I applied for the USAA Career Starter Loan in November 2008. At the time, I was a junior in college and about 18 months from commissioning. It was quite the rush to see $25,000 deposited into my checking account. From start to finish it took about a week to complete the loan application and have the cash deposited into my USAA checking account. I moved the money into a savings account within a day or two, and then began to think about what I wanted to do with the money.
I knew I wanted to invest most of it. At 2.99% interest, I was convinced that I could use the low interest rate to profit from arbitrage. I researched for a few days and then went into action.