2008, 14:50
I'm only just starting the course, and as it's modular I don't actually need any loan until about this time next year so I'll look carefully at who I go with then. I think I'll put my all into being an instructor, and hope I can get a better wage when I climb the ladder.