Day 4: Needing a Friend
How to fund Bootcamp?
Like I said in the previous post, Savings, Loans or sell a Kidney. I knew I was not in the position to raid my savings to take out the $13,900. However, I had to come up with a plan to attack this new problem. Well, the local Iron Yard group, Emily and Jessica, were amazing with explaining the potential options and discounts. That helped to lower the initial amount, but I still had a large portion to fund.
Search for a Lender…
I began searching on-line for lenders who would support this journey of mine. I ended up with a list: Earnest, Pave, Upstart, Lightstream and SoFi. Some of the lenders didn’t provide origination of loans, others did not provide deferment of payment post course and others had no phone number I could contact. I even had one representative tell me to take out more financing to pay for the three month course period, since they did not offer a defer option. Hmmm…This quickly shortened my list. I also spoke with my current bank and a couple others about secured/ unsecured loans. Think secured loan as where the borrower puts up some type of collateral (i.e. car) in case the borrower defaults. Think unsecured loan as where the lender extends the credit based on the creditworthiness of the individual. With interest rates ranging from 8% with origination fees to 13%, I felt I was going to have to swallow a large pill. A big help during this process was talking to the representatives at the various lending institutions and telling them my story. Just as I was about to sign an agreement with Pave, because they had a great three month defer option I found a third door…This was a local Regions banker by the name of A.D. Lindsey, at the Eagle Creek Branch. He was amazing in helping me obtain the loan needed to fund the course.
Now that I didn’t have to worry about my second Kidney having another home, I could start to focus more on the pre-work for the course. By the way, after talking to previous students of the course they all suggest that they should have spent more time on the pre-work. In my mind, I thought how hard could the pre-work be…