Hi
I've about to visit HSBC and a few others in the next few weeks to talk about my loan.
The thing I've noticed that many people, if not most of them who are after a loan go for a loan in the region of £45,000 (to complete all of the training in one whole block). Firstly, if you have no house, no security, then your chances of getting this type of loan are diminished, they'll give you the money, but how are you going to pay it back (that's half the challenge).
I've financed my PPL on my own, and been in the Simulator Software development industry for a while now, and going for a £45,000 is just not a sensible option. You may get it, but extremely unlikely.
I wouldn't be willing to put my parents at risk by the bank taking our house if I couldn't afford to pay back money owed. The parents have already stated that I'm on my own on this one.
This is one of my plans, it's structured, and also it allows me to pay the loan off in an easier way instead of such a LARGE chunk over many years:
Finish PPL - this month
Get approx. £15,000 loan
Start ATPL groundschool in March
Hour build in US
CPL in UK.
....from here on, I will be able to start paying back this sum over e.g. 2 yrs.
I've also planned in advance, allowing me to have income coming into my bank account while doing these courses - so already I've started to pay back the loan. I also manage my own business, so I'm able to bring in a good bit of cash when I need too.
..Plus taking a £15,000 is much more sensible when concerning security.
Being a flight instructor is also an option during this period.
Once I've paid my loan off, it's then onto the next loan, this time to complete my IR - MCC (if I haven't managed to get sponsorship to complete it by then).
I just hope things go well with HSBC, and I wish you all the best of luck.
