Hi everyone, I’m borrowing some money at 4% annual interest. I’d love for you to become one of my lenders. It's a great debt rate for me, but also a worthwhile return for you, and I hope you’ll agree by the end of this post! Either way, I really appreciate your consideration.
What you’ll get
WeFinance makes everything super easy. You’ll get 15 automatic monthly repayments deposited directly to your bank account, starting 9 months after this campaign closes. So you’ll start getting repaid late Aug / early Sep 2016, and be fully paid back by the end of 2017. Interest will accrue right away, at 4% compounded monthly. A $5000 loan would earn back about $5290 under these terms. That’s more than you would earn investing in a bond index fund right now. If you keep reading, I’ll explain what makes me a safe place to put your money.
How I’ll use the money
I was recently accepted into Hack Reactor, a super selective and intense 12-week coding bootcamp. After 3 years working in the SF tech industry, I’m now making a transition from tech community work to full-time programming. This loan will help cover tuition and living expenses until I secure a programming job after the program.
My minimum target ($12,500) is based on the scenario where I suspend my student loan repayments (which I’ve already done), and withdraw $11,000 from my Roth IRA account.
My maximum target ($25,000) allows me to continue paying my student loans and maintain some investments, while ensuring I can still comfortably afford the loan repayments ($1763.49, in that scenario).
Why I’m a safe investment
Hack Reactor has a stellar reputation and track record. Only 3% of applicants get in, and 99% of graduates get a coding job within 3 months of the program, with an average salary of $105k. I’m confident I’ll do the same. Hack Reactor has the transparency and alumni testimonials to back up the stats. I personally know many Hack Reactor graduates as well.
Financially, I have great credit (high 700s), and have never missed a payment in my life. I’m also a bit of a finance geek and have experience managing a limited budget through a career transition. When I first moved to the Bay Area, I had no tech experience, no network, and only $2000 in cash. I took out $6000 in credit cards offering 0% intro APR for 12 mo, and used that combined $8000 to move from NY to CA, build a network from scratch, and get a tech startup job, all in time to pay off the credit before the 0% promotional period ran out. I have modeled my cash flow for the next 2.5 years *precisely* and know exactly how much I need to borrow (with safety margin built in, of course). Spreadsheet available upon request.
More importantly than that: I’m raising this loan directly from my friends and family, and I would never ever let them down. My first pledge was from the same person who got me my job at Meteor; she’s a good friend, and my former boss and coworker. Defaulting on this loan would damage reputation that I’ve worked very hard to get. Even if something totally unexpected and disastrous were to happen, I would find a way to pay back this loan with full interest.
So that’s my story! Pledge button is below. Please feel free to write me directly at [email protected] if there’s any question I haven’t answered for you, and thanks again for your time.