PCDL Bank Loan
Wallace School of Transport is registered PCDL provider
A Professional and Career Development Loan helps you pay for learning that improves your career prospects.
It’s a bank loan, so you’ll have to pay it back when your training has finished. However, you don’t pay interest for when you’re in learning.
Boost your job prospects. Take a change career and retrain!
A Professional and Career Development Loan is a bank loan. You make an agreement with a participating bank to borrow an amount between £300 and £10,000. Then once you’ve stopped training, you pay it back in the normal way.
With a Professional and Career Development Loan, the interest on the loan is paid for you while you’re studying – and for one month afterwards.
After this, you’ll pay interest at the rate fixed when you took out the loan. Interest rates on the loans are set so they’re competitive with other ‘unsecured’ personal loans that are commercially available.
Currently, banks offer Professional and Career Development Loans at a reduced customer rate of 9.9% per annum, equivalent to a typical APR of 5-6% over the lifetime of the loan. However, interest rates may vary from bank to bank. For further information, consult the three banks who offer PCDL’s.
You can use a Professional and Career Development Loan to help with course fees (up to 80 per cent of the total - or up to 100 per cent if you’ve been unemployed for three months)
- other course costs, like books, travel and childcare
- living expenses, like rent, food and clothing (if you are unemployed or working less than 30 hours per week)
Call 0800 585 505 for more information or to get an application pack.
For advice call the PCDL team on 0800 585 505. They can also get an adviser to call you back free of charge, or get in touch by email.
Book a call back from a Professional and Career Development Loan adviser .
Email a Professional and Career Development Loan adviser.
To get a Professional and Career Development Loan you’ll need to be:
- 18 or over
- ‘settled’ in the UK (‘Settled’ means having either indefinite leave to enter or remain or having the right of abode in the UK)
- have been ordinarily resident in the UK for at least the three years prior to the start of your learning programme
- intending to work in the UK, the EU or the EEA when the course finishes
Remember: even if you meet these conditions, the decision on whether you’ve been successful in your application remains with the bank. The bank’s decision will depend on you meeting their specific lending criteria.
Get the facts on repaying Professional and Career Development Loans-
You can borrow any amount from £300 to £10,000.
You’ll need to agree the size of the loan with the bank before you apply. It’s essential to be realistic, and not borrow more than you can afford to repay.
Wallace School of Transport is registered PCDL provider with LSC
We recommend arranging an Assessment Lesson before committing to a loan to establish your training needs and work out what size our course would be and what costs you would be looking at to attain your qualification.