Eric's Credit Community

From group leader: "Lenders, if you wish to know about future loans from 'A thru E graded Loans' before they come live on the website, please send me your email address via private message here on Prosper.

Purpose of the loan:
I am looking to borrow $4,000 dollars. The money will be spent as follows:

A) $1250- Driving school to get my class A CDL.
B) $400 - I am going to use this to pay down my four wheeler so that I can sell it. I
owe $3900 on it, and can get $3500 out of it. It is a 2005 Honda TRX 450R.
C) $1550 - I am using this to pay off Mike Keith Security Loans (30% interest).
D) $400 - Pay day loan #1 (Quik Cash)
E) $400 - Pay day loan #2 (PayDay Loans)

The reason for the pay day loans is that I do not have any credit cards, so when I had to move and was low on cash, I turned to pay day loans. I didn't realize what I was getting into and I admit that it was a very stupid thing to do. Per my group leader's advice I will be opening a small credit card to build up my credit history and also in case of emergency so I won't need a pay day loan ever again.

Financial Situation:
I have a good job for 2 years, where I make $30k/year. By going to driving school and getting a higher license I will double my income (to approximately $60k); the class is 2 weeks and I wish to take it in July. As I said earlier, I plan to sell my 4 wheeler so I don't have that payment anymore. I just sold my 2004 Dodge and bought a 96 Chevy, which eliminated $200 a month out of my expenses.

Monthly net income: $ 1,800.00

Monthly expenses:
Housing: $200 I live with my brother and we split all household expenses
Insurance: $78 (car)
Car expenses: $270
Utilities: $ 100
Phone, cable, internet: $65 (cell phone)
Food, entertainment: $150
Clothing, household expenses: $50
Misc: $100
Other expenses: I spend any were from $100 to $150 on gas

Total Expenses: $1163, plus or minus $50 a month
This would leave me with $637 a month to pay the Prosper loan.

Right now of this $637, I pay $275 a month to pay day loans and Mike Keith Loans, and $132 goes to Honda for my four wheeler, leaving me $230 extra each month. When I sell the four wheeler, thats an extra $132 a month. The Prosper loan would replace the $275 I pay to pay day loans/Mike Keith Loans.

The only money that I will owe then will be Prosper and First Community Bank $270. Also I have a standing offer upon completion of driving school at a local company where 2 of my friends work to double my income, which is not included in my budget per my group leader's advice.