Getting a Career Development Loan
Career development loans are a great financial option if you wish to take a course, obtain qualifications or gain experience to help you boost your career prospects. Here’s a step-by-step guide to help you understand how to get one.
Step 1: Check your eligibility
Before you apply for a loan, the first step is to check your eligibility. The following criteria applies:
- You must be aged 18 or over and a UK resident with a UK bank account.
- You must have a minimum annual income of £15,000.
- You must have a good credit history.
- The course of study you plan to take must have a positive effect on your career prospects and will cost more than £300.
- You must provide a credible repayment plan.
Step 2: Assess your loan options
Once you are sure you meet the eligibility criteria, you should assess your loan options. The loans available vary, so pick one that suits your needs. Consider:
- The size of the loan, which must be between £300 and £10,000.
- The term of the loan.
- The interest rate.
Step 3: Make the application
Once you have chosen the loan you wish to apply for, you need to begin the application process. You will need to provide:
- Full personal and financial details.
- Proof of identity.
- Proof of address.
- Proof of income.
- Proof of the course you intend to take.
The lender then has the right to check your credit rating to assess your eligibility.
Step 4: Post-Application Process
Once the application is submitted, the lender will inform you of their decision within a few days. If your application is successful, the loan will be transferred to your account and you just have to wait for the course of study to begin.
Step 5: Repayments
You must make monthly repayments of your loan back to the lender. These will normally start once the course comes to an end or 6 months after the loan has been taken out.
In conclusion, Career Development Loans are a great way to help kickstart your career if you meet the criteria and are willing to make repayments. Just remember to carefully assess your loan options and read the small print before proceeding.
