Personal career development loan

star4876

Hi all

I was wondering if anybody has taken out one of the above and could comment on how easy/difficult it was to get a PCDL, and with which bank? Were there any hoops to jump through?

I have only been given two options by the staff at DirectGov, which are Barclays and The Co Op

Both are offering the loans at the same APR - 9.9%. I haven't ever had any dealings with either, but I'm in the process of filling in the paperwork and it doesn't seem too complicated.

The incentive for this is supposed to be that the learning & skills council pay the interest on the loan while you're studying, and you only start making repayments once youve finished your education [max course length 3 years]

I'm hoping to borrow circa £7,000 to do a degree. It might not be the best rate of interest, but it is essentially interest free for 3 years if approved...

jonesMUFCforever

.............And what happens if you can't get a job at the end of it?

kimmi_uk

I had a career development loan from Barclays to do my masters - luckily I got a job a month before I finished my course so have so far not had any problems with repayments. You do need to be aware of this though and ensure you at least have some job (whether its part time or whatever) for just before you have to start repaying.

My process was pretty straightforward - literally just filled in the forms and got the OK. I think I had one issue which was that one set of my fees were due before the loan installment was given but I just explained to my university and they were able to allow for it. any questions about it thoguht please feel free to ask.

star4876

jonesMUFCforever wrote: »

.............And what happens if you can't get a job at the end of it?

Thats not an issue, I'm in permanent employment.

mynameistallulah

star4876 wrote: »

Thats not an issue, I'm in permanent employment.

Have you not heard of redundancy/ dismissal?