Frequently Asked Questions

What is required to apply?
  1. You must be 18 years or older or provide a guardian to sign.
  2. You must be employed part time or full time or be able to provide proof of a source of income.
  3. We require proof of employment, i.e a work permit or recent pay stub.
  4. If you're self employed we require copies of invoices and matching deposit to you bank account.
  5. We require a copy of your passport and/or drivers license.
  6. You must have a bank account in your name ( please provide us with a void cheque).
  7. We may require additional documents for identification and financial assessment.
Is everybody approved for a loan from Student Aviation Financial Enterprise for purpose of obtaining a Aviation licence or endorsement?

In most cases we approve everybody. We approve the majority of applicants.

When will I know if I am approved or denied for a loan?

In most cases you will be pre-approved within 48 hours. It is important to get copies of the required documents to us as soon as possible in order to be approved for the loan in a timely fashion.

When will I get the credit account opened?

In most cases, you can receive your credit within hours upon us receiving a signed contract and all requested documents.

What if I have received approval and signed your contract but have not yet started flight training and have not drawn from the account opened for me?

Our system is automatic; payment will start to be drawn from your bank account no earlier than 30 days from the contract signing date and on the 4th and 18th of every month thereafter. If no amount is owing due to not drawing on the loan, a credit balance will be applied to your account and no interest will be granted or charged.  If you anticipate a long delay, for whatever reason before you start, contact us ASAP and we can stop the cash draws from your bank account.

What is an example of a typical loan?

To qualify for the preferred rate, you must make all repayments on time. For a total draw of $10,000 to acquire your Licence or endorsement in four months, you would make two payments per month of $250, leaving a balance of $8,922.48 at the end of four months. If you pay off this loan in full at the end of your four month training program your total interest cost will be $422.48. This is an estimated example only. Training timing and costs vary from person to person. You are not obligated to pay the loan off at the end of the training, but you must continue with the $250.00 twice a month payment. Interest will be calculated until the loan is paid back in full. If you receive a cash lump sum for example, a tax rebate you can use the addition funds to pay down your obligation to us in order to reduce your interest costs.  We strongly recommend that you book Four flights per week to achieve your goal. The more your fly the lower your training cost will be. Ask your instructor.

What is the interest rate you charge on loans?

The interest rate we charge is typically two (2) percent per month twenty-four (24) percent per year, calculated on a per diem basis. However, there is a penalty interest rate increase to three (3) percent per month or thirty-six (36) percent per year, calculated on per diem basis if for any reason you miss a payment. So make sure you make all your payments on time and every time. This a non collateral loan; we rely only your good name and personal commitment to pay us back.

How do I qualify for the preferred rate of interest?

To qualify for the preferred rate of two (2) percent per month or twenty-four (24) percent per year on a per diem basis.

You need to meet only some of the following conditions:

You have started your training and show a passion to complete your training.

You're a Canadian Citizen or have a student or work permit in Canada that does not expire for less than 2 years. 

Depending on the situation, we will consider bridge financing so you can continue your training until you receive your government student loan. We will review each case to determine if extended timing is required to repay your loan due to a slow application process from the government. In our bridge financing program, the bridge amount forwarded must be repaid in full upon receiving your government loan. We are here to help you achieve your goals! 

You have little debt at present.

You're a Canadian citizen or have a PR card or permit to be in Canada.

You have missed no payments with us.

*Your rate of interest will increase to the standard rate of thirty-six (36) percent if you miss any payment. So if you qualify for this preferred rate please make sure you keep in good standing with us.

When is my first payment and how often do I make payments on my loan?

The first payment will be due no less than 4 weeks from the date you signed the loan agreement. Payments will be made on the 4th and 18th of each of the subsequent months until the loan is paid off. We cannot change these draw dates, so budget accordingly to meet payment requirements. If you qualify for a preferred rate and you miss any of these payment requirements, your interest rate will increase to the thirty-six (36) percent per annually.

I only get paid once a month; can I still get a loan?

Yes, however you must have sufficient funds in your account for us to withdraw on the 4th and 18th of each month.   We are not able to change these draw dates.

How much will the payments be on the money I borrow?

A minimum of $250, twice a month, until the loan is fully paid out. No matter how frequent your draws are from your training account, the payment amount will always stay the same. If you do not draw in a month for any reason, we still will require you to make the bimonthly payment. Our banking system is automatic and cannot and will not change the draw amount or dates. Note; you can increase your payment amount at any time or email transfer additional payments in order to keep you interest costs down.

