HSBC and Degree's
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HSBC and Degree's
Hi guys and girls.
Before I get blasted for posting this, I shall apoligise in advance. Sorry!
How many of you actually managed to get £45,000+ from the HSBC Professional Loan without a degree?
I have 10 GCSE's and an A Level at C and above
. I have no intension to do a degree.
Cheers folks.
Paul
Before I get blasted for posting this, I shall apoligise in advance. Sorry!
How many of you actually managed to get £45,000+ from the HSBC Professional Loan without a degree?
I have 10 GCSE's and an A Level at C and above
. I have no intension to do a degree. Cheers folks.
Paul
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Mr S,
As far as I know (don't quote me on this) but I am pretty sure that it is not a prerequsite requirement to have a degree to obtain the loan.
I went to see HSBC (I bank with them anyway) to find out more about the loan, and as far as they were concerned you had to show evidence that you had been accepted on a course etc etc therefore no degrees reuired. My reasons for seeing them was to ensure I could blag a few grand if I was to run out of money, the last thing I wanted was to get to the stage of embarking on the IR or something and finding out I was skint, even though I have planned my finances fairly carefully, like course fees plus 20% contingency.
One thing that I am not sure about is how they will assess you, in term of your eligibilty for a loan, as I believe it is unsecured. Personally for me, I was told a loan would not be a problem due to the fact I bank with them and had a very good credit rating.
Like I say, I am not 100% sure of the ins and outs, things may have changed since I went, it was around 12 months ago.
Cheers.
As far as I know (don't quote me on this) but I am pretty sure that it is not a prerequsite requirement to have a degree to obtain the loan.
I went to see HSBC (I bank with them anyway) to find out more about the loan, and as far as they were concerned you had to show evidence that you had been accepted on a course etc etc therefore no degrees reuired. My reasons for seeing them was to ensure I could blag a few grand if I was to run out of money, the last thing I wanted was to get to the stage of embarking on the IR or something and finding out I was skint, even though I have planned my finances fairly carefully, like course fees plus 20% contingency.
One thing that I am not sure about is how they will assess you, in term of your eligibilty for a loan, as I believe it is unsecured. Personally for me, I was told a loan would not be a problem due to the fact I bank with them and had a very good credit rating.
Like I say, I am not 100% sure of the ins and outs, things may have changed since I went, it was around 12 months ago.
Cheers.
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Hi everyone!
To anyone interested in asking for a loan in HSBC, i must say is a complete waste of time talking to them!!!!!!!
I'm an immmigrant from italy, don't have a house, no Degree (not needed though), and banking somewhere else.
The loan is secured, so no house no loan. And if you have a house it must have outstanding equity, enugh to cover the loan. The thing with the degree is not necesesary as long as you demostrate that this is what you really like.
Cutting it short, if you want a loan from them you have to think like them, they don't want to lose the money, and they want to make sure you can pay.
So to all those who thought could have their money, i'm sorry to disapoint you people!!!
To anyone interested in asking for a loan in HSBC, i must say is a complete waste of time talking to them!!!!!!!
I'm an immmigrant from italy, don't have a house, no Degree (not needed though), and banking somewhere else.
The loan is secured, so no house no loan. And if you have a house it must have outstanding equity, enugh to cover the loan. The thing with the degree is not necesesary as long as you demostrate that this is what you really like.
Cutting it short, if you want a loan from them you have to think like them, they don't want to lose the money, and they want to make sure you can pay.
So to all those who thought could have their money, i'm sorry to disapoint you people!!!
I say there boy
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AFAIK, it doesn't matter whether you have a degree or not - they just change the name of the loan from a 'Graduate Studies Loan' to a 'Professional Studies Loan' - however it is on similar terms.
The HSBC lent me £20,000 towards the modular course two years ago, without an face-to-face meeting or any real hassle - however I was on very good terms with them having banked with them for 12 years, mortgage with them so house available as security, etc. etc. The interest rate at 2% over the BoE base rate is virtually impossible to get elsewhere unless you are remortgaging property, and they are completely flexible with repayments.
The HSBC lent me £20,000 towards the modular course two years ago, without an face-to-face meeting or any real hassle - however I was on very good terms with them having banked with them for 12 years, mortgage with them so house available as security, etc. etc. The interest rate at 2% over the BoE base rate is virtually impossible to get elsewhere unless you are remortgaging property, and they are completely flexible with repayments.
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I have taken a loan out with HSBC for 35000 Pounds.
They did not ask for any qualifications! But the fact is, I convinced my father to put his house up as security. This achieved a lower interest rate.
He didn't have problem with it. He said he had always seen my passion for flying and knew that I would make it. Or I'm in deep ****
HSBC also wanted confirmation from the flight school of my acceptance to the school.
