INCREASE BUYING POWER FOR BUSINESS
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 40% |
| Lender Rate: | 20% | Borrower: | alignpro |
| Finished | State: | GA | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 3 months late | Origination Date: | 2007-03-19 | EricsCC ROI: | -22% |
| Status History | |
|---|---|
| Mar 17, 2007 | Current |
| Apr 04, 2008 | Late |
| Apr 16, 2008 | Current |
| Sep 05, 2008 | Late |
| Sep 20, 2008 | 1 month late |
| Oct 20, 2008 | 2 months late |
| Nov 20, 2008 | 3 months late |
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My Family: I am 44 years old, with a wonderful wife of 18 years. We have 3 children ages 22, 20, and 17. (The 2 oldest are step children, although I think of them as my own.) My work history: I have always managed to stay employed full-time since graduating in 1981. I began my work career at 16 in a truck body shop, remaining there until I was 25. We moved to Florida, married in 1989, and had our youngest child. I began specializing in heavy truck frame and alignments in 1991, working at an equipment manufacturers training facility. I became their shop manager in 1996. From there we moved to Atlanta, Georgia in 1999 to start a partnership in a mobile truck alignment business. The business has expanded to include a workshop and recently added tire sales. I have just bought the remainder of the business and now own 100%. Bad credit history: My credit score has dropped recently from some bad financial decisions combined with some medical expenses incurred about 2 years ago. In just the last 18 months we have brought my score from the low 500's to the mid 600's. Looking to get back to the mid 700's again, where I was when we purchased our house in 2001. Even through the tough times when I fell behind I always remember those that have helped, and do my best to repay all of my debts. I am grateful for this chance and will help to keep our team the highest rated. Purpose of Loan: Combination of business and personal. Personal: $2750 for car loan removes $200/month payment. $12,000 for highest rate credit cards removes $400/month payments. Business: $10,000 for truck tire purchases. By paying COD for tires I can save $10 per tire, if I buy in quantity. 40 tires @250 per tire. Most of my customers are small fleets with 15-30 day net. I sell about 40 tires per month which will increase my profit by $400. When I receive payments after the first month I will be able to continue the cycle. Finacial Details: Income: 4570 Net. (Salary 3870, Business "expense allowance" 700). Expenses: Mortgage 980 Phone 50 Gas 130 Electric 130 Water 50 Food 550 Insurance 200 Cable 100 Clothing 200 Credit cards 200 remaining after 12,000 payoff. Car loan 325 paid by business. Misc. 200 Medical 200 Total 3315 - 325 = 2990 after subtracting car loan. Balance to pay Prosper loan 4570 - 2990 = 1580 Also consider extra $400 profit on business side. Closing: Thank you for your time and consideration. I have thought about this for a long time, and weighed pro and cons of this loan. I will not let my lenders or group down by pledging to make all payments on time. |
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