If you are trying to develop your skills and job prospects, then a Professional and Career Development Loans can help you pay for your studies or training courses to enhance what you have to offer when applying for jobs or a promotion. These types of loans are effectively a bank cash loan, so you’ll still have to pay it back like any other loan but the difference is you do not have to pay back the interest for the time frame when you are effectively learning.
This is a government run scheme to help people get back into work and enhance the social economy. With the whole country facing recession and in major debt, the country needs more professionals earning money and making a difference to trades all over.
The amount you can borrow ranges from £300-£10000 and usually about 9.9% interest. You can use the loan to help with course fees, living expenses such as rent if at uni, books and any other costs associated with the course and learning. You cannot use the loan for any type of foundation or access course used to step into a degree type course, but you can use for a professional training that is needed to gain any qualifications. Alternatively you can get a short term cash loan if you only need a small amount for a short period of time. Obviously there is a higher rate of interest to pay, but they can be helpful to get your trained up.