Another area to pay attention to is when you draw down the cash. Delay this for as long as possible. It will save you quite a bit.
Good luck in finding that loan!
They did not ask for any qualifications! But the fact is, I convinced my father to put his house up as security. This achieved a lower interest rate.
He didn't have problem with it. He said he had always seen my passion for flying and knew that I would make it. Or I'm in deep ****
HSBC also wanted confirmation from the flight school of my acceptance to the school.
Another area to pay attention to is when you draw down the cash. Delay this for as long as possible. It will save you quite a bit.
Good luck in finding that loan!
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claudiucho
Were you surprised????????
"....they don't want to lose the money, and they want to make sure you can pay." - That seems like common sense to me!! - They're hardly going to say "here's 40K - go and blow it, see if you can pay us back IF you get a job at the end of it"
Just say you were the bank - would you loan the money to someone with no security and who doesn't even bank with you???????
Were you surprised????????
"....they don't want to lose the money, and they want to make sure you can pay." - That seems like common sense to me!! - They're hardly going to say "here's 40K - go and blow it, see if you can pay us back IF you get a job at the end of it"
Just say you were the bank - would you loan the money to someone with no security and who doesn't even bank with you???????
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1/ No I havnt got a degree or a house
2/ I Made my own portfolio and course outline, Rather than paying money to anyone else to do it. (this saved me a packet)
3/ Go to your local branch, if they dont know much about it then go to a large branch ( in your local city)
4/ I already had a PPL but the time taken over my portfolio payed dividends
HSBC Have been extremely helpfull to me, so id like to say a big THANK YOU!
2/ I Made my own portfolio and course outline, Rather than paying money to anyone else to do it. (this saved me a packet)
3/ Go to your local branch, if they dont know much about it then go to a large branch ( in your local city)
4/ I already had a PPL but the time taken over my portfolio payed dividends
HSBC Have been extremely helpfull to me, so id like to say a big THANK YOU!
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The loan to apply for is the profesional studies loan which is unsecured. My portfolio took alot of effort, it showed that I could be flexable with anything they had concerns about and that i had put lots of time in to get all the relevent information. They agreed to let me manage my own course as this saved loads of money and allowed me to work part time. I decided on distance learning, Hr. building in the U.S. and Skill tests in the UK (CPL/FI).
I initally took 20k over 10yrs, with the option of more loans at a later date, for example IR, MCC when the airline situation improves. Basicaly what I lacked in qualifications i made up for in determination, and i reakon thats what swung it. so what id say to you is DONT GIVE UP!!! and dont take NO for an answer.
Hope that answers your Q's
I initally took 20k over 10yrs, with the option of more loans at a later date, for example IR, MCC when the airline situation improves. Basicaly what I lacked in qualifications i made up for in determination, and i reakon thats what swung it. so what id say to you is DONT GIVE UP!!! and dont take NO for an answer.
Hope that answers your Q's
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What a load of nonsense some people talk!!
The HSBC do a graduate loan for, wait for it, graduates. This loan is anything upto £10,000 at a preferential interest rate.
As 2WingsOnMyWagon says, they then do a Professional Studies Loan for people studying for specfied careers. These include Medicine, Law and Commercial Pilot, (again, mostly graduates).
I don't think it's a requirement to have a degree but you'll be lucky to get one without a degree and/or security. If you can get a loan, they do upto £15,000 unsecured but anything more than that will need securing.
Think about it, if you were the bank and a kid with some GCSE's and one A-Level comes in who doesn't bank with you and asks for £45,000, you'd drop kick them back out the door. Without a degree and no security you simply do not have the earnings potential to pay back a loan this size if everything goes t**s up.
I think someone needs a reality check!!
Take it easy,
bow5
The HSBC do a graduate loan for, wait for it, graduates. This loan is anything upto £10,000 at a preferential interest rate.
As 2WingsOnMyWagon says, they then do a Professional Studies Loan for people studying for specfied careers. These include Medicine, Law and Commercial Pilot, (again, mostly graduates).
I don't think it's a requirement to have a degree but you'll be lucky to get one without a degree and/or security. If you can get a loan, they do upto £15,000 unsecured but anything more than that will need securing.
Think about it, if you were the bank and a kid with some GCSE's and one A-Level comes in who doesn't bank with you and asks for £45,000, you'd drop kick them back out the door. Without a degree and no security you simply do not have the earnings potential to pay back a loan this size if everything goes t**s up.
I think someone needs a reality check!!
Take it easy,
bow5
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Like i said 20 grand over 10 yrs. Ill take that reality check..... Whats this a blue book and an FI rating. and if things go tits up its 240 pound a month so thats not a problem and if somthing should happen to me then the manditory life insurance covers that too. The reality is you try or you dont. Take your pick!
