Fresh Start From Debt and Payday Loans
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | E | DTI: | 14% |
| Lender Rate: | 25% | Borrower: | jmto_02 |
| Finished | State: | IL | |
| Funded: | 100% | Group: | Psalms 1:1-3 |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-03 | EricsCC ROI: | 19% |
| Status History | |
|---|---|
| May 04, 2007 | Current |
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Purpose of loan: Hello Lenders; I have been working for a social service agency for the past 17 years. Although my the work is hard sometimes, it is also rewarding. I have spent the past years working with low-income families, that I have not worked on helping myself with my own financial situation. I want to change that and I hope that I can get that start here. My financial situation: I am requesting a loan of $3500.00 close all of the payday loans that I have. Also, I have to pay the IRS. I want a fresh start to get out of debt and get back on track in saving money for the future. I started to use the payday loans to pay on some bills (to give them more than the minimal payment that was due) but in doing this I got further behind and my credit card accounts became delinquent. I have really made a big mistake in using this method. I have been cutting back and started on a budget to get things back in order. In addition to my regular job I have started working a part-time job in order to bring in more funds. I will be moving to an apartment where the rent is less than what I am paying now when my lease is up in June, and this will also give me additional money to pay on this loan. I am going to use this loan to payoff the payday loans and the IRS. With the extra money that I have been earning with the extra job I have been slowly getting my other delinquent accounts back on track. Once I have paid off the payday loans it will free up more money so that I can pay my accounts and also it will be easier to pay this loan once a month instead of every pay period, which is what I am paying the payday loan companies. I have already paid off two of my payday loans and started working on my credit card accounts. My monthly budget: Rent ? 850 (I have a few locations where the rent is between the 700 to 750) Phone 90 Lights 45 Cable 95 Food 150 Transportation = 75.00 monthly pass (I do not own a car so I take public transportation) Cell phone 50.00 Credit Cards = 300.00 Total Expense = 1655.00 Total Expense after move 1555.00 On my credit report there are two judgments listed in which I have just got changed to show that they are both paid in full. Also, one of the payday loan companies has begun to garnish my check. Some my accounts are delinquent but I am working to get them back on a payment schedule and I have deferred my student loan. Debt that I want to payoff with the loan that I receive from Prosper: IRS = 675.00 (568.00 for federal and 107 for the state taxes) Payday loans: Americash 950.00 (This the company that is garnishing my check for 198.99 every two weeks with a percentage rate of 290.00%). Illinois Lending Company 450.00 (Percentage rate of 469%) Payday Loan Store 756.00 (I am paying them 157.00 every two weeks with a percentage rate of 701.88%) World Wide Cash 200.00 (percentage rate of 200%) Net monthly income 1932.00 (I am not including the extra money that I am making now with the part-time job, nor the overtime that I make during our peak time which starts at the end of August and goes into October). Total monthly income = 1932.00 Total monthly expense = 1655.00 Total available 277.00 (a additional 100 to 150 will be available once I move) I would like to thank for looking at my listing. God Bless |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 88208 | Pay overdue rent | E | $5,000 @ 7% | Jan 23, 2007 | Expired |
| 98847 | Moving Expense | E | $1,500 @ 19% | Feb 12, 2007 | Expired |
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