I'm a bit of an anomaly when it comes to getting loans. Firstly, I have a business degree from a pretty-highly-regarded state school in Atlanta. I got a 3.4 GPA and even told them that.
I don't -and never did- have any college debt. When I requested the loan, I working at a full-time job paying $37K (not the ideal, I know, but still something), and I had a good credit score -- though short credit history at age 26 (score of 675 on Equifax, 700 on Experian, and apparently- according Pave's soft credit pull on my account, a hefty score of 740).
However, one thing that wasn't going for me when requesting a loan, was that I was in around $5K in credit card (due to stupid spending). Nonetheless, I was granted the amount of money I had requested for my loan, which was around $15K.
Once I got my loan terms from Pave, turns out my interest rate was less than 8%, and my APR - which was originally set at 10%, dropped down to my interest rate weirdly enough after I delayed on accepting the loan for a little while.
I was very satisfied with the interest rate terms they gave me. I was expecting a higher one due to my current debt and mediocre credit score - that paired with my irrefutable short credit history made me a poor candidate, so I thought.
Needless to say... I accepted my loan terms ;)
and SINCE I didn't immediately accept the Pave loan immediately (I was looking at other rates (requesting loans from 4 other companies), Pave emailed me and said that they would WAIVE the origination fee, which - for me- was over $500!!
Here is some info on the other 4 lending companies and what they offered me:
Upstart - gave me a smaller amount than my loan amount I had request. The interest rate they gave me was also very high
Borrower’s First -- very high APR, smaller loan amount given
Avant -- very high APR, only willing to pay half of my request loan amount
Lending Club -- denied me for my loan amount all together!
So I got my loan amount in FULL due to that waived origination fee (which I considered a truly an honest blessing!). Truth be told, overall, know that my education, credit score, lack of large debt, and full-time job are what scored me this loan.
It made me feel good that my work in a university wasn't in vain. I had been feeling disillusioned that -after graduating from school- I didn't immediately begin working at a job I liked. Not a job I LOVED, just a job I liked. It was hard. It's BEEN hard. This Pave loan is allowing me to disconnect from my job now, and LEAVE... and with the team I've been granted via using the Pave loan, I can search for something with more meaning, with the experience I've gained in the past years.