Oddly enough, I live down the road from a family who's friend's son was placed through Malgus. Yeah, I know... friend of a friend, but they are now training. Scam... no..... would you be better off putting that £147 on a 300-1 shot at the National every year... your call.
Malgus have changed their modus operandi several times now - first it was 100% sponsorship, then it was a kind of 50% deal, where you had to pay them back out of your salary (if you were fortunate enough to get a job), and now it seems it's just a bank loan facility.
£147 to *possibly* get a bank loan ? See the HSBC thread and make up your own minds. Malgus are not a charity, and are making money from you guys and gals.
If you go into it with the attitude of "I'm paying for selection test practice" then you won't be disappointed. The old "you won't get it if you don't go for it" phrase must be music to their ears.
I personally think this is ludicrous. Not illegal, just ludicrous.
Still, it's your money folks....