Pre-Approved, simply means that due to the current credit rating of the individual the bank will lend a certain amount. Pre-approved loans are normally offered by banks as a "promotional offer", you don't apply for them, banks will often mailshot all customers with a certain credit rating stating that you may take out a loan of X amount, essentially the bank hopes the offer will tempt some individuals into taking out a loan. Obvioulsy it is targetted at those that have a credit rating that suggests they will easily meet the repayments.
I am not sure exactly how many people have defaulted on loans as a result of flight training, but it seems there is reasonable evidence from posts on this forum that it has happened. I would also like to point out these were also the same sort of people that challenged training bonds in the european courts, claiming that as they limited someones ability to move jobs it was effectively illegal, consequence is more airlines have switched to self sponsored type rating arrangements.
Chris Squire,
If you have a decent job then keep working while you hour build, do distance learning for the ATPL thoery then you will only need to give up work for the CPL and IR. That way you will only need to borrow about 25000, as said if you are currenly working then you won't have too much problem securing a loan of that size. There is no point gaining too much debt; after training to get a job you will either need to instruct on mimimal earnings, or self fund a type rating, with 50 k of debt neither of these will be an option.
Aiming for a job with Flybe, you will be lucky, although the last advertising campaign stated "live local fly local" adverts.
I know someone with first time passes in everything, an aero degree, currently a full time instructor and an address 20 miles from the main flybe base and still gets ignored by them.
Last edited by portsharbourflyer; 14th August 2007 at 23:14.