HSBC Loans

[bigjarv]

Helloooooo

Does anyone know if, when you get an HSBC loan, you have to nominate a training organisation so the money goes direct to them? I was hoping to use some of the money to complete hour building abroad and the remains to complete my CPL IR over here in the UK. That would mean nominating 2 different companies thou. Is that possible?

Any help would be greatly appreciated!

M

[No. 2]

bigjarv,

No you don't have to nominate a FTO. The money goes straight to your bank account, which has to be a HSBC account if you don't already have one. After that you do what you want with it. The career development loans on the other hand, that Barclays offer for example, do have to go to a nominated FTO.

No. 2

[bigjarv]

Thanx for your help No 2!! Much appreciated!! Now I can spend spend spend till my CPL appears!!

[heavy 5leeper]

Any info on the amount of the loans you can get?

I currently earn diddly squat - so its gonna take me :mad: ages to qualify at this rate!

[No. 2]

The amount you can get for a HSBC professional studies loan is about 2/3 your salary, unsecured. Anything above that usually requires security. However, you will get many different answers depending on which HSBC branch you go to; some have experience in offering this type of loan whereas others appear to have little clue. It would be wise to go into your nearest branch and discuss it with them. If they don't appear to be very helpful, insist that they go away and do their research, or failing that then do a search on those branches that do have experience in providing loans for Commercial Pilot's Licences. For example, one of the Oxford branches will no doubt have arranged funding for Oxford students and perhaps you could find which one is involved with the CTC cadet programme. I also happen to know that the Liverpool University branch has experience with two such people!

No. 2

[heavy 5leeper]

Thanks. I will bear that in mind.

Every little helps!

[itchy kitchin]

Just a couple of tips based on my experience.
1. wear a suit (obvious)
2. put together a business plan and get your sums right. build in allowances such as overruns, re-tests and leasure expences.
3. make sure you own a big pad that you can use as security. The literature says that the loan can be offered unsecured, however, the branches themselves will flatly deny it. I pointed out what the info said and all branches i tried said that it was a mistake. Interesting though, because what with bank rates being what they are, the banks are crying out for borrowers. If they insist on security (which they will) tell them to take a hike. There are cheaper secured loans out there.
4. be with HSBC for at least 3 years beforehand
5. be prepared to be built up then knocked down by nervous business managers who don't know sod all about the industry but who think aviation is not to be invested in.
6. try Nat West. they are a lot more helpful.
7. Don't give up.
8. ...thats it really.
9. The best of british!

[No. 2]

Based on itchy kitchin's post and my own personal experience it would be fair to say that the response you'll get whilst visiting HSBC will vary greatly depending on which branch you go to.

In my case I didn't wear a suit, in fact I'd just come straight out of a lecture from uni, and I certainly didn't have my own pad for security. My business plan was far from being a fancy report although it did include all the relevant facts and was well thought out as to what information they would require. However, what I did show them was my future letter of employment with the MoD indicating that I'd have the ability to pay back the loan. And that's what it comes down to-will you be able to repay? It's that simple. Few banks will lend you over £20000 without security regardless of what it's for. In my case I borrowed less than that and was able to have it unsecured; anything more and they asked for security from my parents.

No. 2