This is the current lowest rate that each lenders offer for variable and fixed term, depending on their unique financial requirement factors such as debt to income ratio, credit score, location, term of loan, etc
Some individuals will get the rates if they qualify, while some won’t. -
With every lender we have had reports of colleagues getting the lowest rates as well as some that didn’t. Ultimately the decision is the lenders and not ours. But great news, every single lender will work directly with you to see how you can improve your application.
We went though many legal and marketing teams of each bank, or sometime we were approached by lenders due to the group’s high engagement/targeted audience. We then negotiated endlessly (often back and forth) with each of them; sometime this process would take days or even months for a contract to be signed and finalized by both parties.
We had one simple mission which was to get the best deals for Optometrists, either in a larger cash bonus or discounted rate for members compared to the typical applicant going online by themselves.
This usually results in us taking a significantly lower referral bonus compared to other websites.
Special thanks to Dat for all his time on the phone!
Every lender will have its own set of factors when determining your application, and thus your overall rate. Certain lenders want you to be close to its banking locations.
There are many factors such as the general federal interest rate, but based on anecdotal reports from members: monthly cash flow, debt to income ratio, assets, loan size, credit score, term duration.
But once again, it’s up to the lender.
We love this question! So Aaron and Dat are extremely transparent when it comes to financial disclosure. We both have full time job running our own clinic and both financially happy! Basically, we don't need the additional profit.
We were both young broke optometrists with massive student debt, so we know how it was!
But yes, we do get a small referral fee. Usually insignificant compared to most sites because we usually tell the lenders to put it toward the Applicant's, either in a larger cash bonus or lower discount rate.
These profits funds get broken up into:
1) Website maintenance/growth
2) Book Publishing: Free Books for optometry students
3) Donations to VOSH International
4) Future OD scholarship fund
As of 10/2019, over $3-4 million refinanced student loans through all lenders listed as when we started this project 3 weeks ago!
This is truly amazing because the heavy traffic shows that ODs really need this wonderful resource to get them on track to their financial wealth!