g_conaty
12th Feb 2002, 14:28
I was wondering if anyone could give me any information about how to obtain loans from a bank. The reason i ask this is because i hope to obtain a loan to finance my CPL and ATPL course although i am planning on applying when i am 18 and i am unsure whether or not a bank wold give me a loan for my licences.. . If you could give me some information about how you obtained a loan and how much you recieved as well as whether or not you think i would be suitbale for a loan at 18 years of age it would be greatly appreciated.
jonathang
12th Feb 2002, 15:52
I am 19 and in the same position. The main problem I seem to be having is obtaining an Unsecured loan. Most of the banks want the loan secured on a House.
JonathanG
Kamil
12th Feb 2002, 16:23
Why not ask your parents to sort you out?
distaff_beancounter
12th Feb 2002, 17:59
HSBC Professional Studies Loan seems to be the most likly loan available, or the Government backed, Careers Development Loan (usually limited to £8,000).. .Unfortunately, it is a fact of life, that the banks lend on a credit scoring basis, firstly to decide if they will make you a loan, & secondly to decide what rate of interest to charge.. .The main criteria that they use, is your ability to repay, & what security you can offer.. .Prior to Sept 11, a newly qualified ATPL, would have got a steady job as a first officer with an airline, & thus able to repay.. .Someone aged 18 or 19, is unlikely to be able to give the bank anything by way of security. Usually, if a bank makes a loan to a teenager, the bank would ask for a guarantee from parents, secured by a charge on the parents' house. The parents would only have to pay the bank, if the teenager defaulted on the loan repayments.. .Unsecured loans represent far riskier lending for banks, so they charge a far higher rate of interest, to cover the risks of bad debts.