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Bow, WISE UP.
I have checked reality. I have already spoken to the bank. They say that with my Father as quarantor there will be " no problem"
Thank you very much.
I have checked reality. I have already spoken to the bank. They say that with my Father as quarantor there will be " no problem"
Thank you very much.
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This is my understanding of the HSBC situation.
You do not need a degree. Even if you had a degree you need to either:
a) Provide some comprehensive and objetive evidence that you are likely to pass. That means a GAPAN assessment, a PPL, you name it.
b) Loads of security. If you have equity I would choose the Halifax Cash Reserve as it provides alot more flexibility...well that is what I chose anyway.
Talk to the good people at www.pilotassist.com. They will give some excellent advice before you give them a penny. This school is top of my list when I start ATPLs, very impressed with their approach. Anyway, basically it goes somethig like this:
1) Apply for a CDL (£8,000).
2) Use CDL to pay for PPL and extras (hours, etc).
3) Apply for an HSBC thingy wotsit.
4) Pay CDL with HSBC thingy wotsit before you you pay any interest on it.
5) Start training proper.
6) Complete training.
7) Start paying off HSBC some time after starting work (18 months? Can't remember)
Also, as was pointed out to me, what major long-haul airline is closely linked with HSBC and is probably the reason why HSBC supports pilot financing where others do not?
Answers on a postcard to:
I don't care just give me money
P/O BOX 999
NW1 8QT
You do not need a degree. Even if you had a degree you need to either:
a) Provide some comprehensive and objetive evidence that you are likely to pass. That means a GAPAN assessment, a PPL, you name it.
b) Loads of security. If you have equity I would choose the Halifax Cash Reserve as it provides alot more flexibility...well that is what I chose anyway.
Talk to the good people at www.pilotassist.com. They will give some excellent advice before you give them a penny. This school is top of my list when I start ATPLs, very impressed with their approach. Anyway, basically it goes somethig like this:
1) Apply for a CDL (£8,000).
2) Use CDL to pay for PPL and extras (hours, etc).
3) Apply for an HSBC thingy wotsit.
4) Pay CDL with HSBC thingy wotsit before you you pay any interest on it.
5) Start training proper.
6) Complete training.
7) Start paying off HSBC some time after starting work (18 months? Can't remember)
Also, as was pointed out to me, what major long-haul airline is closely linked with HSBC and is probably the reason why HSBC supports pilot financing where others do not?
Answers on a postcard to:
I don't care just give me money
P/O BOX 999
NW1 8QT
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kefuddle
I agree with point A, i had no formal qualifications but I did have a PPL which i had payed for out of my own pocket.
Point B.... as ive already mentioned I had no security, but I only took 20k to begin with. Id expect you would need some if you wanted 45k.
I hear good things about pilotassist but thier course seems a bit expensive when you consider its modular also as far as i know they have yet to get anyone into the airlines. If im wrong or anyone can justify thier costs please correct me.
My only question is, what happens If you get your CDL and then get turned down by the HSBC?
As far as my research went HSBC are the only ones to offer this kind of loan, Natwest do a similar one but they dont count commercial pilot studies as a professional study!
I agree with point A, i had no formal qualifications but I did have a PPL which i had payed for out of my own pocket.
Point B.... as ive already mentioned I had no security, but I only took 20k to begin with. Id expect you would need some if you wanted 45k.
I hear good things about pilotassist but thier course seems a bit expensive when you consider its modular also as far as i know they have yet to get anyone into the airlines. If im wrong or anyone can justify thier costs please correct me.
My only question is, what happens If you get your CDL and then get turned down by the HSBC?
As far as my research went HSBC are the only ones to offer this kind of loan, Natwest do a similar one but they dont count commercial pilot studies as a professional study!
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As far as my investigations were concerned, HSBC will be less concerned about security if you are likely to pass. However, anything you put up would obviously be a bonus just don't offer it until you think you have to! In fact, I would say never offer any security until you have to.
Just a quick note on Pilot Assist. The 'price' includes PPL, hour building, night rating, etc as well as ATPL, CPL/IR. If you just do the bits you havn't got the price, you will find, is very competative. Just ask em for a brochure or download it from their site.
BTW, I have nothing to do with pilotassist, just thought I would point out what I have noticed.
The reason HSBC supports this type of loan for pilots is, as far as I can work out, the link between them, the Swire Group and Cathay Pacific. Swire Group being, or appearing to be, the holding company for both. Maybe somebody can clarify.
Just a quick note on Pilot Assist. The 'price' includes PPL, hour building, night rating, etc as well as ATPL, CPL/IR. If you just do the bits you havn't got the price, you will find, is very competative. Just ask em for a brochure or download it from their site.
BTW, I have nothing to do with pilotassist, just thought I would point out what I have noticed.
