Loans

[sk4644]

So unless you have parents who will secure a loan to enable you to train, are there any other ways of getting a loan? I do not have a house or anything of value to secure a £60 grand loan against so how has everyone else done it? Is there a way of getting an unsecured loan and do your chances of this improve if you have already passed your ATPL exams?

Any thoughts would be great.....

sk

[jstr4753]

What you need to do is find yourself a rich boyfriend who'll pay for you!!!!

[sk4644]

you offering??!!!!

[P T Flea]

Unfortunately, at the moment, banks are very much still banks with no interest in 'increased chance of passing course/employment at end of training'.

They are interested in one thing: Will this loan get repaid?

Yes, they will take into account of who you are and whether they believe you stand a chance of getting employed at the end of training (although they won't tell you they are looking for this), but the overall factor is: If all else fails how is the loan going to get repaid?

You may find some banks willing to supply you with up to about 20k unsecured, incidently this is when they really will take into account who you are and what qualifications you have.

Unfortunately it seems that unless you have supportive parents who are willing to help you secure the loan then you are pretty stuck.

It's very unfair but it's just the way it is at the moment.

PT

[Evo]

Unfortunately it seems that unless you have supportive parents who are willing to help you secure the loan then you are pretty stuck.

Um... then get a job and take the modular route to a CPL? It will take longer, but over a few years you can quite reasonably expect to get a CPL without taking on any debt. Getting a modular IR is harder to fit in with work, I agree, but by then you're most of the way there and if you need it the loan is car-sized rather than house-sized. Take a look for some posts by FlyingForFun to see his approach to all this - seems very sensible to me.

As an aside, I find it amazing that anybody would consider taking out a £60k loan to pay for integrated training at the moment when the chance of a well-paying job (or even a badly-paying job) at the end of it is so small. Assuming you can get it, £60k at 7% (which is a good rate for an unsecured loan) is £525/pm for fifteen years! Added to your mortgage (over 25 years) it's still £320/pm. That's not an easy amount of money to do without each month.