How are the repayments made?

We draw $250 from your account automatically on the 4th and 18th of every month. Please ensure that you have funds available in your account on these dates in order to stay in "Good Standing" with us and avoid additional service charges.

What is the maximum amount I can borrow?

Student Aviation Financial Enterprises loans money to students to a maximum of $10,000 for your aviation program. In some cases, and if you're in good standing with us, we approve additional funds so that you can complete training. There are many government backed student loans available to complete your training. We strongly encourage you to apply for these low or no interest loans. In most cases, to qualify for these loans, you require first your PPL. Our program is ideally designed for you to attain your PPL.

What if I finish my PPL and have applied for a student loan from a government program for my Commercial License but, until I receive these funds, I want to continue on with my training?

Depending on the situation, we will consider bridge financing so that you can continue your training until you receive your government student loan. We will review each case to determine if extended timing is required to repay your loan due to a slow application process from the government.  In our bridge financing program we require that our loan is repaid in full upon receiving government loan. We are here to help you achieve your goals!

What if I don’t receive my government loan?

We will not be able to help you further. Our program is designed to help you obtain your Licence or complete an endorsement.  You are obligated to continue to repay our loan at $250 bimonthly until the loan(s) is completely paid.

What if I've already started my training...can I still get a loan to finish?

Yes, we would be happy to help you finish your licence or endorsement.  We will just require a little more information on how far you are along in your training so we can estimate the funding required to complete your training.

What if I decide to stop my training?

You are still obligated to pay back your loan with interest to us on the amount that you draw from the flying school with the same bimonthly payment plan of $250. If you decide to commence retraining at a later date, you will have to reapply for a new loan.

My residence, employment or other information has changed. What should I do?

Please contact us at filicanlend@primus.ca with the new information.

How do I find out how many payments I have remaining?

We send out a monthly statement to your email.  Usually it is sent before the 10th of the following month or you may contact us and we will be happy to provide this information.

What if, during the course of me making the payments, I have an emergency and can’t make one or two of the payments?

Every once in a while we all may have an unexpected emergency. There is a $25.00 charge to skip a payment. You must notify us at least 10 days before a draw date in order to stop a draw. Interest will still be charged. It's in your best interest to get back on track with your payments.

What if one of my payments get returned unpaid due to Not Sufficient Funds (NSF) or Funds Not Cleared?

If any of your payments are returned by the bank for any reason, you will be required to make that required payment plus a $50 NSF fee by email transfer. If you are aware that this may happen or did happen we strongly recommend you contact us to make arrangements for paying this in order to maintain your credit rating in "Good Standing". If you do not inform us that the bank will withhold funds, we will contact you as soon as we are aware that your payment has been returned and will apply financial penalties immediately and/or your preferred interest rate will immediately increase to the standard rate.

What if I ignore your phone calls, texts and emails and don’t pay my required bimonthly payments?

You should realize that it is a privilege to borrow money and you can rest assured our goal is to financially assist you in obtaining your licence and or endorsements. If you ignore our attempts to contact you we will immediately stop your credit at the flying school. We have very strict policies on collection and will definitely report your payment patterns to the credit bureau and then start collection procedures.

Who is S.A.F.E and are they a legitimate company?

S.A.F.E. is a registered Alberta Corporation and most, if not all flying schools know of us. We are Corporate Members in good standing with COPA, and ATAC.

What is the difference between S.A.F.E. and a bank?

We are a private lender and as such, interest rates are higher than a bank loan. If you qualify for a bank loan, with better interest rates then go in that direction. Our costs are less than a typical credit card, when you qualify for our preferred rate. We require no collateral and do not consider your published credit rating. We lend to people where many banks won't.

Why is S.A.F.E. asking for information requested in my application?

Because we will never personally meet you, all contracts are signed over the internet. We do not do a credit check on you, nor take into consideration your credit score. We require verification that you are who you say you are and live and work where you say you do. We only lend to Canadian citizens unless you have a work permit to be in Canada and so in saying this, we require a copy of your passport or PR card.

What if I do not need the full $10,000 offered?

In some cases a student may only requires $2,000 or $5,000 for example, to complete their training. We offer any amount needed up to $10,000. If your require only $5,000  your repayments can be reduced to $125 twice a month. Tells us what you need and how much can you afford.

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If you have any further questions about Student Aviation Financial Enterprises services, please do not hesitate to contact us by email at filicanlend@primus.ca or call us at 403-397-6107