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Qualifications
Terms and Conditions
Procedures





Qualifications:

TO QUALIFY YOU MUST:

• BE 18 YEARS OF AGE OR OLDER OR PROVIDE A GUARDIAN TO SIGN
• BE A CANADIAN CITIZEN OR HAVE LANDED IMMIGRANT STATUS
• BE WORKING FULL OR PART TIME OR HAVE A FINANCIAL SPONSOR
• HAVE AN ACTIVE BANK ACCOUNT (PROVIDE A COPY OF YOUR STATEMENT FOR THE PREVIOUS 3 MONTHS)
• HAVE NOT, IN THE PAST SEVEN YEARS, DECLARED BANKRUPTCY OR ENTERED DEBT RECONSTRUCTION
• BE COMMITTED TO OBTAINING YOUR PRIVATE PILOT LICENSE (PPL)

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Terms & Conditions:


Sign the Line of credit Agreement with Student Aviation Financial Enterprises (the "Lender") (a copy will be provided for your file).

Sign an Acknowledgement Agreement with the Lender (a copy will be provided for your file).

There is no limit as to the frequency of the cash draws for your training. Please remember that the faster you complete your training and pay off the line of credit, the less interest you will ultimately have to pay.

The first payment is 2.5% of approved line of credit amount, will be drawn automatically from your bank account no sooner than 30 days from the date the Line of credit Agreement is signed. Withdrawals of ( Example $250 based on $10,000. amount approved) will continue on the 4th and 18th of each subsequent month until the line of credit is fully repaid. The applicant may elect to pay more towards the line of credit if desired, at any time.
Interest payable is calculated only on the amount drawn for training at a rate of 3% per month calculated on a per diem basis.

The maximum line of credit amount available to any applicant is $10,000. Such line of credit, after approval, will be provided to each applicant as a credit at their chosen flight training institution. The applicant shall be responsible to repay only that amount actually used for flight training and the incurred interest. No additional credit is available even as the initial line of credit is repaid.

The total line of credit amount approved and provided to each applicant will NOT increase beyond the initial approved amount. If the applicant is unable to to complete training for their training within the approved line of credit, it is the sole responsibility of the applicant to find additional funds required for training. Please note that most provincial student aid programs do NOT cover the costs associated with obtaining a Private Pilot License. The line of credit provided is to be used only for training or educational materials required for obtaining Licences, endorsement, rating. Approved costs include books, ground school costs, rental of aircraft and instructor charges.

If you received a line of credit from us to obtain your PPL. Further training for a Commercial Pilot License or other ratings (night, IFR, Instructor) will not be funded by this program unless you have completely paid out the original line of credit. There are other potential loan sources (i.e.. government student loan programs) that may offer a better interest rate than our services.

If the applicant wishes to continue training to achieve a Commercial Pilot License and applies for a student loan with a provincial or federal government loan program, you may make an application with the Lender for Bridge Financing in order to continue building flight hours required for the Commercial License until such student loan is approved. Bridge Financing will be provided to a maximum of $2,500 upon signing of a new contract and approval of credit.

Any dishonoured payment is subject to a $50 service charge. The service charge and the bimonthly charge are to be deposited by money email transfer within 24 hours after the applicant has been notified of payment default, by text or email, in order to maintain your account in "Good Standing". If the applicant fails to follow these late payment guidelines, the Lender will immediately suspend the applicant's credit and no further monies will be available for flight training until all back payments have been received.

If, for any reason, the applicant believes that his/her payment will be returned due to insufficient funds, please contact the Lender immediately by email. Any late payment is still, however, subject to the late penalty service charge.
If the applicant decides, at any time, to suspend training for the Private Pilot License then the financial obligation to repay the loan will continue until such loan and associated interest charges are paid in full.

Student Aviation Financial Enterprises (the "Lender") is an independent company. The Lender will provide a credit account for the applicant at his/her flight training facility but such facility has no consideration for your loan application and has no responsibility as to the loan obligations. Failure to fulfill your loan obligations will result in the immediate stoppage of your account at the flight training facility.

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Procedures:

THE FOLLOWING DOCUMENTS MUST BE PROVIDED BY MAIL, FAX, OR ONLINE DIRECTLY TO STUDENT AVIATION FINANCIAL ENTERPRISES IN ORDER FOR US TO PROCEED WITH YOUR LINE OF CREDIT APPROVAL. ATTN: STUDENT AVIATION FINANCIAL ENTERPRISES, IN ORDER TO MAINTAIN YOUR PRIVACY.

1. COPIES OF ONE MONTH OF YOUR MOST RECENT ACTIVE BANK ACCOUNT STATEMENT. THIS ACCOUNT MUST BE THE ACCOUNT FROM WHICH THE LENDER WILL BE RECEIVING PAYMENTS

2. A VOID CHEQUE FROM THIS BANK ACCOUNT

3. A COPY OF YOUR PASSPORT

4. A COPY OF YOUR DRIVERS LICENSE

5. A COPY OF A RECENT PAY STUB

6. A COPY OF YOUR RECENT CELLULAR PHONE BILL (ALL PAGES)

7. A COMPLETED APPLICATION FORM

Once the Lender has received ALL the above documents, the line of credit approval process usually will take 48 hours. After the line of credit is approved, the Lender will provide the applicant with a contract to be signed. Upon receipt of the executed contract, an account will be set up at your flight training facility for your immediate use.

If there are any further questions please don't hesitate to contact us at filicanlend@primus.ca and we will be happy to answer any questions!

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*MAY THE WINDS BE WITH YOU ON YOUR JOURNEY TO BECOMING A PILOT*