Eric's Credit Community

Reasons for borrowing:

The primary reason I?m seeking funds is that a large portion of my income is from retained earnings, approximately 30%.  If anyone out there knows about tax law you?ll know the benefits of structuring a company as an S Corp and why I can?t get to money right away. Basically there are funds in my business bank account that I don?t have access to until the end of each quarter or year.  I would like to secure a loan so that I can have access to these funds sooner, for purchases or possibly conservatively re-investing in Prosper. I also have a B.A. in Economics from the University of Maryland and I think this site?s concept is great.  According to their charts $6001.00 is the minimum for Maryland loans and it also happens to be less than 10% of my income so I think that?s a fine amount to start with.

Why you don?t have to worry about default:

-First of all, I have $25,000 invested in long term stock picks (Warren Buffet is my idol) that could easily be liquidated if some emergency were to occur.

-Secondly, the money I?m asking for is only a small fraction of my yearly income and much of it is already in my business bank account. (As I said before I can not get to these retained earnings right away or the IRS would consider it salary and tax it differently)

-Finally, I think my credit speaks for itself.  I am someone who values creditors, as silly as that might sound, because for someone to lend me money that means they trust me to pay it back.  I would never want to break that trust. Paying on time and maintaining my credit score is my #1 priority.