FREQUENTLY ASKED QUESTIONS
Frequently Asked Questions
- You must be 18 years or older or provide a guardian to sign.
- You must be employed part time, or full time or be able to provide proof of a source of income.
- We require proof of employment, i.e a work permit or recent pay stub.
- If your self employed we require copies of invoices and matching deposit to you bank account.
- We require a copy of your passport and/or drivers license.
- You must have a bank account in your name ( please provide us with a void cheque).
- We may require additional documents for identification and financial assessment.
In most cases we approve everybody. We approve the majority of applicants.
In most cases you will be pre-approved within 48 hours. It is important to get copies of the required documents in order to be approved for the loan in a timely fashion.
In most cases, you can receive your credit within hours upon us receiving a signed contract and all requested documents.
Our system is automatic; payment will start to be drawn from your bank account no earlier than 30 days from the contract signing date and on the 4th and 18th of every month thereafter. If no amount is owing due to not drawing on the loan, a credit balance will be applied to your account and no interest will be granted or charged. If you anticipate a long delay, for whatever reason before you start, contact us ASAP and we can stop the cash draws from your bank account.
To qualify for the preferred rate, you must make all repayments on time. For a total draw of $10,000 to acquire your Lic. or endorsement in four months, you have to repay twice a month payment of $250, leaving a balance of $8,922.48 at the end of four months. If you pay off this loan in full at the end of your four month training program your total interest cost will be 422.48. This is a estimated example only. Training timing and costs varies from person to person. You are not obligated to pay the loan off at the end of the training, but you must continue with the 250.00 twice a month payment. Interest will be calculated until the loan is paid back in full. If you receive a lump sum from example, tax rebate. Send addition funds to pay down your obligation to us to reduce your interest costs. We strongly recommend book Four flights a week to achieve your goal. The more your fly your costs for training will be less. Ask your instructor.
The interest rate we charge typically is two (2) percent per month (24) percent per year, calculated on a per diem basis “Daily”. However there is a penalty interest rate increase to (3) percent per month (36) percent per year, calculated on per diem basis “daily”, if for any reason you miss a payment. So make such you make all your payments on time and every time. This a non collateral loan; we rely only your good name and personal commitment to pay us back.
To qualify for the preferred rate (2) percent per month (24) percent per year on a per diem basis “Daily”.
To qualify you need to meet only some of the following,
You have started your training and show a passion to complete your training.
Your a Canadian Citizen or have a student or work permit in Canada that does not expire for less than 2 years.
depending on the situation, we will consider bridge financing so you can continue your training until you receive your government student load. We will review each case to determine if extended timing is required to repay your loan due to slow application process from the government. With the bridge financing program, the bridge amount forwarded must be repaid in full upon receiving government loan. We are here to help you achieve your goals!
You have little debt at present.
Your a Canadian citizen.
You have missed no payments with us.
*Your rate of interest will increase to the standard rate to(36) if you miss any payment. So if you qualify for this preferred rate, make sure you keep in good standing with us.
The first payment will be due no less than 4 weeks from the date you signed the loan agreement. Payments will be made on the 4th and 18th of each of the subsequent months until the loan is paid off. We can not change these draw dates, so budget your pay accordingly to meet payment requirements. If you qualify for a preferred rate and you miss any of these payment requirements, your interest rate will increase to the 36 percent per annual.
Yes, however you must have sufficient funds in your account for us to withdraw on the 4th and 18th of each month. We are not able to change these draw dates.
A minimum of $250 twice a month until the loan is fully paid out. No matter how frequent your draws are from your training account, the payment amount will always stay the same. If you do not draw in a month for any reason, we still will require you to make the bimonthly payment. Our banking system is automatic and can not and will not change the draw amount or dates. A note: You can increase payment amount at any time or email transfer additional payments, to keep you interest costs down.
We draw $250 from your account automatically on the 4th and 18th of every month. Please ensure that you have funds available in your account on these dates in order to stay in 'Good Standing" with us and avoid additional service charges.
Student aviation financial enterprises loans money to students to a maximum of $10,000 for your aviation program. In some cases, and your in good standing with us, we approve additional funds so as you can complete training. There are many government back student loans available, to complete your training. We strongly encourage you to apply for this low or no interest loans. In most cases to qualify for this loans you require first your PPL. This requirement is where we can help you achieve your PPL.
Depending on the situation, we will consider bridge financing so you can continue your training until you receive your government student loan. We will review each case to determine if extended timing is required to repay your loan due to slow application process from the government. With the bridge financing program, our loan must be repaid in full upon receiving government loan. We are here to help you achieve your goals!
We will not be able to help you further. Our program is designed to help you obtain your Licence or complete a endorsement. You are obligated to continue to repay our loan at $250 bimonthly until the loan(s) is completely paid.
Yes we would be happy to help you finish your licence or endorsement. We will just require a little more information on how far you are along in your training so we can estimate the funding required to complete your training.
You are still obligated to pay back your loan with interest to us on the amount that you draw from the flying school, with the same bimonthly payment plan of $250. If you decide to commence retraining at a later date you will have to reapply for a new loan.
Please contact us at firstname.lastname@example.org with the new information.
We send out a monthly statement to your email. Usually it is sent before the 10th of the following month, or you may contact us and we will be happy to provide this information.
Every once and a while we all have unexpected emergency. There is a 25.00 charge to skip a payment. You must notify us prior to 10 days before a draw date, in order to stop a draw. Interest will still be calculated. Its in your best interest to get back on track with your payments.
If any of your payments are returned by the bank for any reason, you will be required to make that required payment plus a $50 NSF fee by email transfer. If you are aware that this may happen or did happen we strongly recommend you contact us to make arrangements for paying this in order to maintain your credit rating in "Good Standing". If you do not inform us that the bank will withhold funds, we will contact you as soon as we are aware that your payment has been returned and will apply financial penalties immediately and/or your preferred interest rate will immediately increase to the standard rate.
You should realize that it is a privilege to borrow money and you can rest assured our goal is to financially assist you in obtaining your licence and or endorsements. If you ignore our attempts to contact you, of course, we will immediately stop your credit at the flying school. We have very strict policies on collection and will definitely report your payment patterns to the credit bureau and then start collection procedures.