HSBC - the only enlightened bank for trainee pilots
 

The HSBC has in principle agreed to loan me the money to finish my modular CPL/IR, and hopefully leave some money in the kitty for an MCC and instructors rating. No security needed other than life insurance. I think it has helped that I am a customer in good standing of ten years.

So it's Multiflight here I come in June, and I don't have to do nasty tricks with Credit Cards to get there :) :) :)

Tips for getting a loan:

- Like all things in life, dress smartly and be polite.
- Type up a full 'business plan' with a clear plan B for if you have difficulty getting a job/other eventualities. All that the bank is interested in is to be sure that they make a profit and that you are not going to default, covering all eventualities shows that you are really thinking things through.
- Don't overplay the difficulty in getting a job though! Don't mention instructing salaries but highlight mid-jet FO salaries as being a likely position in five years time (Join BALPA/IPA for the figures!).
- Show how much of your own money you have committed to things already (e.g. PPL) - they like to see that you are venturing your own money as well as theirs.

All in all, don't lie at the application, just be choosey on which aspects of our wonderful pursuit to highlight!

Welldone any tips on which branch you applied for your loan at or do you reckon it is the same at every branch
Samo

My Branch is very close to LHR - maybe that was a factor.

Mine wasn't, and they still gave me a loan...watch out though: you try to get a loan for anything else later in life with anyhting still outstanding on you PPS loan! They'll quite happily up your credit card limit as your salary increases but you try to raise enough for a mortgage for a house in LON! And they know that you won't be able to change your bank account with such a huge amount outstanding so they can REALLY f*** you...

Always think long-term when it comes to financial institutions - don't just go for those that wave a wad in your face!

Hi,

The Walton-on-Thames branch used to do loan deals with potential pilots, HSBC been excellent with me, very understanding and helpful so far.
They seem to have the idea that if they treat me well and give me a good deal on a loan then I will proabbly be an account holder with them for a long time to come....and I almost certainly will be.. cusatomer loyalty works.
other banks take note

LP

HSBC has been pretty good to me too! Unfortunatelly my bank account is now 6 figures on the wrong side of healthy. But hey, they're very nice about it.

I know this is a bit of a tangent, but I find that the following site helps to bring some much needed perspective on my financial despare...

http://www.sandbox.demon.co.uk/clock/NationalDebt.html

6 figures on the wrong side of healthy? bloody hell.......