Loan Advice

Darylmh · 8 October 2017 at 1:09PM

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.

[Deleted User] · 8 October 2017 at 1:11PM

You won't get a loan without an income.

Darylmh · 8 October 2017 at 3:16PM

I do have income through student finance just no job, would that not count?

ViolaLass · 8 October 2017 at 3:44PM

What solution do Ryanair and Easyjet propose?

Darylmh · 8 October 2017 at 4:47PM

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 · 8 October 2017 at 4:49PM

Income is payment derived from employment. Student loan is a loan.

Darylmh · 8 October 2017 at 5:00PM

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 · 8 October 2017 at 5:13PM

Darylmh wrote: »

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.

That's fine ..... but to get a loan from a bank you will need an income from a job.

DCFC79 · 8 October 2017 at 5:18PM

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 ?

Darylmh · 8 October 2017 at 5:49PM

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 · 8 October 2017 at 5:57PM

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.