What do Banks want to hear?
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What do Banks want to hear?
Hi All, I would like to know what banks want to hear and see when you approach them for a career development loan. I would really like to apply for the British European pilot sponsorship but I want to wait to see if I would be able to get the required £32,000. Don't really want to pay for aptitude tests etc and find out that I can't get the money to pay for the sponsorship.
Thanks, FD.
Thanks, FD.
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FD,
I was a similar position last year. Basically, I spoke to HSBC re: Professional Studies Loan, they were very helpful.
Can't remember the details now, but basically told them what was involved in the sponsorship, the terms of it, the costs and how much I would like to borrow, and made it clear that it was a tentative enquiry re: the loan and I was just making sure I actually could get one before going the full distance.
I made these enquiries at the point I had made it to final stage (unsuccessful at final stage unfortunately) and came out of HSBC with paperwork ready to sign had I been successful (bug*er) !
Not sure what other banks are like, but from my own experience and from what others have said, HSBC seem to be the most helpful in cases like ours.
Good luck.
GB.
I was a similar position last year. Basically, I spoke to HSBC re: Professional Studies Loan, they were very helpful.
Can't remember the details now, but basically told them what was involved in the sponsorship, the terms of it, the costs and how much I would like to borrow, and made it clear that it was a tentative enquiry re: the loan and I was just making sure I actually could get one before going the full distance.
I made these enquiries at the point I had made it to final stage (unsuccessful at final stage unfortunately) and came out of HSBC with paperwork ready to sign had I been successful (bug*er) !
Not sure what other banks are like, but from my own experience and from what others have said, HSBC seem to be the most helpful in cases like ours.
Good luck.
GB.
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For what it's worth, when my daughter went looking for a Career Development Loan to finance her training as a solicitor, HSBC were the only big bank that seemed interested, and they were the ones who lent her the money. I think they are worth a try.
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They want to know that you are prepared to re-mortgage your parents house, sell your parents and your grand-parents. Sell your car, all your personal belongings, then Mr.Manager 'might' just give you a loan, as long as your prepared to be de-bagged and radished over his desk first!
But heh, you have picked the perfect time to train havn't you ??
But heh, you have picked the perfect time to train havn't you ??
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HI Final Destination
Just to let you know that I have just started at Jerez, great bloody timing I know but hey you got to start sometime....
Anyway about 5 of us got the HSBC loans to come out here and all found varying degrees of difficulty cos the overall decision is from the Bank Manager of the branch and not the Loans officer, would recommend that you go to one of the major branches where they may well have experience of lending for proffesional studies loan as my local one didn´t. Also they normally lend upto 25,000 quid so being a pilot costs alot more so they will definitely want a guarantor in the shape of a Parenmt or rich relative just in case you decide to quit or something..... They don´t have to put up the house or anything like that but just sign away the cost or repayments which is in the region of 900 quid for 7-9 yrs, with the first 18-24mths with no payments to be made.
Hope this helps, if you wanna email me then feel free to do so
wor loves Spain cos its 85 degrees by the pool.....he he he Glad I´m not at OATS
Just to let you know that I have just started at Jerez, great bloody timing I know but hey you got to start sometime....
Anyway about 5 of us got the HSBC loans to come out here and all found varying degrees of difficulty cos the overall decision is from the Bank Manager of the branch and not the Loans officer, would recommend that you go to one of the major branches where they may well have experience of lending for proffesional studies loan as my local one didn´t. Also they normally lend upto 25,000 quid so being a pilot costs alot more so they will definitely want a guarantor in the shape of a Parenmt or rich relative just in case you decide to quit or something..... They don´t have to put up the house or anything like that but just sign away the cost or repayments which is in the region of 900 quid for 7-9 yrs, with the first 18-24mths with no payments to be made.
Hope this helps, if you wanna email me then feel free to do so
wor loves Spain cos its 85 degrees by the pool.....he he he Glad I´m not at OATS
Dancing with the devil, going with the flow... it's all a game to me.
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I have my doubts as to weather any bank would lend money for pilot training at the moment but you can only try I guess.
A sound business plan is required and know your stuff. Dress smart and be confident, keep your back straight and compliment the manager on his grey suit....sorry getting a bit carried away but you get the idea.
Wor is right that you will no doubt require a guarantor on any loan of say, 25k or more so get badgering those relatives!
Hope this helps.
VFE.
A sound business plan is required and know your stuff. Dress smart and be confident, keep your back straight and compliment the manager on his grey suit....sorry getting a bit carried away but you get the idea.
Wor is right that you will no doubt require a guarantor on any loan of say, 25k or more so get badgering those relatives!
Hope this helps.
VFE.
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Final Destination:
I went to Barclays for my career development loan -
They were great. Had never owned a house/had a mortgage (lived with parents at the time), held one credit card that was very much full from great college life, and never had to pay a utility bill in my life.
The interview was so simple:
1. What do you want the money for?
2. Get the school to complete the form
3. When do I plan to start paying the loan back?
4. What were my qualifications?
And that was it!!!!!
8000.00 and I don't start to repay it until 2 years after my training with no interest!
