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Loans for Training

Old 20th Aug 2012, 14:00
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Question Loans for Training

Hey all,

Had a peruse of the forums using the search tool, don't seem to be able to find any tips regarding loans... basic story is, I'm due to start the BA training programme in December, and although they recommend BBVA, thought I'd have a look at other options on the off-chance of not having to pay interest on the loan - was told to feel free to shop around anyway.

No joy thus far, banks I've checked have interest rates that BBVA beat by at least a couple of percentage marks. Not asking for any detailed information, just a point in the direction of some companies that might offer something to compete with them. Worth a look I guess. Anyone who's been down this road and can names some names would be very helpful!
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Old 20th Aug 2012, 14:43
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If you want an interest free loan of circa 85,000, the answer is simple. It doesn't exist!

The last time I looked (a while ago) BBVA was offering secured money by way of a second property charge at around base plus 2.5% That is around 3%. You would be very hard pushed to find even a first mortgage rate at these levels nowadays. I recently saw an HSBC offer (to those with around 40% equity) of 2.99% (effectively the same rate) albeit with other fees.

BBVA are specialists in this type of loan, but you are right to shop around. It should also be remembered that as with all lenders, BBVA have tight qualification requirements for any potential loans. A lot of people will have difficulty satisfying those requirements.

There may be other things to also consider such as up front arrangement fees, early payment penalties, and graduated repayment schedules, The latter may not be available with most types of commercial products.
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Old 20th Aug 2012, 16:33
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Oh, I wasn't expecting interest-free in any way shape or form, I was just hoping for a sum slightly below twenty-five-odd thousand. I guess at least if all goes well, Uni has me perfectly happy living off Tesco Value for the first year or two of employment!
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