At Commsupport we understand that for some people the commitment of thousands of pounds up front is just not realistic.
What to train in and when to do the training is all challenging. Often you may think it is a better option to save up the money, after all taking out the finance is going to cost you more and be another overhead each month.
The problem with this thinking is it is short term, you never manage to save up the money and then you never get the training.
But for the example below, let’s talk about the maths and work out the cost of saving up the money v the cost of taking the finance.
For this example, we shall use someone is the worst-case scenario who has no experience in the IT sector. (of course many of you may already be on the career ladder and can take some of our more advance courses)
So, what does it take to go from no experience to earning say £37,500 – £40,000 per year, below are two careers where the average wage is around £39,000
CCNA Network engineer
IT Support engineer
The cost of getting qualified to this level, including introduction courses, for someone starting from ground zero would be an estimated £2,500 to £7,000 so let us take an average and say it costs £4,750.
The monthly payments on the finance for a £4,750+vat (£5,700) qualification will be around £165 *Based on a 36-month loan with a 15% deposit (£855)
Ok so let’s now say you are working in a half decent job earning £25,000 (£2,083 per month)
The new IT job is paying £39,000 (£3,250)
Lets recap these numbers
Each month you would be spending an extra £165 month on repaying your training courses, but then you will be earning an extra £1167 each month.
Meaning you would be £1,002 up each month. Until you have paid of your course, then you would be £1167 extra each month and probably be ready to move further up the IT career ladder and earn more money.
If you choose to wait and save up for this course say for 6 months. That would be £1,002 it would cost you in earnings each month
The total cost of not taking the finance option would have been £6,012 (more than your courses will probably cost)
Can you afford NOT to take the finance and getting started ASAP
How does it work and how do I apply?
If you choose to finance your purchase you will be sent an email for and be directed to a secure application process on Pay4Later’s servers.
If you are approved for finance you will need to have your credit card ready to leave a deposit (minimum of 10%). You can then pay the remainder as monthly payments, with a loan duration of your choice.
How much does it cost?
Finance Options available
24 or 36 Month 14.9% APR
Below is a representative example of the finance available;
(Course A) £1199+vat (£1438.80 inc vat)
£58.70 a month
for 24 months
24 Months Interest Credit (14.9%)
Monthly Repayment: £58.70
Number of Repayments: 24
Total Amount Repayable: £1624.62
Total Charge for Credit: £185.82
Is a deposit required?
Yes. A 15% deposit is payable by credit or debit card upon acceptance. (You can pay more, and have lower monthly payments)
Can anybody apply?
To apply for finance you must meet the following criteria:
• You must be over 18 years of age.
• You must be a UK resident with at least 3 years continual address history.
• You must work at least 16 hours per week, unless retired or a house person with a spouse in full time employment.
• You must have a UK bank account capable of accepting Direct Debits.
• Applications from students, unemployed and single house persons will not be considered
How are my monthly payments paid?
All monthly payments are paid by direct debit from your personal bank account. Typically the first payment will be due one month after the date of the finance agreement and subsequent monthly payments will be due every month for the length of your term on that day of the month.
What if I have a bad credit score?
The Pay4Later application process will check your credit record at the point that you submit your application. If your credit score is poor your application may be referred to an underwriter or even declined, if this is the case then you may be offered finance from an alternative provider.
Will this application leave a footprint on my credit record?
Consumer credit service provided by Pay4Later in association with Retail Money Market Ltd trading as Ratesetter. Pay4Later is licensed by the Financial Conduct Authority (Consumer Credit Licence: 0616240). For more information please refer to our frequently asked questions or visit http://www.pay4later.com/.
Ratesetter is authorised and regulated by the Financial Conduct Authority (FCA) with the reference number 633741. Ratesetter is not covered by the Financial Compensation Scheme. Registered offices are at 406 Great Guilford Business Square, 30 Great Guilford Street, London SE1 0HS. For more information please visit http://www.ratesetter.com/
Commsupport Networks is regulated by the Financial Conduct Authority – Firm reference number 664398