Discussion in 'Off-Topic Chat' started by euphfanhan, Feb 25, 2007.

  1. euphfanhan

    euphfanhan Member

    Can somebody please explain loans to me? I've been trying to get my head around them but there are so many different types, I'm veeery confused!
    For example, if I wanted a loan of £50,546.15 (roughly :tongue: ) for training fees, what would I need to do? At first I thought I needed a bank loan...but don't bank loans require you to have a job as proof that you are able to pay it back? And student loans seemed to be aimed at university/college students, but I need a loan to become a pilot!
    I want to do my music degree first, but I need to know whether it's feasible to come out of college with £40,000 in debt and then get another loan of £50,000? Would any loany type people be stupid enough to give that to me?

    Any sensible grown-up's replies very much appreciated!
  2. ronnie_the_lizard

    ronnie_the_lizard Active Member

    I think the way a lot of people get around the problem when training for specific positions such as commercial airline pilots is to get 'sponsorship' from an employer - e.g. one of the major airlines gives you the £50,000 but you are then contractually tied in to work for them for several years afterwards, otherwise you pay very heavy interest / penalty payments.

    Otherwise you are indeed left with either having to offer up something as security (property etc, i.e. a mortgage) or have a fairly steady income to show you will be able to pay back the loan. There are lenders who will loan money in other circumstances but you would be charged a hefty interest rate and the situation where people are lent money which they may not be able to pay back is increasingly being criticised and legislated against.
  3. euphfanhan

    euphfanhan Member

    Yes, I read that many airlines offer sponsorship, but I'm looking at becoming a helicopter pilot, which has very limited oppurtinities for sponsorship or funding.
    I know this thread might seem a bit random, but I need to work out very soon whether I actually want to go to music college first as a year's accomodation and tuition is quite a lot to waste!!
  4. glitzy

    glitzy Member

    Have you had a look at the training provider? I imagine they probably have schemes or ways of helping you to pay for it(I don't think there are many people with a spare 50k going!) Regarding bank loans, it is unlikely that a high st bank would lend above £25k without some form of security(house etc) that is certainly the case where I used to work.

    I know you say you need to make a decison, but personally if wasn't 100% sure about going to uni to do course, I wouldn't be doing it, as you have said it's an expensive mistake to make!
    Last edited: Feb 25, 2007