Eric's Credit Community

Financial Situation

I was out of work on short-term disability from the end of April 2007 until the middle of June 2007. This depleted my savings as I have yet to receive my STD checks. (I spoke to the carrier today and they are waiting for additional information from my former employer.) I went back to work June 26, 2007 for a new employer (the University of Maryland) and received my first paycheck on July 13, so in all, I went almost 10 weeks without a paycheck.

Purpose of the loan:

I am looking to borrow $7,500 dollars.

The money will be spent as follows:

$2000 ? medical expenses (I will be on my employer?s coverage mid-August at the latest and will be able to submit most of this for reimbursement at that time)
$4500 ? pay off high-interest accounts
$1000 ? catch up to current bills

Monthly expenses:

Housing: $700 (rent from a friend)
Car payment: $640 (will be paid off October 2007)
Utilities: $150
Phone, cable, internet: $100
Food, entertainment, gas: $400
Ins.: $150
VISA: $200 ($9500 balance at 9.9%)
Credit Union line of credit: $80 ($2500 balance at 12.9%)
Misc: $150

Total Monthly Expenses: $2570

Monthly net income: $ 4500

This would leave me with $1930 a month from which to pay the Prosper loan.

I plan to pay back this entire loan in 12-18 months.