Hsbc Again.
Joined: Aug 2002
Posts: 35
Likes: 0
From: Cheshire, England
One point I don't think has been mentioned here is that the branch does not make the decission whether they will go with you or not, it is done further up the chain.
The branch will fill in the paper work and hopefully provide you with sound advice. I was lucky as the HSBC branch I dealt with were very clued up on this. Whether they prefer integrated courses, I doubt they really care all that much. It's all down to risk and for the majority of people borrowing this sum of cash means security is needed.
There are obviously a lucky number who have done this unsecured, someone said earlier in this thread 'don't let them bull!!!! you' with regard to needing security. I think this is beside the point, each application will be examined individually, if you say 'no, I can't provide security' your chances of getting a loan will be considerably reduced but if you can't, you can't!
I think you are doing the right thing to at least visit a branch that know there stuff. Best you can do is sell yourself as best you can. You only need a small business plan to show you have worked out precise costs, a strategy for finding work, state of the industry, expected salaries that kind of thing.
I would suggest that if the answer is still no, perhaps ask how much they would be prepared to lend you unsecured. Maybe they can compromise, these things aren't set in stone.
Goot luck matie!
Dude, there does seem to be a big cuttoff around £15K, below that people seem happy to throw cash at you with no security, but try and get more and it's a very different story! Banks-very strange.
The branch will fill in the paper work and hopefully provide you with sound advice. I was lucky as the HSBC branch I dealt with were very clued up on this. Whether they prefer integrated courses, I doubt they really care all that much. It's all down to risk and for the majority of people borrowing this sum of cash means security is needed.
There are obviously a lucky number who have done this unsecured, someone said earlier in this thread 'don't let them bull!!!! you' with regard to needing security. I think this is beside the point, each application will be examined individually, if you say 'no, I can't provide security' your chances of getting a loan will be considerably reduced but if you can't, you can't!
I think you are doing the right thing to at least visit a branch that know there stuff. Best you can do is sell yourself as best you can. You only need a small business plan to show you have worked out precise costs, a strategy for finding work, state of the industry, expected salaries that kind of thing.
I would suggest that if the answer is still no, perhaps ask how much they would be prepared to lend you unsecured. Maybe they can compromise, these things aren't set in stone.
Goot luck matie!
Dude, there does seem to be a big cuttoff around £15K, below that people seem happy to throw cash at you with no security, but try and get more and it's a very different story! Banks-very strange.
Joined: Nov 2003
Posts: 26
Likes: 0
From: London
Can any of you lot recommend a branch of HSBC in central london that they know have offered a Very Big Loan, secured or otherwise.
(god i wish you could search this forum... is there a reason we can't. So much duplicate posting must waste loads of bandwith)
(god i wish you could search this forum... is there a reason we can't. So much duplicate posting must waste loads of bandwith)
Joined: Apr 2002
Posts: 43
Likes: 0
From: UK
The HSBC Loan as I have been advised by a very clued up HSBC loans advisor.
You can get an unsecured loan for the full cost of your training plus £6000 expenses in theory. However there are things that help.
You must be accepted onto a course & provide exact costs etc.... and also write a convincing letter to the bank manager.
A very big plus is having passed the ATPL theories, it shows the commitment is there.
You do not require a degree, but an aviaition related eduction or employment history is highly advantagous.
The modualr route is favoured because the bank is trying to avoid lending to the people who get out of bed one morning and suddenly decide they want to be a pilot. They want people already activley persuing a career.
Also good is a class 1 medical, morrisby results, GAPAN or similar aptitude test results, a reference from an instructor (ground and flying).
All this should be submitted with the application form to a compitant loans advisor, who will then put your case to a loans/bank manager who will then ask you in for an interview and make a decision from there.
My advice, go to your branch and ask your loans advisor about a proffesional pilots loan, if they say "A what?" go to another branch until you find someone who knows what they are talking about.
Hope this is of some use, best of luck to all who apply.
You can get an unsecured loan for the full cost of your training plus £6000 expenses in theory. However there are things that help.
You must be accepted onto a course & provide exact costs etc.... and also write a convincing letter to the bank manager.
A very big plus is having passed the ATPL theories, it shows the commitment is there.
You do not require a degree, but an aviaition related eduction or employment history is highly advantagous.
The modualr route is favoured because the bank is trying to avoid lending to the people who get out of bed one morning and suddenly decide they want to be a pilot. They want people already activley persuing a career.
Also good is a class 1 medical, morrisby results, GAPAN or similar aptitude test results, a reference from an instructor (ground and flying).
All this should be submitted with the application form to a compitant loans advisor, who will then put your case to a loans/bank manager who will then ask you in for an interview and make a decision from there.
My advice, go to your branch and ask your loans advisor about a proffesional pilots loan, if they say "A what?" go to another branch until you find someone who knows what they are talking about.
Hope this is of some use, best of luck to all who apply.
Joined: Sep 2003
Posts: 12
Likes: 0
From: cheltenham
ok this is how you dont do the whole hsbc thing.
1 walk into branch
2 except a nice large loan of £25,000
3 take £15,000 to start yourself off
4 come back to blighty expecting the rest of the money.
