Hi everyone,
Could those of you who have experience with taking out big loans for pilot training suggest what is a good way of approaching a bank to obtain a loan?
Given that most cadet schemes are £60-85K, I doubt that most people can pull out that sort of money from their own pockets. I am looking for around 25-30K from the bank at the moment.
The thing I don't get is - banks look at your income over the last 4 weeks to assess whether or not you are eligible... but how does that help if training takes 2 years? I thought the whole idea is that once you get a job at the end, you can pay the loan off and that's what they should be looking at.
I've applied for the FlyBe/ PTC scheme hence looking around for loan possibilities right now just in case. So far I have been refused by my bank as they say that they can't afford to take the risk in case training goes "wrong", and also because I haven't been working for the last 4 weeks (hence no income), although I find that highly irrelevant as no one can work during their training anyway. I also have a meeting with Barcleys on Friday as they are linked with PTC but I'm guessing they might say the same thing... there must be a way round this surely?
If not, I guess its another few years of saving up
Any help much appreciated.