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  • FIRST POST
    • Darylmh
    • By Darylmh 8th Oct 17, 2:09 PM
    • 7Posts
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    Darylmh
    Loan Advice
    • #1
    • 8th Oct 17, 2:09 PM
    Loan Advice 8th Oct 17 at 2:09 PM
    Hi Guys,

    So I'm in quite a difficult situation at the moment where I need a loan to continue with my career but as I don't have a job/own my home can't really get a secured loan.

    I've been training to be an airline pilot and have had to spend a lot to finish my training and get all my licenses, ratings, etc. I have now finished all my training apart from my Type Rating which is a course I need to take with a specific airline to train on a particular aircraft and learn their procedures. Previously these courses used to be bonded so we just had to stay with the airline for say 3 years or so, but now they want us to pay up front and I just don't have that kind of money nor has my parents both of which are not homeowners!

    The cost for this training is around £30,000 (that is what Ryanair and Easyjet are currently asking for) I can get some of that money together, so need a loan of around £15,000 - £20,000 but I just don't know how best to go about it.

    If anyone could give me some advice on what my options would be and what I can do to attain a loan of that amount I would be very grateful.
Page 1
    • zx81
    • By zx81 8th Oct 17, 2:11 PM
    • 13,687 Posts
    • 14,156 Thanks
    zx81
    • #2
    • 8th Oct 17, 2:11 PM
    • #2
    • 8th Oct 17, 2:11 PM
    You won't get a loan without an income.
    • Darylmh
    • By Darylmh 8th Oct 17, 4:16 PM
    • 7 Posts
    • 0 Thanks
    Darylmh
    • #3
    • 8th Oct 17, 4:16 PM
    • #3
    • 8th Oct 17, 4:16 PM
    I do have income through student finance just no job, would that not count?
    • ViolaLass
    • By ViolaLass 8th Oct 17, 4:44 PM
    • 5,037 Posts
    • 6,952 Thanks
    ViolaLass
    • #4
    • 8th Oct 17, 4:44 PM
    • #4
    • 8th Oct 17, 4:44 PM
    What solution do Ryanair and Easyjet propose?
    • Darylmh
    • By Darylmh 8th Oct 17, 5:47 PM
    • 7 Posts
    • 0 Thanks
    Darylmh
    • #5
    • 8th Oct 17, 5:47 PM
    • #5
    • 8th Oct 17, 5:47 PM
    Heh, they don't... they have details of finance for homeowners but nothing in my case, Ryanair is notorious for not paying for anything and Easyjet aren't recruiting till March next year. Other UK airlines don't take new pilots on so right now it's a case of self sponsoring that training or nothing. I was hoping for maybe holding out for Flybe as they still bond you if you get through their interview but since Monarch went bust there's a lot of experienced type rated pilots who don't have jobs right now and they have taken some of them on instead. It's quite a tough position!
    • jonesMUFCforever
    • By jonesMUFCforever 8th Oct 17, 5:49 PM
    • 24,100 Posts
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    jonesMUFCforever
    • #6
    • 8th Oct 17, 5:49 PM
    • #6
    • 8th Oct 17, 5:49 PM
    Income is payment derived from employment. Student loan is a loan.
    What goes around - comes around
    give lots and you will always receive lots
    • Darylmh
    • By Darylmh 8th Oct 17, 6:00 PM
    • 7 Posts
    • 0 Thanks
    Darylmh
    • #7
    • 8th Oct 17, 6:00 PM
    • #7
    • 8th Oct 17, 6:00 PM
    I get a grant which I don't have to pay back and I also get money back from my tuition I do however have to pay back the maintenance loan but that's all I'm taking from SFE loan wise.
    • jonesMUFCforever
    • By jonesMUFCforever 8th Oct 17, 6:13 PM
    • 24,100 Posts
    • 11,380 Thanks
    jonesMUFCforever
    • #8
    • 8th Oct 17, 6:13 PM
    • #8
    • 8th Oct 17, 6:13 PM
    I get a grant which I don't have to pay back and I also get money back from my tuition I do however have to pay back the maintenance loan but that's all I'm taking from SFE loan wise.
    Originally posted by Darylmh
    That's fine ..... but to get a loan from a bank you will need an income from a job.
    What goes around - comes around
    give lots and you will always receive lots
    • DCFC79
    • By DCFC79 8th Oct 17, 6:18 PM
    • 30,130 Posts
    • 19,069 Thanks
    DCFC79
    • #9
    • 8th Oct 17, 6:18 PM
    • #9
    • 8th Oct 17, 6:18 PM
    Another loan for pilot training thread.

    OP have you looked at previous threads for any tips ?

    How much is the training ?

    Is it 15 or 20k ?

    A local airport near me offers commercial licence for £25k, how much was yours ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • Darylmh
    • By Darylmh 8th Oct 17, 6:49 PM
    • 7 Posts
    • 0 Thanks
    Darylmh
    DCFC79, I am already a qualified commercial pilot, I have a full CPL, IR, ME, Night, MCC/JOC and CRM training. What I am after is the Type Rating now which you do if you want to fly the big stuff for airlines. The cost differs between aircraft type and airline. So depending on how much I can get together would determine where I go/apply.

