Borrower Guide: Bootcamps
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WeFinance is a crowdfunding platform that allows individuals to raise loans from their personal networks rather than traditional lenders. The guide outlines how to effectively present a loan request, showcasing personal background, purpose of the loan, endorsements from trusted individuals, and recommended loan terms. It emphasizes the importance of relationships over credit scores and encourages transparency and proactive engagement in borrowing.
Borrower Guide: Bootcamps
- 1. B O R R O W E R G U I D E : C O D I N G B O O T C A M P S
- 2. W H Y W E F I N A N C E ?
- 3. W H AT I S W E F I N A N C E • WeFinance is a crowdfunding platform for your loans. • Why pay the bank interest on a loan, when you can pay your friends, family, or coworkers instead? • You set the terms. We don’t believe in credit scores. We believe in your relationships.
- 4. 3 U S E C A S E S • 1. I want to attend a bootcamp but I can’t get a loan that seems fair (or a loan at all) from other lenders. • 2. I want a loan to cover my living, moving, or life expenses while I attend a bootcamp. • 3. I took a crappy loan to pay for the bootcamp, but now I have a great job and an expanded network!
- 6. C O M PA R I N G L E N D E R S W E F I N A N C E E A R N E S T / C L I M B / PAV E / U P S TA R T / A F F I R M / E T C L E N D E R S F R I E N D S / FA M I LY / C O W O R K E R S / A L M A M AT E R F I N A N C I A L I N S T I T U T I O N S / A C C R E D I T E D I N V E S T O R S R AT E S Y O U D E C I D E 5 - 1 5 % D E T E R M I N I N G FA C T O R S Y O U R N E T W O R K Y O U R C R E D I T S C O R E L O A N P U R P O S E A L L O W E D T U I T I O N / M O V I N G / L A P T O P / L I V I N G E X P E N S E S T U I T I O N O N LY L E N D E R ’ S M A I N G O A L H E L P Y O U M A K E M O N E Y L E N D E R ’ S S E C O N D A RY G O A L M A K E M O N E Y D E - R I S K I N V E S T M E N T
- 7. B O O T C A M P PA R T N E R S
- 9. H O W T O C R E AT E A G R E AT L I S T I N G
- 10. B A C K G R O U N D • Start with your background… • What did you study? Where? • Where do you work now? Before? • What’s your career aspirations?
- 11. B A C K G R O U N D : S A M P L E # 1 • I studied Systems Engineering at Washington University in St. Louis. • I worked at Boeing as a Systems Engineer for 3 years, working on the research and technology team. • I’m hoping to become a software engineer!
- 12. B A C K G R O U N D : S A M P L E # 2 • I went to Embry Riddle Aeronautical University • I was a Aircraft Technician for the United States Navy for 5 years before teaching myself code and becoming a freelance web developer. • I’m hoping to improve my development skills!
- 13. P U R P O S E • Explain how you’re going to use the funding… • Are you investing to develop your career? • Paying down your loans? • Moving across the country for a job?
- 14. P U R P O S E : S A M P L E # 1 • I got into New York Code + Design Academy (NYCDA), a leading coding bootcamp. • The program has a high placement rate and graduates work at places like: Google, BuzzFeed, WebMD. • The program produces skilled developers — with alumni working as product managers, front-end and back-end developers, and full stack developers.
- 15. P U R P O S E : S A M P L E # 2 • I took an aggressive loan from another lender to pay for Hack Reactor. • I got a job offer as a Software Engineer at Udacity. • My coworkers were shocked that I had a 15% interest loan and said I should refinance, so here I am!
- 16. P E R S O N A L I T Y • Provide details about your personality and character that people can relate to… • Are you a scuba diver? Kitesurfer? • What languages do you speak? • Why should you be trusted?
- 17. P E R S O N A L I T Y: S A M P L E # 1 • I love running, volleyball, and traveling. When I was in college, I was a part of Engineers Without Borders and a volunteer at the St. Louis Children’s Hospital. • I speak French and Turkish and have been able to practice it on trips to Paris and Ankara last year! • As an engineer, I know that negligence in my work can cause deaths. I’ve promised myself never to be negligent in my obligations (be it financial or work).
