I have this friend, Meghan. She's great. We're going to live together this summer. Frank and I are about to make her year!
One of our favorite things to do before class is grab a coffee, walk around Central Park, and pet as many dogs as possible. It's a little odd but Meghan claims that with every passing day, the pain in her soul grows deeper because she doesn't have a dog.
Meghan needs a dog.
Meghan seems to be going crazy. At some point we might get banned from Central Park. I don't know if I feel exactly the same way about dogs, but I think Meghan really needs one. A lot.
When we move off campus this summer, our number one requirement for our new building is "pets allowed".
Meghan needs this dog NOW.
So, she should save up and buy the dog when she has the cash right? Meghan would argue that the emotional toll of being dogless increases exponentially the longer she waits. I think that's exaggerating a little bit.
But I weirdly agree. I don't think she should wait, either. Adopting in the summer would be a lot more convenient and better for the dog. Class will be out of session. She will have time to bond with it. And, most importantly as her roommate, she'll have time to properly train it.
If she waits until fall semester, her classes will restrict a lot of that free time. That will leave the puppy home alone, which can be disastrous.
Getting a dog is expensive.
We started calculating how much adopting a dog would cost. Turns out, it's a lot. Meghan's going to need some help.
A crate, a dog bed, adoption fees, shots, and microchips amount to hundreds of dollars. And, all of these costs are upfront. And that's not even including the food.
It isn't that Meghan wants to buy something she can't afford, it's that she doesn't have the money now, when she needs it.
She has income from her fabulous part-time job at the Disney store. But, it will take her all summer to save up.
Dog loans aren't really a thing.
Even with only a few semesters of economics we knew the solution was simple: she needs a loan for all of these costs at the beginning of the summer and she can pay it back over the course of the summer.
But here's the problem: going to the bank for a loan to buy a dog isn't really a thing. A dog, while it may provide emotional benefits, is not an investment, and we were pretty sure we'd get laughed out of the bank. I'm actually kind of interested if anyone has anyone ever tried.
Meghan probably could have used her credit card, but the interest rates would have been insane. She's in college, she doesn't have a long credit history or any collateral. It would have been over 20% interest on that dog loan through her credit card.
We both knew that was crazy!
Friends — and Frank — make it possible
Eventually I came to Frank
If Meghan took out a loan with Frank, she can borrow the money from friends and family. These are the people that understand how important it is to her. And we also know great a person she is, so we know that she'll absolutely pay us back.
She can set the amount of interest she wants to pay (3% seems fair and it's what Frank suggests her friends normally do). She can set up her own repayment schedule with automatic bank account withdrawals so she (and her supporters) don't have to worry. And she can set reminders for when those withdrawals are about to happen, so she can plan accordingly.
Meghan gets to save a bunch of money and reward the people who love her and wanted to support her. The people who are supporting her are making a little money and giving Meghan something that can only be measured deep in her soul.
I wouldn't mind contributing myself. (There's no need for awkward "I need my money back" confrontations. Plus, I'd get to share in the puppy love). Problem solved.
Note: This post was written by Sophie, our amazing new intern at Frank. We’re ‘Meghan-with-a-dog’ level excited about Sophie joining us this summer. We’re excited for Meghan too!