Payday Loan and Credit Card Payoff, and Small Business Start
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 26% |
| Lender Rate: | 16% | Borrower: | cwcomm |
| Finished | State: | MN | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-24 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Oct 24, 2007 | Current |
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Purpose of loan: This loan will be used to pay off two credit cards, two payday loans, our computer, and a checking account cash advance loan. Any of this loan that is left over will be put to helping get two home-based businesses going. My financial situation: Our income is coming from my wife's job, my unemployment checks, and some from my home-based business. My business is slowly starting to pick up, but isn't enough to replace my unemployment at this time. My business has picked up because of the advertising I have been able to do so far, but with our income tied up with paying the payday loans, there isn't any left over to increase my advertising efforts. Currently, we are paying out about $500.00 a month to the items listed above and the estimated monthly loan payment will be around $200 - $210 a month. This loan would greatly help us get back on our feet. Monthly net income: $ 2,700.00 Monthly expenses: $ 2,650.00 Housing: $ 800 Insurance: $ 210 Car expenses: $ 100 Utilities: $ 225 Phone, cable, internet: $ 190 Food, entertainment: $ 200 Clothing, household expenses $ 100 Credit cards and other loans: $ 750 Other expenses: $ 75 One purchase we made that no matter how hard we try to get ahead on, we keep falling further behind. That purchase was our computer. We paid about $1400 for in 2003 and currently owe over $1600 on today! My home-based business is graphic design for print, multimedia, television/video production, and the Internet and website development. I have over 14 years experience in graphic design and television/video production. I have been running my business on an extremely small scale for most of these years because I was working a full-time job and didn't have the time to dedicate more to my business. Now I have the time to dedicate to it, but don't have the funds to give it the support it needs. Our other home-based business is creating custom and hand-made invitations, cards, and other items for weddings, ceremonies, birthdays, and corporate events. We started this business about two years ago and offer our invitations for less than commercially produced invitations. We firmly believe this will be a strong business with the right marketing materials. We need some of this loan for this. Every month that passes, we keep getting deeper and deeper in debt. Please help us regain our footing so we can start having a positive personal and financial outlook. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 210237 | Payday Loan and Credit Card Payoff, and Small Business Start | C | $5,500 @ 19% | Oct 03, 2007 | Expired |
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