What are the differences between bootcamp loans and traditional loans?

What are the differences between bootcamp loans and traditional loans?

Bootcamp loans are specifically designed for coding or trade bootcamps, often with flexible repayment options. Traditional loans, like personal loans, can be used for various purposes but may have stricter terms.

Are bootcamp loans easier to qualify for?

Yes, bootcamp loans typically have more lenient qualification criteria compared to traditional loans, focusing on future earning potential.

What are the interest rates like for bootcamp loans?

Interest rates for bootcamp loans can vary, but they are often higher than traditional loans due to the risk involved. It's important to compare rates.

Can I use a bootcamp loan for living expenses?

Some bootcamp loans may allow you to cover living expenses, but it's essential to check the specific terms of the loan.

What happens if I can't repay my bootcamp loan?

If you can't repay your bootcamp loan, it may lead to default, which can affect your credit score. It's best to communicate with your lender for options.