Bad Credit = NO LOAN...HELP!!!

[tathepilot]

Currently I fall into the bracket of people that are not credit worthy. I need to get a loan for around 3 thousand to get some training done. Is any one aware of where I can go to get a loan in my situation?

thanks

 

[KigAir]

Besides suggesting that you try to improve your credit situation, you might try a sub-prime lender or credit card.

 

[tathepilot]

Besides suggesting that you try to improve your credit situation, you might try a sub-prime lender or credit card.

I have been improving my credit, but it is still not good enough. So far not takers in the sub-prime market

 

[Gulfstream 200]

well..

I certainly wont pass judgement or question WHY you cant get a 3K loan....what kind of training requires 3K? can the trainer finance you and you can work to pay it off?...

but if you cant get a loan even sub prime for 3K, I wouldn't chance borrowing even just the 3K. They are telling you you very well might not pay it back as required and that will trash your credit even more...and take even longer to fix...

maybe just live off Ramen and work more until you have the 3K?? Is that an option? any family/friends you can beg from? anything of value you can sell???

again, not diving into your personal life by any means - but if you get a paycheck (even a very small one) you can usually borrow that kind of money anywhere...

I wouldn't borrow anything right now if I was you...not from a bank and certainly not from a credit card....that would be about 22% interest at your credit rating!!! NO WAY.

Just a suggestion.

 

[tathepilot]

well..

I certainly wont pass judgement or question WHY you cant get a 3K loan....what kind of training requires 3K? can the trainer finance you and you can work to pay it off?...

but if cant get a loan even sub prime for 3K, I wouldn't chance borrowing even just the 3K. They are telling you you very well might not pay it back as required and that will trash your credit even more...and take even longer to fix...

maybe just live off Ramen and work more until you have the 3K?? Is that an option? any family/friends you can beg from? anything of value you can sell???

again, not diving into your personal life by any means - but if you get a paycheck (even from Walmart) you can usually borrow that kind of money anywhere...

I wouldn't borrow anything right now...not from a bank and certainly not from a credit card....that would be about 22% interest at your credit rating!!! NO WAY.

Just a suggestion.

Its Citation II SIC training @ Flight Safety. Actually I need 6000. but I can prob get the rest. No the trainer is not willing to finance it for me. I got offered a position through a friend's company. The only downside is I have to shell out the money and wait 3 months to get reimbursed. Does that sound like a bad deal?
With my low time I figured it would be stupid to pass this up.

I can wait and save the money but I need to jump on this right away. Begging from family and friend has already commenced!

Any 'more' suggestions would be great

 

[sydeseet]

Do you have their commitment to reimburse you in writing?

 

[English]

Yes it sounds like a bad deal.
It sounds like a phenomenal deal for the guy that is offering to "hire" you.

 

[tathepilot]

Do you have their commitment to reimburse you in writing?

The Director of Ops said upon recipt of my class day they have no problem putting it in writing.
With-out second thought that would be the 'sane' thing to do

 

[Gulfstream 200]

any company that wont pay 6K for your SIC training is not worth a $hit. Why dont they front the cost and let you work it off on realistic terms?? How much they going to pay you?? With 600 hrs they know you would stay a while...why wont they front the cost???

You may just fork over 6K (6K you CLEARLY dont have) and then find yourself without a job or something...with worse credit than you initially had...

I would save your money. This sounds like a TERRIBLE deal..it smells real bad.....say Thank You, I simply cant afford it.



an opinion....walk from this one

 

[tathepilot]

any company that wont pay 6K for your SIC training is not worth a $hit. Why dont they front the cost and let you work it off on realistic terms?? How much they going to pay you??

You may just fork over 6K (6K you CLEARLY dont have) and then find yourself without a job or something...with worse credit than you initially had...

I would save your money. This sounds like a TERRIBLE deal..it smells real bad.....say Thank You, I simply cant afford it.

an opinion....walk from this one

They say "they can't let me work off the cost of the training" Why? who knows
Initially it would be 300. per day. Not full time
In my position this sounds like an opportunity. Maybe this company isn't worth it..? I guess what it comes down to is me making an educated decision. In this industry I can't be sure what the future holds.


thanks for the insight. (i guess)

 

[Gulfstream 200]

I wouldnt worry about the PFT thing....your future is certainly not hinged on whether you PFT'd or not....

I would just wonder WHY(?) they wont swing for you training??

Will you have a job there next month or will they offer this deal to the next young motivated guy when it comes time for your 6 or 12 mth recurrent???....what about the moron guy who walks in behind you and offers to pay 20K for his type? now they have a potential FREE PIC....guess what...youre fired.

think about that. you time out in a certain amount of months....you gonna have to pay again??? if you dont another guy will!!! and I will tell you, a non-current SIC checkride paper in a Citation isn't worth $5, nevermind $6000.

Watch yourself!!

happens all the time with this type of operator.

Good Luck with the choice!!

 

[tathepilot]

I'm really not sure why they won't swing the cost for my training at first.
Gulfstream 200 that is a good point about the recurrent training.

Again, I have to think real hard about this one.

 

[KingAirKiddo]

I don't really have anything new to add, but I just want to reiterate that you should be very careful. Companies should be figuring the cost of crew training into their operating budgets for the aircraft. The fact that they are not willing to foot the bill upfront makes me stop and go "hhmm". I personally think there's a rotten apple in the basket somewhere.

It would not be unreasonable for them to ask you to sign a training contract asking you to agree to work for "X" amount of time (I would think no more than 12 months for a Citation SIC check). In the very least I would make sure to get the reimbursement IOU in writing before making any sort of commitment. Otherwise it sounds like a "check's in the mail" sort of thing to me.

Be careful and best of luck.

KAK

 

[Gulfstream 200]

absolutly. Them wanting SOME kind of commitment (wirtten or verbal) is sort of normal in scumbag operations....to attempt to slow the revolving door of pilots...and you are a great long term SIC candidate with your flight time. They shouldnt worry about you.

But if they are sweating the SIC bill from FSI, I would worry a bit about the operation itself.

If you could walk away with at least your type rating thats one thing...at least then you have something. An SIC check is good experience for your profile, but its generally worthless on the market..

Good Luck again.

 

[FSB99]

have you looked into student loans?

don't know if it would work, but wouldn't hurt to find out.

 

[tathepilot]

have you looked into student loans?

don't know if it would work, but wouldn't hurt to find out.

No I have not, maybe it's worth a try.