    I have read through the forum, most posts were people looking to get money to train to be a pilot which is different I did see one with a person in a similar position thread ID 5676585 (I'm not allowed to post links apparently) he has a job even though no credit rating but essentially is about to do what I want to do.

    £20,000 would be ideal but I think I could make do with £15,000

    I hope that clears things up for you
    • speakingofart
    • By speakingofart 8th Oct 17, 6:57 PM
    • 351 Posts
    • 3,892 Thanks
    speakingofart
    I don't know much about training to be a pilot (although my instinct says if they want you to pay them so much to given a chance of a job it's not exactly straight) but can I ask why if there are experienced and qualified pilots out of a job you would risk paying for the course? It's a genuine question as it sounds like quite a tough market for those who already have this training, and as above, you won't get a bank loan for that sort of money without a solid income.
    Proud to be debt free September 2014.

    Sisu.
    • Darylmh
    • By Darylmh 8th Oct 17, 7:24 PM
    • 7 Posts
    • 0 Thanks
    Darylmh
    Sure you can, right now there are two airlines who are recruiting low hour pilots like myself with a job at the end. If I know I can get the money together I will apply as the assessment costs us about £500 one of which guarantees employment and specifies pay and hours so it's not actually a risk if I go with them. There are also other EU airlines recruiting so as long as I can get my foot in the door so to speak I should be setup with the career I have always worked towards.

    What I said about Monarch affects the more 'prestigious' airlines and experienced pilots are in high demand as there is a shortage of them whereas low hour pilots like myself are always needed as well but there are more of us so it can be a bit competitive and airlines don't always like to pay for training unless you are experienced (experienced pilots have there type ratings if they are changing airline/aircraft paid for).
    • jonesMUFCforever
    • By jonesMUFCforever 8th Oct 17, 10:01 PM
    • 24,100 Posts
    • 11,380 Thanks
    jonesMUFCforever
    I don't know much about training to be a pilot (although my instinct says if they want you to pay them so much to given a chance of a job it's not exactly straight) but can I ask why if there are experienced and qualified pilots out of a job you would risk paying for the course? It's a genuine question as it sounds like quite a tough market for those who already have this training, and as above, you won't get a bank loan for that sort of money without a solid income.
    Originally posted by speakingofart
    Apparently there is a worldwide shortage of commercial pilots yet the airlines do not seem to want to pay for their training!
    What goes around - comes around
    give lots and you will always receive lots
    • DCFC79
    • By DCFC79 8th Oct 17, 10:19 PM
    • 30,130 Posts
    • 19,069 Thanks
    DCFC79
    DCFC79, I am already a qualified commercial pilot, I have a full CPL, IR, ME, Night, MCC/JOC and CRM training. What I am after is the Type Rating now which you do if you want to fly the big stuff for airlines. The cost differs between aircraft type and airline. So depending on how much I can get together would determine where I go/apply.

    I have read through the forum, most posts were people looking to get money to train to be a pilot which is different I did see one with a person in a similar position thread ID 5676585 (I'm not allowed to post links apparently) he has a job even though no credit rating but essentially is about to do what I want to do.

    £20,000 would be ideal but I think I could make do with £15,000

    I hope that clears things up for you
    Originally posted by Darylmh
    Ah ok, yes I understand now.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • ViolaLass
    • By ViolaLass 9th Oct 17, 6:26 AM
    • 5,037 Posts
    • 6,952 Thanks
    ViolaLass
    Can't you use all the training you've already got to go and get a job. You could then use that salary to fund the loan to get the training you want.
    • Darylmh
    • By Darylmh 9th Oct 17, 9:05 AM
    • 7 Posts
    • 0 Thanks
    Darylmh
    Apparently there is a worldwide shortage of commercial pilots yet the airlines do not seem to want to pay for their training!
    Yep that is it in a nutshell!

    Can't you use all the training you've already got to go and get a job. You could then use that salary to fund the loan to get the training you want.
    I can try but in the UK there are very few jobs where you fly smaller planes commercially, I could become a flight instructor, but guess what, I would have to pay for the instructor course as well though it is considerably cheaper. Besides FI jobs are usually fairly unstable never really knowing when you will fly but might have to become an option if I can't get a commercial job.

    So what you guys are telling me is that there is no possibility of me getting a loan?
    • Herzlos
    • By Herzlos 9th Oct 17, 9:36 AM
    • 5,801 Posts
    • 5,283 Thanks
    Herzlos
    So what you guys are telling me is that there is no possibility of me getting a loan?
    Originally posted by Darylmh
    Not without getting a job or sponsor, correct.

    A loan at that level would need a salary of about £30,000 too, so you'd need to do a bit of saving first.

    What are you doing now? Still in education? I'd be looking to get a job (any job) and start putting money aside whilst you come up with a better option or get a bonded position.
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