Consolidating Payday Loans for Financial Freedom
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,200.00 | Status: | Loan created |
| Grade: | HR | DTI: | 15% |
| Lender Rate: | 29% | Borrower: | OneLastStep |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-05-24 | EricsCC ROI: | 23% |
| Status History | |
|---|---|
| May 23, 2007 | Current |
| Aug 08, 2008 | Late |
| Aug 20, 2008 | Current |
| Oct 10, 2008 | Late |
| Oct 25, 2008 | 1 month late |
| Nov 13, 2008 | Late |
| Nov 18, 2008 | Current |
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Purpose of loan: We have been struggling for more then a year to break out of the payday loan trap. It's been frustrating to watch all our extra income fly out the window paying outrageous interest rates. We have been paying, on average, over $1000 a month in interest alone on these payday loans. It's time to clear up this mess and get the funding we need to get away from the payday loan sharks and continue our path to total financial recovery. We will be more then happy and able to pay the highest interest rate through this loan over the 600% - 1200% APR we have been paying. The problems started when my wife, Kim, was finishing her LPN Nursing Degree in the first quarter of 2005. Because she was working less and we had school expenses, we used our credit cards to help cover a variety of expenses. It got to the point where we would make payments so we could use the cards to cover other expenses. Then in the last quarter of 2005, we were hit with furnace repair, car repairs and unexpected medical expenses. That pushed us over the edge and to cover immediate expenses; we got into the payday loan trap. Once there, because of the finance charges, we had to keep rotating the loans to cover our other bills. When that crisis started, we evaluated all expenses and took cost cutting steps from clipping coupons to eliminating cell phones and reducing phone, internet and cable expenses and changing insurance plans to reduce medical expenses. Even with those efforts, it was too late. We fell behind in credit cards and mortgage as a result.. January of 2006 we signed up with credit counseling and were accepted into our mortgage company crisis payment plan. We completed that plan in March of this year and have been keeping up ever since. Our poor credit rating is a result of falling behind in payments and that is a direct result of the payday loan interest rates taking all our spare income. My financial situation: We have learned so much from the struggle we have been through? from saving 33% on our weekly grocery bill through coupons, to budgeting every penny 3 months out using Microsoft Money, we have survived by strict budgeting which is now become habit. It?s a situation we never wish to be in again and will do everything in our power to continue on the path we are on. With the exception of our mortgage and this loan, it?s our goal to be debt free by the end of 2007. While I have no awards for financial management; I am an award winning photojournalist working for the same company the past 13 years. My wife completed schooling to become a nurse and is now working with disable adults in a very satisfying career. We have lived in the same home for 8+ years, have two beautiful daughters and plan on staying here for years to come. Monthly net income: $5200 + Overtime Monthly expenses: $3852 Housing: $1862 Insurance: $72 Car expenses: $300 Utilities: $250 Phone, cable, internet: $93 Food, entertainment: $600 Clothing, household expenses $200 Credit cards and other loans: $175 Other expenses: $300 Here is the breakdown for the payday loans we will be consolidating; Payday One $735.71 Payday OK $514.00 Sonic Payday $1,007.00 Cash Central $375.00 Cash Net $625.00 Cash Zip $340.00 Payday Services $500.00 Total Payoff and Loan Request: $4,096.71 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 6973 | We would rather be paying you instead of those Payday Sharks | E | $2,950 @ 8% | Apr 22, 2006 | Withdrawn |
| 11334 | Seeking help in removing the last road block to freedom | E | $3,550 @ 8% | May 04, 2006 | Expired |
| 12992 | Seeking help in removing the last road block to freedom | E | $3,550 @ 8% | May 12, 2006 | Expired |
| 13941 | Every penny counts tward a brighter tomorrow | E | $1,300 @ 8% | May 17, 2006 | Expired |
| 20598 | Hardworking, Honest Family Seeking Modest Help | E | $1,000 @ 8% | Jun 19, 2006 | Expired |
| 234875 | Consolidating medical bills & high interest credit cards | HR | $5,940 @ 29% | Nov 20, 2007 | Withdrawn |
| 238141 | Payoff Current Loan, All Medical & High Balance Credit Cards | HR | $8,500 @ 29% | Nov 27, 2007 | Loan created |
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