We work hard to ensure that the Praxis experience is one of the most affordable out there. Through the span of the 10-month program, participants earn enough from their business partners to cover the cost of tuition, which itself is broken up on a payment plan throughout the program. Essentially this leaves participants with the cost-of-living.
One of the biggest problems that young people with limited work experience face is that they rarely have much in the way of credit history, if anything. This can make it very difficult to attain a traditional personal loan. Even more, many loan companies only offer larger loans (e.g., $10,000 minimum).
We want to connect interested applicants to funding options that take into account this limited history and experience, and provide smaller, more manageable financing options. We’ll be featuring a number of our favorite options here on the blog. These can be found under the “Financing the Praxis Experience” tab on the right-hand side of the page.
Today, we’re featuring Upstart, a marketplace lending platform that works with young people to secure small personal loans to grow their experience and education.
Upstart offers marketplace peer-to-peer loans for people with limited credit history and work experience — ideal for the young person just starting out with a Praxis partner. Starting at $3,000 loans over a 3-year period with a minimum APR of 6.5%, Upstart loans are used for a variety of purposes, including paying off student loans, credit card debt, attending courses or bootcamps, and other personal loan purposes.
By taking into account the applicant’s job offer, educational experience and aspirations, and other factors, Upstart can avoid the typically-stringent credit score review model, and provides opportunities for small loans to young people like those interested in Praxis that are more responsible, manageable, and less imposing than student loans.
- Minimum loan: $3,000
- Starting APR:6.5%
- Qualifications considered:
- FICO score
- Years of credit
- Area of study
- Job history
Upstart can be a great option for somebody looking for a small loan to cover cost-of-living expenses when they relocate for the program. Check out the platform here.