A Career Development Loan (CDL) is a bank loan designed to help you pay for work-related learning.
You don’t have to start paying your loan back until at least one month after you stop training.
You can use it to fund a variety of vocational (work-related) courses with a wide range of organisations, so you are able to choose the course that best suits your needs. You can take out a CDL whether you are employed, self-employed or unemployed.
- You can borrow anything between £300 and £8,000 to help you fund up to two years of learning (or up to three years if the course includes one year of relevant practical work experience)
- You can get CDLs through qualifying banks
- You then repay the loan to the bank over an agreed period at a fixed rate of interest
Remember that a CDL is a personal loan between you and the bank, and you are responsible for repaying it to the bank. Before taking out a loan, check how much your monthly repayments will be, and that you feel confident that you will be able to make them.
For the latest information please visit www.gov.uk and search the site for Career Development Loans.
Or check out the money saving expert website.