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A Millennial’s Take on Marketplace Lending

Millennials may be hesitant to pick up a credit card, but they are well acquainted with credit. Thanks to the high cost of a bachelor’s degree and endless wage stagnation, millennials have struggled to make ends meet.

Many of my peers will spend a decade digging out of tens of thousands of dollars of debt, delaying buying homes and getting married until their financial situation improves. But for those determined to increase their earning power, there remains a reliable strategy of incurring even more debt and pursuing higher education. 

An alternative loan for an alternative education

After working countless late nights at a low-paying job at an advertising agency, I decided to look for alternatives. I theorized that my best bet would be to leave agency life altogether and retrain myself for a technical role in high demand. I considered the risks,  quit my job, and enrolled in a full-time product management course at General Assembly.

Quitting my job for an uncertain future was a challenge, but the task of securing the $12,000 I would need to finance the program was even more daunting. Government loans aren’t available for students at technical bootcamps like General Assembly, and I knew my bank wouldn’t give me a loan for this type of education either. While looking for other options, I contacted an online lender recommended to me by General Assembly.

I had never heard of online lending, but I put my skepticism aside and applied for a loan through Climb Credit. After inputting some basic information, I was surprised to learn that I was instantly approved for $12,000 in financing to pay for the entirety of my course. If you’re feeling like this sounds too good to be true, you’re not alone. Sometimes I still wonder if there’s a catch, but sixth months later, I’m happily employed in my chosen field and paying back the loan.

Now, from my desk at marketplace lender Herio Capital, it’s no stretch for me to empathize with the other borrowers out there, after all, I’m one of them. I bring that empathy to work with me everyday as we continue to make products that improve the borrower experience and the marketplace lending industry as a whole.

  • Francis Brown
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