Very positive experience - have since paid it off with no interest at all. Therefore I would suggest that you check this option out. I think that the maximum has gone up a little (my loan was about 8 years ago)but I think the basics are still the same.
Good luck!
I went to Barclays for my career development loan -
They were great. Had never owned a house/had a mortgage (lived with parents at the time), held one credit card that was very much full from great college life, and never had to pay a utility bill in my life.
The interview was so simple:
1. What do you want the money for?
2. Get the school to complete the form
3. When do I plan to start paying the loan back?
4. What were my qualifications?
And that was it!!!!!
8000.00 and I don't start to repay it until 2 years after my training with no interest!
Very positive experience - have since paid it off with no interest at all. Therefore I would suggest that you check this option out. I think that the maximum has gone up a little (my loan was about 8 years ago)but I think the basics are still the same.
Good luck!
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My experience with HSBC was quite painless. The suit probably helped, but I didn't go in with a written business plan. I was required to talk about myself, the training, job prospects and repaying the loan. Once I told them that the equity in my flat exceeded what I wanted to borrow they were all smiles. The sting in the tail was that I had to pay £190 for a valuation by one of their panel-nominated surveyors. 
The Manager told me that as far as he was concerned loans in excess of £15k require some form of security - don't know if this is general policy though.
The Manager told me that as far as he was concerned loans in excess of £15k require some form of security - don't know if this is general policy though.
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You need to write a business plan. I did, before Sept 11th, and it was agreed in principle. I found HSBC very helpful suggesting what and how I should do things. They commented on insurance issues as well, something you should think about as you can't pull over to the kerb at 2500 feet!
Mind you at the moment I am not to sure what to do what with the situation. I might say stuffit and buy my own plane anyway.
Good luck, we all need it. Just think about the poor ordinary folk in Afghanistan, or any where else in the world.
We are lucky in this country.
Mind you at the moment I am not to sure what to do what with the situation. I might say stuffit and buy my own plane anyway.
Good luck, we all need it. Just think about the poor ordinary folk in Afghanistan, or any where else in the world.
We are lucky in this country.
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Once again everyone Thanks.
This buisness plan, what would I have to include to impress the bank manager.(sorry about having to be spoon fed through this)
Once Again Thanks, FD
[ 19 October 2001: Message edited by: Final Destination ]
This buisness plan, what would I have to include to impress the bank manager.(sorry about having to be spoon fed through this)
Once Again Thanks, FD
[ 19 October 2001: Message edited by: Final Destination ]
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Career Development loans are still only £8k you used to be able to get 2 put most people don't pay them back so it has reduced to only one loan.
But all banks want to hear is give us your money for the next 5 or 8 years and we will give you a small handout
But all banks want to hear is give us your money for the next 5 or 8 years and we will give you a small handout
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FD
This buisness plan what would i have to include to impress.
Yoo gotta be abel to spel, and grammar good important too.
Just a gentle rib, but if you screw up on the presentation you will find it harder to convince with the content.
Best advice when dealing with Bank Managers is always acknowledge it's their money, you appreciate them giving it to you, and you will sell your eldest daughter to a Taliban mullah if neccessary to pay them back. Bank managers have been trained to believe the ONLY thing that matters in the world is money - except if it's yours of course and they owe it to you
Oh, Forgot. Never sign anything unless you have absolutely no choice. If they try to make you give a guarantor, say no. If they then say no back to you, you find a guarantor. I've been told there is no way I would get money without a guarantor but got it when I said there was no way I was going to ask a parent to be responsible for my debt. Banks hate risk.
Their computer systems will look at your details and come up with a number which is the amount of unsecured money they will lend to you. When I graduated in London back in 1986, for my qualification the figure was £10k. Others would be lower, others higher. If you come in and ask for less than the number the computer spits out for you, you will get the cash without a guarantor - though they will still want one of course. Banks hate risk
[ 19 October 2001: Message edited by: slim_slag ]
This buisness plan what would i have to include to impress.
Yoo gotta be abel to spel, and grammar good important too.
Just a gentle rib, but if you screw up on the presentation you will find it harder to convince with the content.
Best advice when dealing with Bank Managers is always acknowledge it's their money, you appreciate them giving it to you, and you will sell your eldest daughter to a Taliban mullah if neccessary to pay them back. Bank managers have been trained to believe the ONLY thing that matters in the world is money - except if it's yours of course and they owe it to you
Oh, Forgot. Never sign anything unless you have absolutely no choice. If they try to make you give a guarantor, say no. If they then say no back to you, you find a guarantor. I've been told there is no way I would get money without a guarantor but got it when I said there was no way I was going to ask a parent to be responsible for my debt. Banks hate risk.
Their computer systems will look at your details and come up with a number which is the amount of unsecured money they will lend to you. When I graduated in London back in 1986, for my qualification the figure was £10k. Others would be lower, others higher. If you come in and ask for less than the number the computer spits out for you, you will get the cash without a guarantor - though they will still want one of course. Banks hate risk
[ 19 October 2001: Message edited by: slim_slag ]
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English isn't exactly my strong point but thanks anyway and I will make sure I have the plan checked for spelling and punctuation before any manager gets to see it.
Thanks again, FD
Thanks again, FD