- 18. P E R S O N A L I T Y: S A M P L E # 2 • I’m super interested in fitness and quantified self. I’ve made multiple apps to explore this space for fun! • I have a bilingual proficiency in… JavaScript! I also love to ski, surf, and run marathons. • One of the Navy’s core principles is to, “give an honest effort in the performance of your duties.” If someone lends me money, repaying them is now my duty.
- 19. E N D O R S E M E N T S • Ask family, friends, and coworkers for endorsements… • Why are they reliable? • Why should you lend them the money? • Why are they worth the risk?
- 20. E N D O R S E M E N T S : S A M P L E # 1 • I worked with Nicole at Boeing. She is one of the hardest and most diligent people I know. She never cut corners and always made sure things were done the right way. • Nicole and I went to school together. She was involved in student leadership and wanted to make a difference in the world. I’m confident that, whatever direction she takes, she’ll be making the world a better place!
- 21. E N D O R S E M E N T S : S A M P L E # 2 • I work with Patrick at Udacity and there’s only one word to describe him, amazing! I’m shocked he’s paying 15% interest and I’m helping him refinance because he’s a good investment (and a good person!). • Patrick and I were both in the Navy a few years back. Why do I trust him with my money? I’ve trusted him with my life a few times already (when we were fixing, maintaining, and flying a huge anti-submarine aircraft).
- 22. S H O W C A S E • Showcase who you are… • Select a good photograph — a photo is worth a thousand words! — that embodies your personality. • Share your portfolio or your GitHub. What have you already made? Show it off! • Share other social links. What else do you hang out on the internet? Twitter? Instagram?
- 23. S H O W C A S E : S A M P L E # 1 • LinkedIn: linkedin.com/in/nicolecodes • GitHub: github.com/nicolecodes • Pinterest: pinterest.com/nicolecodes
- 24. S H O W C A S E : S A M P L E # 2 • Portfolio: patrickcodes.io • GitHub: github.com/patrickcodes • Twitter: twitter.com/patrickcodes
- 25. L O A N T E R M S • Explain your reasoning for the terms… • Why x% interest? • Why x months? • Why the deferral?
- 26. L O A N T E R M S : S A M P L E # 1 • I picked a 4% interest rate because, as an engineer, I’m a relatively low risk even if I can’t find a software job. • I chose 3 years because it seemed like a good time frame to pay off the loan without impacting lifestyle. • I wanted a 6 month deferral since the program is 3 months long and the average time to find a job after the program is 3 months.
- 27. L O A N T E R M S : S A M P L E # 2 • My coworkers are happy to lend to me at 5% but I’m comfortable paying 6% — which is a lot less than my previous loan! 6% seems fair. • I chose 1 year because I hate having debt — it’s like a bad cloud. I want to pay it off as fast as possible. • I didn’t pick a deferral. I’m making good money and I don’t need it. Why defer and pay more interest?
- 28. H O W T O G E T F U N D E D
- 29. S H A R I N G • When you share your listing… • Present yourself as an investment opportunity. It’s not a handout — it’s a loan with interest. • It’s a win-win situation. Why give money to the bank when you can give it to people you know? • Don’t be afraid. No, it doesn’t look bad. You’re being proactive (rather than negligent).
- 30. S H A R I N G : S A M P L E # 1 • Hi Kate! I mentioned that I’m raising money through my network to afford going to NYCDA. I’m using WeFinance, a platform I trust, to crowd fund and manage my loan and automatically repay my lenders. Since you’re one of my closest friends, I wanted to reach out to see if you would write me a brief endorsement or pledge to my listing. I would rather pay you 4% (especially since the bank only gives you 0.1%!) instead of paying the bank 8% for a loan.
- 31. S H A R I N G : S A M P L E # 2 • Hey Devon! It’s been an amazing 2 months working with you and the Udacity team! I mentioned to Phil that I had a 15% loan from going to Hack Reactor and he offered to help me refinance it at a better rate.I’m currently using WeFinance, a new crowdfunding platform for loans, to do it. I rather pay interest to my coworkers, not the bank! WeFinance manages the repayment and everything else. I would love an endorsement of the work I’ve been doing and it would be amazing if you made a pledge.
- 32. S H A R I N G T I P S • Create a posting schedule for different social networks. • Customize your message for medium/network. • Engage your network; answer questions and concerns. • Push hard at the beginning and at the end — most funding comes at the beginning and at the very end. • Encourage friends and family to share!
- 33. Q U E S T I O N S ? S E B A S T I A N @ W E F I N A N C E . C O