Eric's Credit Community

Purpose of loan:
The purpose of this loan is to help me pay off and walk away from a couple of payday loans I have had the misfortune of taking out. I want to roll my payday loan debt into one lump payment and pay it off in a manageable way (through this loan).

My financial situation:
I am a married working mother of 4 children. Both my husband and I work full time and get paid decently, enough to support our lifestyle ? if it weren?t for the fees that we have to pay to payday loans. Last summer, my husband was laid off and out of work for a couple of months. He?s been working full time now in a new job. During the time he wasn?t working, we resorted to payday loans to help us get by. Now we don?t need them, but we can?t get rid of them. 

Our credit history is spotty. 4 years ago we filed for a bankruptcy. Our delinquencies and open credit stem from that. Accounts were already into collections when we filed and they couldn't be closed. They are on our record for a couple more years. Currently, we only have 2 credit cards (max limit of $300) that we have never used. We just have them to help build our credit back up. Our record may say that we are a ?HR? on paper but we are responsible, hard working parents who are on the right path. Below is a breakdown of our monthly finances with and without the Prosper loan. The incomes shown below include both mine and my husband.

Monthly net income: $5,000

Monthly expenses: $4,628
Housing: $1,200 rent
Auto Insurance: $69
Car payment: $269 (1 car paid off, 1 with about 2 years remaining)
Utilities: $150 on average
Phone, cable, internet: $125
Food: $900 ? see below for more info.
Household expenses, medical bills, etc.: $300 ? We like to budget a couple of hundred for life?s little expenses such as doctor bills, haircuts, new shoes, laundry detergent, etc.
Student Loans: $180 ? 2 loans, one mine, one my husbands. Both are fully consolidated.
Gas: $250
Childcare: $1,185 ? we have four kids, it adds up.  

we have set a budget of $210 a week for food, which works out to $900 a month, approximately. We are a family of 6. That?s $30 a day for 3 meals a day for 6 people. $900 a month sounds like a lot of money to many people on here, but when you break it down, $30 a day for 6 people for 3 meals is not much money. We are very thrifty when it comes to grocery shopping.

This leaves us $372 each month. HOWEVER, we are locked into a couple of payday loans. We have to pay them back every 2 weeks and take out another loan each time to keep up. The fees for those alone are $570 each month. We?re short about $200 every month so we have to resort to tactics like paying bills later than we?d like or limiting our food budget at times, etc.  

If we can get funded for $1999, then we can afford to pay off these loans in almost in full, and walk away from those places forever. We would add about $250 from our July budget to cover the remaining balance we owe on the Payday loans. We would then have almost $400 left each month to use towards this loan, which will be just under $80 per month. The rest of the money we can FINALLY start putting away in our savings account for emergencies and the like so that we don?t ever go into such debt again.  

I am relisting this loan. I made it to 70% funded last time, when asking for the full $2150 that we needed to cover our payday loans. I have lowered the amount I am looking to borrow. We'll pay the difference.

Thank you so much for taking the time to consider this loan.