How Does a Loan with The Training Room Work?
The Training Room Loan is an agreement between ‘the borrower’ and ‘TTR PT LTD’ (a.k.a. The Training Room) for a fixed amount which is repayable over a fixed amount of time and interest on this loan is charged at a fixed rate. The Training Room loan was designed with our courses in mind, ensuring that you won’t be left out of pocket for the duration of your course.
The Training Room Loan is available to over 18s only, however we guarantee that all of our prospective students that fit this criteria will be considered for their eligibility.
Some Key Facts About Our loan:
The Credit Check
A loan offer is, in part, based on your individual credit rating, it will be necessary to carry out a credit check; it is a condition of applying for the loan, that you agree for The Training Room to conduct a credit check. It is important that you provide us with up to date and accurate information as this may impact the decision as to whether or not your loan is approved. During the application process we may also ask you to provide us with relevant supporting documents such as; utility bills, ID or wage slips.
Duration and Repayment of the Loan
The duration of the loan will largely depend on the course option and length, chosen at the time of the loan. However, the duration can fall anywhere between 12-48 months. Repayment is made via Direct Debits, of the same amount, every month. The Direct Debit amount is made up of the original capital value of the loan, plus any associated interest which has been accrued to that point in the loan term. Direct Debits will need to be paid monthly until the amount is fully repaid (unless you agree to settle the loan early).
The credit agreement, which will be sent to you when you apply for the loan, will fully outline this information for you; the amount borrowed, total repayable, monthly payments, APR and interest.
In some instances, you may wish to repay your loan early. If you do this before the date of the first Direct Debit, no interest will be incurred and you will only be required to pay back the original amount borrowed. At any other time during the term of the loan if you wish to repay early, in full, you will not be required to pay all of the interest due over the total remainder of the agreement. If this were to be the case, you can always call us to discuss your loan and request a settlement figure. It is also possible to arrange additional payments between Direct Debits in order to further reduce the term and amount payable.
Cancellation
You are within your rights to cancel The Training Room Loan (either completely, the amount or payment methods) within 14 days of signing the agreement, which must be given in writing. However, this may affect your place on your chosen course unless you arrange a different method of payment.
The Application Explained
If you choose to fund your course via The Training Room Loan option, you will be assigned a ‘Funding Facilitator’ when you book your course. The role of the Funding Facilitator is to act as your personal guide throughout the loan application process. They will arrange to call you to go through a few questions in order to determine your eligibility for the loan, at a time which is convenient to you. The questions will be based around your income, monthly expenditure, previous addresses (within the last 12 months) and about any supporting evidence that may be required. Don’t worry this will all be explained to you thoroughly, throughout the process.
In some cases, a Second Applicant may be required, depending on the course you are applying for or your circumstances. This would mean that you are joint applicants on the application and so the Funding Facilitator would need to speak to them as well. Again, please don’t worry - this is really a very straightforward process and your Funding Facilitator will be there for you throughout the process to answer any questions or concerns that you may have.
Final Notes
Before accepting any loan offer, including our loan product, it is important to make sure that you fully understand the financial responsibilities which you are taking on. Equally, it is important to thoroughly go through and read any loan paperwork to make sure that the loan is suitable for you. If at any time during the process you do have any concerns or questions, please remember that you have your personal Funding Facilitator to help you.
Obviously there is a lot to consider before you take out any loan. That said, here at The Training Room, we believe in every single one of our students and can see their potential. That’s why we give the opportunity to each and every person to pursue their passions and dreams.
There are some excellent benefits to our loan product on offer here at The Training Room, so here’s a quick summary:
- Quick and easy to apply and secure your course!
- Buy now pay later!
- Full course fees covered
- No hidden fees
- Interest free options available
- We consider all applicants
- Instant decision and quick set up
- Your payments can help boost your credit rating
So if you are keen to get started, or if you have any questions about our The Training Room Loan, give us a call on 0800 021 6050 and see how we can help you. Funding your future career has never been easier!