5 expect the member of staff that offered you the loan to still be there to hand the rest of the cash to you .because they wont be!
with over 200 hours,night,multi,100pic,and all that jazz,i still cant get the rest of the cash out of them .
written very long letter to the branch manager , went to a branch in another town, tried contacting another {more understanding branch} still waiting on reply after 30 phonecalls and three weeks.
nothing seems to work
would be quicker to get a job at hsbc and work myself up to branch manager (prob only take two days,its not like you need to know the product your selling)then give myself a nice fat loan.
just be sure to get anything in writing if your thinking of going the same route .good luck to you all
1 walk into branch
2 except a nice large loan of £25,000
3 take £15,000 to start yourself off
4 come back to blighty expecting the rest of the money.
5 expect the member of staff that offered you the loan to still be there to hand the rest of the cash to you .because they wont be!
with over 200 hours,night,multi,100pic,and all that jazz,i still cant get the rest of the cash out of them .
written very long letter to the branch manager , went to a branch in another town, tried contacting another {more understanding branch} still waiting on reply after 30 phonecalls and three weeks.
nothing seems to work
would be quicker to get a job at hsbc and work myself up to branch manager (prob only take two days,its not like you need to know the product your selling)then give myself a nice fat loan.just be sure to get anything in writing if your thinking of going the same route .good luck to you all
Joined: Oct 2003
Posts: 14
Likes: 0
From: london
HSBC FACTS
Hi,
Having recently dealt with this stuff I can pass on some useful info.
The bank manager at Hythe (Southampton) is a good place to start. He's very clued up and lends 60K + unsecured to CTC McAlpine cadets.
Not having a degree wont help. It gives them confidence that youre a high achiever. Also a fall back.
I suspect that as you dont have one you will have to make up for it in other ways. As suggested GAPAN would be good. Maybe fly the Trident Sim Nr Biggin. You will need to show a huge commitment.
They like to lend over 7 years at 2% above base, ie 6% now.
You should def move banking to them. They give you a behaviour score 1-90 and this helps too.
They helped me but I do have a science degree.
Good luck.
Having recently dealt with this stuff I can pass on some useful info.
The bank manager at Hythe (Southampton) is a good place to start. He's very clued up and lends 60K + unsecured to CTC McAlpine cadets.
Not having a degree wont help. It gives them confidence that youre a high achiever. Also a fall back.
I suspect that as you dont have one you will have to make up for it in other ways. As suggested GAPAN would be good. Maybe fly the Trident Sim Nr Biggin. You will need to show a huge commitment.
They like to lend over 7 years at 2% above base, ie 6% now.
You should def move banking to them. They give you a behaviour score 1-90 and this helps too.
They helped me but I do have a science degree.
Good luck.
Joined: Dec 2003
Posts: 2
Likes: 0
From: ENGLAND
HSBC Loans
Can only say what I know of my loan with HSBC. Most branches are unaware of the Proff Studies loan in relation to flying training. My local branch weren't that helpful but I ended up going through the Christchurch branch. They've done loads of these and are really helpful. Security in the form of property wasn't an issue when I took the loan but know from the staff there now that it is now a requirement with them. As I said, I can't speak for other branches. The loan itself was over a maximum of 11 years but can be repaid sooner than that. Interest is 2% above base and a £35,000 loan currently costs about £370 a month - obviously would be more if you shortened the repayment period. I've since finished all my training and all I can say is that they were really helpful throughout the training period especially when the course ended up taking three months longer than I anticipated.
Good luck.
Good luck.
Joined: Mar 2001
Posts: 93
Likes: 0
From: UK
Hi,
I've made a couple previous posts on this topic, and just thought i'd let you know that i've just had a £30K secured loan from the HSBC approved.
I'd got a knock back before and seem to have got my loan for sheer persistence. The last time they knocked me back was because i intended to do modular training that was 'not popular with the airlines', 'had no guaranteed job offer' and 'wouldn't be able to manage repayments on top of my present debts'.
I politely pointed out to them that i had friends who had recently gained airline jobs, and who had trained via the modular route. Pointed out that even sponsored students job offers were subject to market forces when they qualify. Paid off a shed load of personal debt, to make my ability to pay off a £30K loan more believable.
They agreed to reconsider my application on the points i made above, and gave me the loan last week. The loan was secured and i have been assured that they don't do unsecured loans over £15-20K despite what i had heard. So unless you have property, or some elses properety, they claim they won't entertain you. They also require a heavy life insurance policy and a business plan. All i need to do now is pass a shed load of tests and i'll be on my way!
For any more info please PM me.
I've made a couple previous posts on this topic, and just thought i'd let you know that i've just had a £30K secured loan from the HSBC approved.
I'd got a knock back before and seem to have got my loan for sheer persistence. The last time they knocked me back was because i intended to do modular training that was 'not popular with the airlines', 'had no guaranteed job offer' and 'wouldn't be able to manage repayments on top of my present debts'.
I politely pointed out to them that i had friends who had recently gained airline jobs, and who had trained via the modular route. Pointed out that even sponsored students job offers were subject to market forces when they qualify. Paid off a shed load of personal debt, to make my ability to pay off a £30K loan more believable.
They agreed to reconsider my application on the points i made above, and gave me the loan last week. The loan was secured and i have been assured that they don't do unsecured loans over £15-20K despite what i had heard. So unless you have property, or some elses properety, they claim they won't entertain you. They also require a heavy life insurance policy and a business plan. All i need to do now is pass a shed load of tests and i'll be on my way!
For any more info please PM me.
