Originally Posted by
VariablePitchP
The issue I think you may have is that you’re 21 and asking for 80,000 Euros unsecured. If you were earning an enormous amount and had been for some time then that might be okay, but the problem is that by definition you going to have any income source cutoff once you start training. You can see why a bank might be uneasy. You’re interest rate would I imagine be very high given your risk and the repayments could literally be thousands a month because of that. It’s quite a niche request as far as a ‘normal’ bank is concerned so they are likely to be cautious.
The annoying thing, same for most people to be fair, is that if you can use a property as collateral and remortgage said house, or take out an additional loan against the property, then all of a sudden it becomes pretty simple. BBVA used to provide a loan this way which had a two year repayment window to allow you to train, they’ve sadly stopped doing them. Optimum Credit do partnerships with some schools UK way but not with AFTA yet. Again, this requires a property but is structured to allow you to train and then repay.
Other options do exist though, pay as you go part time so you can keep earning (modular) or cadet schemes that come with funding (Aer Lingus).
Do you know anyone else due to be starting with you? Can’t hurt to see what they’re doing as there may be some out-of-the box ideas you’ve not considered yet.
The school is going to put me in touch with other cadets once the deposit is paid but I'm just trying any idea that comes to mind. I do understand the reason behind the banks but it's just a shame really that you have to go to such lengths. Out-of-the-box ideas seem to be what I'm running on at the minute but surely something has got to give eventually with them lol. A few people did mention that the AIB banks in the south of Ireland might be helpful so going to take a trip down and speak with them.