University, college or work-based professional and career development loan finance from a UK bank could help you fund training and development for a job or existing position, basically learning loans.
Career loans can be for study, training, trade qualification or to qualify in a certain profession.
The UK has a well-developed range of education loan products with opportunities for students and people that wish to gain further training & qualifications for career progression.
Study and career training loans are also available from banks and other finance providers in Scotland, N Ireland, Wales & England.
They could be personal or graduate loans for solicitor, bar, law, engineering, medical doctor and teaching qualification training. Commercial loans not backed by the government.
Career development loan bad credit scoring is used while applying for a loan.
Content of the guide
Professional development loan finance for career or training from banks in the UK
Career development loans (PCDL) backed with free interest period
Professional development loan funding
A number of banks are offering Professional Studies Loans, although only for law studies and medical training at their partner institution.
Banks are also willing to provide an education loan for trade, skilled and other training finance up to £25,000 including professional courses such as law, accounting medicine, nursing and teachers further training.
So who qualifies for this loan, and which courses?
Career progression personal loans can be used for what ever course you wish to study. You should have a good reason to apply. Good and bad credit career development loans can be for studying
Graduate Diploma in Law (GDL) Legal Practice Course (LPC) Bar Professional Training Course (BPTC) AAT Account Chartered Accountant Examinations Masters and PHD Doctorate courses for teachers and people in education
Student finance postgraduate loan for these professional occupation courses are offered by a number of banks and specialist loan companies, where companies are more willing to lend to you.
What if I have other loans outstanding? They will be taken into consideration as well as credit card borrowing and spending.
Other facts of a personal loan
- As low 3.5% APR interest rate for good credit scoring applicants, although prepare to pay 6.5-11%
- Early repayment may apply
- Borrow to pay the course fee and use the rest for living expenses if you wish
- Get a loan between £1,000 and £25,000, and up £50,000 in some cases depending on your circumstances
- Fee for arranging the loan
- Training and study loans are also offered from specialist loan providers to provide finance for career development
- You need to pay the loan back with interest while you train or study
What is a professional and career development loan (CDL)
A career development education loan is financial support from the Co-operative Bank that help students taking higher education, training and courses of professional, educational and vocational study. During your training the loan is backed by the UK government where you receive interest free study.
The government pays the interest on the loan during the course. Only one bank provides this loan type.
Summary: Borrow between £300 up to £10,000, No interest while you study, Repay over 1-5 years, age 18-69, UK citizen, courses provided on professional career and development loan register (pcdl register), good credit rating, Yes, if you have a bad credit score you are unlikely to get this type of CDL.
Government backed courses that qualify
For UK study at university, college, and other providers a careers development loan is available for many courses of study if you qualify. Professional and postgraduate courses, such as accountant, management qualification.
Trade and technician course as an electrician, aircraft engineer or a plumber.
Scottish and national vocational qualifications at a college in the UK. Care, hospitality computing and many others.
Many courses apply for CDL funding eligibility so long as they are on the (pcdl register).
To obtain a loan call 0800 100 900 or apply to Student Bursary Support Service online
- Financing is subject to status and a credit check is conducted by the bank
- Loans take up to 2 months to be processed and an acceptance to be given
- Education loans can be for a course lasting up to 2 years, or 3 with a work placement year
- 9.9% annual percentage rate added to your loan repayments when you finish training
Information and figures on this page is for guidance.