The platform is planning to provide up to $12M in instalments in 2023 to students whose credit scores are below 620

USA, May 11, 2023/EINPresswire.com/ -- Careerist, an ed-fintech marketplace platform, is launching an initiative that aims to bridge the gap for students with low credit scores to access its comprehensive training programs.

While collaborating with loan providers, Careerist observed that they only approved around 25-30% of the applicants that the platform referred to them, resulting in 70-75 out of every 100 individuals being denied loans. Consequently, the Careerist is leveraging their resources and data to underwrite the needs of underserved customers.

"The system that determines credit scores is 'broken”. Students who were unable to secure a loan due to a low credit score and consequently missed out on the opportunity to enroll in our bootcamp should have this option available. This is especially important considering that the most common reasons for low credit scores are often unrelated to one's ability to succeed in the program, such as missed payments and other insignificant factors or errors of the credit bureaus,” said Ivan Tsybaev, CEO and founder of Careerist.

Careerist will be extending loans to students who possess SSN and have a credit score lower than 620. Careerist's loan program offers flexible repayment options and competitive interest rates, making it a viable solution for students with low credit scores who are looking to pursue career training in technology: up to 24 months payment period, with an average APR of 18%.

Additionally, for those who have a low credit score, a down payment of $499 will be required.
In addition to loans, Careerist also provides a range of support services to help students succeed, including career coaching, job placement assistance, and ongoing mentorship to ensure students are set up for success in their tech careers.

About Careerist:

Careerist is an ed-fintech marketplace connecting motivated learners, teachers, and employers. It finances enrollment of underserved U.S. job seekers, trains them for tech jobs with software and freelance instructors, and automates their job search. The startup was founded in 2019 and was in Y Combinator's spring 2021 cohort. Now, the team has grown to over 100 employees and just raised $8 million in a Series A round from a range of investors, including Cathexis Ventures, Xploration Capital, Cold Start Ventures, and Grand Park Ventures.

https://www.careerist.com

Eugene
Careerist
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