The reason HSBC supports this type of loan for pilots is, as far as I can work out, the link between them, the Swire Group and Cathay Pacific. Swire Group being, or appearing to be, the holding company for both. Maybe somebody can clarify.
I say there boy
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Swires are indeed the holding group for Cathay (and indirectly Drangonair), however they are not a significant investor in the HSBC, at least not when I last checked.
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You appear to be right. The logo does bear some similarities and some of the directors do have a deep involvement in HSBC including Sir Adrian Swire. Take a look:
http://www.swirepacific.com/ir/director.htm
http://www.swirepacific.com/ir/director.htm
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Paul Savage,
I think if you re-read my post you'll see that I said you will not get the loan without a degree UNLESS (i've put it in big letters for you this time) you have some form of security. If you now re-read your original post you'll see that you didn't mention anything about having security.
I wish you the best of luck but it seems to me you have a lot of growing up to do. Having read some of the other posts you've replied to, it seems you haven't heeded any of the advice given to you at all on this subject.
Have you any idea whatsoever that you are suited to a career as a commercial pilot? Have you taken the GAPAN tests? Have you set foot in an aircraft for a lesson? More importantly, have you even taken the Class 1 medical? I presume you must have at least done some of this or you wouldn't be so very naiive and arrogant as to put your father in the position of securing a £45,000 loan for this.
Reading this thread http://www.pprune.org/forums/showthr...threadid=71091 you say your father has put his business on the line to secure this loan. I'm beginning to hope that you are taking the p**s and trying to wind us up and are not being serious. If you are being serious, then maybe you had better let your dad read some of the advice on this website.
The bare facts are these. The job market at the minute is not good. There are a lot of far more qualified people/pilots than you out there looking for commercial flying work and when it comes to it, they will get it over you. The chances of a 19 year old with 250hrs walking into a jet F/O position are miniscule. This means that if you can find a job before you have to start paying this loan back, it is not going to be the £30,000 a year job that you seem to think it will be.
I'm sorry if you don't like what i've written but you have a lot to learn.
I'm 23 and despite wanting to fly since the age of 7 and more recently 6 years of research and pursuing that career I am still learning. Listen to what you are told, and take it on board. At 18 everyone thinks they know it all, just like I did, but 5 years later i know I did not, and that I still don't.
The one thing we do share is the passion to fly for a living. Don't give up on that dream but for god's sake do some more serious thinking about how you are going to achieve it.
Bow5
I think if you re-read my post you'll see that I said you will not get the loan without a degree UNLESS (i've put it in big letters for you this time) you have some form of security. If you now re-read your original post you'll see that you didn't mention anything about having security.
I wish you the best of luck but it seems to me you have a lot of growing up to do. Having read some of the other posts you've replied to, it seems you haven't heeded any of the advice given to you at all on this subject.
Have you any idea whatsoever that you are suited to a career as a commercial pilot? Have you taken the GAPAN tests? Have you set foot in an aircraft for a lesson? More importantly, have you even taken the Class 1 medical? I presume you must have at least done some of this or you wouldn't be so very naiive and arrogant as to put your father in the position of securing a £45,000 loan for this.
Reading this thread http://www.pprune.org/forums/showthr...threadid=71091 you say your father has put his business on the line to secure this loan. I'm beginning to hope that you are taking the p**s and trying to wind us up and are not being serious. If you are being serious, then maybe you had better let your dad read some of the advice on this website.
The bare facts are these. The job market at the minute is not good. There are a lot of far more qualified people/pilots than you out there looking for commercial flying work and when it comes to it, they will get it over you. The chances of a 19 year old with 250hrs walking into a jet F/O position are miniscule. This means that if you can find a job before you have to start paying this loan back, it is not going to be the £30,000 a year job that you seem to think it will be.
I'm sorry if you don't like what i've written but you have a lot to learn.
I'm 23 and despite wanting to fly since the age of 7 and more recently 6 years of research and pursuing that career I am still learning. Listen to what you are told, and take it on board. At 18 everyone thinks they know it all, just like I did, but 5 years later i know I did not, and that I still don't.The one thing we do share is the passion to fly for a living. Don't give up on that dream but for god's sake do some more serious thinking about how you are going to achieve it.
Bow5
Last edited by bow5; 25th Nov 2002 at 18:54.
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When I went to see if I could get a Post Graduate and Proffesional Studies loan for £15,000 for Britannia they asked to see my Degree certificate. He even took a photocopy of the certificate for his records. They seemed fine about giving me the loan and I have no doubt that they would have lent me more if I had asked. I have no equity, but I think a degree stands for something like that. They also like to know that you are bonded to the company when you get a job so you are guaranteed a few years work and salary to pay back the loan with.