Eric's Credit Community

PURPOSE OF LOAN

I am a 35 year old father of three elementary aged children. I work full time as a Conductor on a class 1 railroad. I would like to get a loan to pay off several pay day loans I took out in order to pay for the funeral of my mother-in-law. The life insurance policy she had was an accidental death policy. Her death was not due to an accident so the policy did not pay. My wife stopped work in order to care for her mother during the last few months of her life and now cares for her 91 year old grandmother who was cared for by my wifes mother prior to her death.

FINANCIAL SITUATION

I have worked in my current position for the past 4 years. The accidental death policy owned by my mother-in-law- caught my wife and I off guard financially. After depleting my 401K and our savings account we were still short the money necessary to pay for the funeral. I took out several small pay day loans to pay the difference. I have been able to pay the finance charges on these loans very pay day without falling behind on the loans or my other financial obligations. However I have not been able to make any progress toward paying them off. For the past 4 years all of my bills have been paid on time with the exception of one 30 day late payment on my car when my car loan was sold to another lender and my payment was misplaced during the transition by the lender. I am attempting to get this corrected. I do have derogatory remarks on my credit that occurred prior to the last four years that continue to bring my credit scores down.

Monthly Budget

Children's Tuition $790

My Car Payment $316

Wife's Car Payment $460

Utilities $178

Credit Cards $190

Rent $980

Car Insurance $219

Life Insurance $72

Pay Day Loans $1470

Total $4675

Monthly Income

Pay from job $5100 net

Income from my employment will provide the resources for me to make the payments on my loan. Thank you for taking the time to read my listing and I look forward to doing business with you.