Funding for helicopter flight training is a common problem for most aspiring helicopter pilots. If you don’t have the funds in the bank, or a rich uncle, you’re going to have to seek alternative ways to fund your flight training. In that past, people have told you to apply for loans through Sallie Mae, or to pursue and aviation degree and use your PELL Grants or Stafford Loans to pay for flight training. Due to the state of the economy many lenders are not lending, and most colleges do not offer a helicopter-specific degree program.
Well, there is a new way.
Peer-to-peer lending networks such as LendingClub.com are fast growing alternatives to pay for helicopter flight training. What makes peer-to-peer loans so great is:
1. You don't deal with a bank
2. You don't need collateral
3. You don't need a co-signer
With peer-to-peer loans, lenders are everyday people just like you. They will look at your loan request, your financial information, ask you questions, and decide if they want to lend you money. You can easily have 100 lenders contributing towards a $15,000 loan. There are some restrictions however. With peer-to-peer loans you are restricted to a 3 year note, with $25,000 being be maximum amount you can borrow at one time. After 6 months, you can choose to apply for a second loan.
How does it work?
The way peer-to-peer loans work is you first register with their service, then fill out a loan request. During a loan request while the service does not pull your actual credit file, they do use your information to verify your identity and see what loans you qualify for. You will then need to authenticate your bank account so you can receive funds. Your loan request will then be posted on their website for 2 weeks where lenders will be able to contribute towards your loan. After 2 weeks the amount lent to you is transferred to your bank account.
Conclusion
I hope everyone who reads this finds this information useful. With that said, I have to make the following note:
Information listed in the blog does not constitute financial advice. Any information should be considered in regard to specific personal circumstances. All tips are followed at your own risk and should be followed up with your own research.
The information in this blog post is a RotorSpace original!!
