Guys
What you are paying for is the selection process, nothing else.
Malgus have obviously set up dealings with a bank to look at each candidate and loan money for flight training. Nothing illegal about that, in fact it happens all the time. Its the first of its kind for aviation and as such will draw sceptics out. CTC McAlpine offer where you sign a training bond.....whats the differance you still have to pay for your own training.
As far as I see it no bank will lend £60,000 to any joe off the street without some form of security. Could Malgus have satisfied the bank that their selection service shows that each candidate presented has a fair chance of getting throught the course?
Malgus get a bad rep on pprune however they do offer a solution to training funds and small minded wanabees who will never break into the aviation world due to bad attitudes and obvious behaviour problems (throwing toys out the pram!!!) should not discourage others who might actually make it.