The other side of credit cards
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | D | DTI: | 10% |
| Lender Rate: | 18% | Borrower: | superschupp |
| Finished | State: | KS | |
| Funded: | 100% | Group: | Automotive Technicians |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-05 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Oct 04, 2007 | Current |
|
Thank you for reviewing my Loan request About Me I am a 50 year old business owner, in business since 1991. I own 2 Sci-Tech Automotive repair shops in the suburbs of Kansas City, Missouri. The combined sales of both shops last year were in excess of 700,000. See my website Here. The Request I have started my own credit card for customers to make purchases at my shops. I have 171 Sci-Tech Credit Card holders with a loan portfolio of 29,700 dollars. Counting interest and fees the average return is around 29%. Return on money invested, while nice, is not my primary goal with the credit card. The goal is to drive sales! I have had sales of 100,000 in the past 14 months on the credit card. With the proceeds of this loan and the card holder payments that come in daily, I will be able to nearly double the size of my card holder base without squeezing my cash flow. My Credit As a result of poor planning and successful but expensive litigation against my former franchisor, I
am rebuilding my credit after a personal bankruptcy in 2004. The
delinquencies that show on my report were part of the bankruptcy. Now without a franchise payment to make, I am on much more secure financial footing. I have no delinquencies to take away
from your loan repayment. My Personal Budget Monthly Gross Income from Salary $4333.00 Tax withholdings 909.00 Housing (wife owns house) 0 Real Estate Taxes & Insurance 167.00 Gas/Lights/Phone/Cable/Internet 700.00 Clothes/Maintenance/Miscellaneous 400.00 Groceries etc. 800.00 Entertainment/Eating out 250.00 Medical Co-Payments/Prescriptions 150.00 Medical Savings Acct Contribution 125.00 Cash Flow (currently going into savings) 832.00 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 108728 | Pay the IRS - State Maximum Rate! | D | $10,000 @ 20% | Mar 08, 2007 | Expired |
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