PPRuNe Forums - View Single Post - How to obtain a big loan for pilot training?
Old 12th Jan 2012, 11:38
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MIKECR
 
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3 or 4 years ago there were 2 loan schemes available - the 'Professional Studies Loan' and the 'Career Development Loan'.

The Professional Studies Loan was offered by HSBC and for Pilot training you could borrow up to £75k ish, almost the full cost of an Integrated course. The loan had a deferred repayment date, typicaly you started repaying when you got your first job. And I believe the loan was even offered unsecured! I think however the loan was exclusive to Integrated students at OAA.......and maybe one or 2 other Integrated FTO's.

The Career Development Loan was slightly different. The total amount offered was only £8 to £10k(secured or unsecured). It did however come with a very low interest rate, mainly due to the fact it was partially government funded. The repayment date could also be deferred til you were earning again. The only 2 banks offering the scheme at the time were The Royal Bank of Scotland and, I think, Loyds TSB.

For both schemes you were expected to submit a Business Plan with your application. Obviously takes a bit of time and effort to compile one.....but hey ho...sometimes you have to jump through hoops if you want something.

Not sure if these types of schemes are still available in the present climate but im sure a bit of googling will turn something up, if its there.
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