Eric's Credit Community

ABOUT ME: I am 37 yrs old, married for 10 years, 2 children ages 4 and 6. I have been with my current employer for 7+ years as a registered nurse in a Children's Hospital. I have good credit and have a specific plan for this $.

WHAT I WILL DO WITH THE MONEY LOANED TO ME: I need this loan for business purposes. My husband and I both have around a 690 credit score. Which I thought was pretty darn good until I got a B grade on prosper. I've never had a B in my life:-). Anyway, we have two years of successful business history and are therefore eligible for some large unsecured corporate loans. The problem is you have to have a 700 personal credit score to get those unsecured loans for your corporation. We went thru a company called...actually, I'm not sure if they'll let me put the name of the company so I'll leave it out for now, let's just call it Company A....who did an analysis of our credit and determined that if we paid off a certain amount of our revolving debt, it would increase my husband's score above a 700. Then we have a separate company that specializes in obtaining corporate credit for individuals with 700 credit scores and two years of business history. Company A has a program where they will pay the debt off for you, for a fee of course. Then, you get the corporate credit line and pay them back. Well, company A was supposed to be done paying our revolving debt down two weeks ago. Others I've spoken with have told me the same thing....that they're not getting any feedback from Company A at all. So, I decided to take matters into my own hands and hit up Prosper.com. This loan should be paid back in 30 days or less but let's just say 60 days so I make sure I don't disappoint anyone. For the inconvenience of this being such a short-term loan I'm willing to pay a higher interest rate. Company A was going to charge me a flat 10% of the $25,000 for a 45 days loan so, even at a 29% int rate, as long as I pay everyone on here back within 4 months, I break even. If I pay off early, I save money. In the meantime, you make a very nice return. I think my credit score is very good. It indicates accurately that I respect my creditors and pay my bills in full, on time. Thank you very much for considering this.

MONTHLY FINANCIAL DETAILS: Net income after payroll deductions from all sources: $1,600
Spouse's Income after deductions: $5,000
Total monthly family Income $6,600
Mortgage: $ $1,780
Phone: $ 100
Gas: $100
Electricity & Water: $100
Car Loan and Operating Expenses: $560/month and within 9 months of being paid off.
Food: $ $500
Insurance: $130
Cable/Internet: $150
Clothing, expenses for children, etc. $500
Credit cards and loans that won't be paid off with my Prosper loan: $ 500
Total Monthly Expenses:$4,420
As of this exact moment, we have +/- $14,000 in our corporate checking account at Regions Bank. We will be using a good portion of this to pay down other revolving credit lines to get my husband's credit score sky high.

EXPLANATION OF HIGH DTI: My husband and I own rental properties. My only explanation for this DTI is that Prosper is counting my rental mortgages as expense. All of my rental properties our currently rented out and all of our mortgages are therefore covered. I acknowledge that tenants sometimes move out but we have reserves for that so even if our properties become vacant we would still have the means to pay off this loan.

CLOSING REMARKS TO LENDERS: I know there are a lot of yahoos on the internet but I assure you I've got this planned out. I know exactly what I'm doing with the money I'll receive and I know exactly how I'm paying it back. I look forward to your questions and getting this funded so we can move forward with our commercial loans. Thank you.