Pay Off PDL and Down payment on used car
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | D | DTI: | 6% |
| Lender Rate: | 17% | Borrower: | kidmedic |
| Finished | State: | MO | |
| Funded: | 100% | Group: | High Risks that should not be |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-09-14 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Sep 14, 2007 | Current |
| Nov 29, 2007 | Late |
| Dec 06, 2007 | Current |
|
About Me: I?m 33 yrs old married to a wife of 11 yrs, we have 5 kids ranging from 10yrs to 6 ½ mos. I?ve been a Paramedic for the last 5 yrs and plan on retiring from that occupation. What the loan is for: I will be paying off my 2 pay day loans which total $960 ($120 a month each). I will also be paying off an installment loan which is a total of $1000 ($210 a month). I will be using the remaining $1530 to put as a down payment on a used car that costs $3000. We currently have a 1993 minivan as our only vehicle. Credit Rating: Right now my credit rating is low and I have approx $313 in delinquent medical bills from my daughter?s surgery. I do not have any credit cards in my name. However, I pay $133 a month on a card my sister-in-law has that we borrowed money on. Income: My income per month is $2730 (normally higher with overtime and training). My wife makes approx $600 a month from child care out of our home. Total income $3330. Expenses: The PDLs and personal loan are costing me $450/month, but they will go away after I pay them off with this loan. So my ongoing expenses become as shown below: House $1300 Insurance $75 Car Expenses $100 Utilities $150 Phone cable Internet $100 Food and Entertainment $200 Clothing / Household items $100 Credit cards $0 in my name $133 a month Total $1858 My ability to pay back: As you can see I will be saving $450 a month, leaving us with spare cash of well over $1000 per month. This loan will only cost us about $100/month, so we?ll be able to pay it off quickly. The net result will be clean up my credit much more rapidly than I could otherwise. The extra car loan will only be about another $100 a month. So as you can see, I?ll have no trouble making these payments?and making sure that nothing goes wrong with this loan will be my highest priority, since my goal is to improve my credit score. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 195473 | Pay off payday loans | D | $7,500 @ 23% | Aug 31, 2007 | Withdrawn |
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