I'm Hooked On Prosper!!
| Listing Information | |||
|---|---|---|---|
| Amount: | $10,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 8% |
| Lender Rate: | 8% | Borrower: | ValyaLibra01 |
| Finished | State: | VA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-10-25 | EricsCC ROI: | 6% |
| Status History | |
|---|---|
| Oct 24, 2007 | Current |
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Purpose of loan: Just taking the interest from the bank, and putting back into the Prosper community that I am starting to love like family!! I admit it, I'm obsessed with this entire concept. Allowing people to help each other. In a perfect prosper world, the lenders would see a good risk, buy what they can leverage on it, and help someone get their feet back under them, then the borrower becomes a lender and continues the good will and good sense behind the success of this site! I am paying off my husbands vehicle next month. The normal payment is $316. I pay about $360 to the Home Equity line of credit. I'm getting it paid down, I've been sending in an extra thousand each month. I thought it would be cool to take a loan that would have a monthly payment about the same as what I am sending in on the vehicle, and just pay down the HELOC, and instead of giving the interest to Chase, it's going out to real people. I pay 11% on the HELOC, it may as well go to the prosper community. Plus, I will have both of these loans paid off before 3 years has gone by. My financial situation: My Husband and I doing well, out of credit card debt, our home is worth about 50K more than we owe, and our IRAs and the little ones college fund is doing well. I also have a mutual fund that try to keep 6 months salary in, just in case. If nothing else, I could use a little bit of it to pay off this loan. The fund is doing so well, I just can't bring myself to tap into it. We bring home more than we spend, it isn't that we are cheap, we like to enjoy ourselves. I just want to make sure that we will not have to depend on social security when we finally retire. So, lets get down to it! You want to see that I have the means to pay back this loan!! Monthly net income: $ 5000 (+ 4600 net from spouse) Monthly expenses: $ 5600 Left Over: $ 4000 Housing: $ 1870 (30yr fixed rate, 6.75%) Heloc: $ 360 (10 year draw period, 20 year payback, 11%) Insurance: $ 100 Car expenses: $ 90 for fuel; $316 paid off in Nov Utilities: $ 95-110 Phone, cable, internet: $ 260 Food, entertainment: $ 200 Clothing, household expenses $ 50 Credit cards and other loans: $ 800 Paid in full every month Child care/Pre K: $800 IRAs - $500 College Fund: $200 Other expenses: $ 60 Monthly expenses after: Well, about the same. The monthly payment on the Heloc will go down and i will be replacing the car payment with the Prosper payment. BOTTOM LINE: PROSPER COMMUNITY GETS THE INTEREST INSTEAD OF THE BANK!!!! Between my husband and I we have about 29 years of active duty service. We will continue until we are past retirement and we are no longer having fun. I want to have enough stable income in addition to my military retirement (which should be enough to make a nice house payment) so that I can be a soccer Mom, and be around for my daughter, and any future children, natural or adopted, or even for my nieces and nephew. Please ask as many questions as you can! I look forward to working with you all! |
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