Reinvesting, Very Low Risk
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 19% |
| Lender Rate: | 9% | Borrower: | GoldLenderOfBabylon |
| Finished | State: | VA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-05-16 | EricsCC ROI: | 9% |
| Status History | |
|---|---|
| May 16, 2007 | Current |
| Aug 16, 2007 | Payoff in progress |
| Aug 27, 2007 | Paid |
|
Purpose of loan: I will be using this loan to reinvest into high income trust fund that pays a monthly dividend totaling at least 15% per year. Yes they are out there. I currently invest with ShareBuilder because of their great rate on automatic investments and free dividend reinvestments. I have weighted the risks and rewards of taking this loan vs. keep gradually investing small amounts of money to get to this point. I currently invest monthly into this fund and will continue to do so. I am new to Prosper and my application for a lender is currently pending. Once that gets approved I will start lending also to add another source of income into my portfolio. I admire what Prosper has created for individuals that have a hard time getting a loan and giving small time investers the opportunity to compete against banks and reep the rewards. Lord knows if I went to a bank and asked for this money for investing they would turn me away in a heart beat. I plan on paying this loan off within as quickly as possible. This will give me a clear understanding of the loan process from a loan requesters prospect. My financial situation: I am a Reservist currently deployed in Kuwait and my only income is my good ol' enlisted paycheck. I currently bring in $4,400 monthly tax free! That is $3,400 from Pay/Housing/Food Allowance/Combat incentives + $1,000 Assignment Incentive Pay (AIP) for being deployed for more than 24 months in a 5 year period. In my civilian job, which I will be going back to in November, I work as a Unit Administrator for my Army Reserve Unit. This is a GS position. After taxes I bring in approximately $2,400 per month and $250 for weekend drills, all after tax dollars. You might say....."Hey, it looks to me that you are making way more than your total expenses; Why would you need this loan? Where has the money that you have made been spent?" Your right, I am right now. I have also succesfully paid 100% of my student loans off in the past 6 months ($2,700, the Army doesnt pay this because my civilian job with the Army is considered a "benefit" so I don't receive the Loan Repayment), I have also paid off the balance on my motorcycle in the last 6 months($4,500) I have paid off my credit card once, then put approximately $2,000 back on it to enjoy my 2 weeks of leave, I am working to pay that off now. I purchased a new computer for $1800 last month. And I have been doubling up on my car payment monthly, and invest $700 a month into the stock market. I have money saved and that is my buffer for a hard time if/when that comes up. Thanks for your consideration on this loan. If you have questions, please ask. CURRENT My monthly budget: Mortgage/rent: $0 Insurance: $120/month (I have taken the insurance off my motorcycle) Car expenses: $800/month (I double up here) Utilities: $0 Phone, cable, internet: $100 (calling cards to keep in touch with the loved ones!) Food, entertainment: $100/month Clothing, household expenses $0 Credit cards and other loan payments: $100 Other expenses: $ Total monthly expenses: $1220 NORMAL(away from the desert) My monthly budget: Mortgage/rent: $500 Insurance: $120 (I plan on saleing the motorcyle, so I won't have the insurance when I return home) Car expenses: $400/month Utilities: $120 Phone, cable, internet: $110 Food, entertainment: $200/month Clothing, household expenses $200 Credit cards and other loan payments: $100 Other expenses: $ Total monthly expenses: $1750 |
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