Law School Discussion

"My Rich Uncle"

DDBY

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"My Rich Uncle"
« on: May 16, 2007, 01:36:26 PM »
Anyone considering MRU for financiang?

highjumper

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Re: "My Rich Uncle"
« Reply #1 on: May 16, 2007, 04:26:08 PM »
I called them to find out what they offered, and was told the following:

They offer goverment and private loans depending on the school you go to.  For UC Davis they only offered private loans, so my discussion will be along that vein.  They base their rate on LIBOR (though they didn't say which maturity), currently at 5.348%, plus a premium ranging from 2.25% to 8.0%.  Their origination fee would range from 0% to 8.0%. 

Net effect, 7.598% to 13.348% actual (not APR) with a 0% to 8% fee, all depending on your credit rating, debt-income, employment history, and net worth.  If you suspect you may have low credit or do not have 2 years of recent work history, you should consider a strong co-applicant (wouldn't be a bad idea for anyone if available as it can only lower your rate and fee).

They offer 3 programs for the private loans. 1) princple and interest (P&I) during school, 2) interest only during school, or 3) total deferment during school. They only mentioned a 15 year amortization (don't know if they offer extended terms).

All in all, it seemed relatively reasonable and straightforward.  The total process, application to funding can be as short as 3 weeks, with a decision usally 3 days of application.  They send private loan funds directly to you, the borrower. 

As to whether it is a good option or not depends entirely on what your school offers.  However, I thought it sounded pretty decent. Hope this helps. 

jimfoolery

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Re: "My Rich Uncle"
« Reply #2 on: May 16, 2007, 06:50:37 PM »
Oh man I totally thought this was a joke!

Isn't it?  I think highjumper is just playing along in elaborate detail.

jimfoolery

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Re: "My Rich Uncle"
« Reply #3 on: May 16, 2007, 07:00:44 PM »
Oh man I totally thought this was a joke!

Isn't it?  I think highjumper is just playing along in elaborate detail.

http://www.myrichuncle.com/

Apparently not.

Eh, probably a fake thrown together by Gwiz.  I'm not convinced.

ě

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Re: "My Rich Uncle"
« Reply #4 on: May 16, 2007, 07:18:25 PM »
Quote
   Domain Name: MYRICHUNCLE.COM
      Created on: 16-Mar-99

Yeah, quite elaborate, he created the website 8 years ago just so he could trick us! Most impressive! He even got it stocklisted (NASDAQ: UNCL)

Re: "My Rich Uncle"
« Reply #5 on: May 16, 2007, 07:20:31 PM »
Oh man I totally thought this was a joke!

Isn't it?  I think highjumper is just playing along in elaborate detail.

http://www.myrichuncle.com/

Apparently not.

Eh, probably a fake thrown together by Gwiz.  I'm not convinced.

The stock market says otherwise...

http://quotes.nasdaq.com/asp/summaryquote.asp?symbol=UNCL%60&selected=UNCL%60

jimfoolery

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Re: "My Rich Uncle"
« Reply #6 on: May 16, 2007, 07:22:19 PM »

DDBY

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Re: "My Rich Uncle"
« Reply #7 on: May 17, 2007, 10:31:48 AM »
That's why it took so long for people to reply.  I can understand that.  They're real... I know about the program I was looking for some reviews of thier service/program.

Re: "My Rich Uncle"
« Reply #8 on: May 17, 2007, 11:50:44 AM »
My dad told me about this site.  It was recommended by Clark Howard (a national radio guy that talks about financial topics).  I think they chose a risky name because people would think it was a joke.

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Re: "My Rich Uncle"
« Reply #9 on: May 17, 2007, 11:58:42 AM »
Not sure it's risky really. It's humorous and catchy, people will remember it. Kinda like GoDaddy, it's a name that makes no sense compared to its product, but it has appeal and get stuck in people's memory.