I still can't believe how some people still believe certain things...
If you get a loan (it doesn't matter if you go MPL or ATPL) and then anything happens (redundancy, performance-related issues...) you will still have to pay that back to your bank. The relationship is:
Bank ==> Individual ==> School/airline.
You pay the school, and you need to pay that back to the bank. The only exception I know is the BA FPP, or at least it was a few years ago (or that's what they say, because I know a guy who unfortunately did not complete training and he still had to pay for it).
Is it a good time to start training? Last 12 months have been fantastic. Next 12 months will probably be as good. But thinking about starting now means you will finish in 24-30 months. Will the industry be in the same position? I doubt it, but you never know.
It's definately a good time to finish, or to have some experience to move where you want to be. But having said that, it's never a good time to start. I started with the recession and I could never have thought about this situation when I started in 2012.