Reduce Interest Rates to Save for a House!
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 39% |
| Lender Rate: | 17% | Borrower: | Emmycorn |
| Finished | State: | WA | |
| Funded: | 100% | Group: | No Bull Investors - We Invest In Good Borrowers |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-11-15 | EricsCC ROI: | 13% |
| Status History | |
|---|---|
| Nov 23, 2007 | Current |
|
I have been using prosper since my loan funded several months ago and have realized it is a great way to consolidate debt and get much better interest rates than from a bank. I have never missed a prosper payment and since the first prosper loan was funded have increased my credit rating from a D to a B. I will be using this prosper loan to pay off my existing prosper loan as well as a credit card for some dental work that I have paid down quite nicely and a credit card that I was not able to pay off with the last amount that was lended. I have reduced my debt to income ratio through extra monthly payments and have also received a raise at work in my new position. I would like to reduce the number of payments and also consolidate to a lower interest rate so I can begin saving for a downpayment on a house. I am looking forward to going back to school within the next year or two and would like a stable investment in a home while I am studying for my master's. Here is the breakdown of my finances: Montly Pay (after taxes and money to savings and 401K): 2200 Rent: 350 Utilities (including phone, energy, etc): 250 Car insurance: 90 Cell Phone: 65 Credit Card 1: 95 (Interest rate is 32%) Credit Card 2: 100 (Interest rate is 10.99%) Credit Card 5 (for dental work mentioned above): 300 (Interest rate is 26%) Prosper Loan : 287.22 (Interest rate is 17.5%) *I pay more than minimums on all of these cards but the interest rates are quite high so it's hard to get very far ahead, these are what I pay currently; MORE than the minimums* Groceries, etc: 250 Total Costs: 1787.22 I would be paying off Credit Card One, Credit Card Five and my existing prosper loan with this loan. Even at an interest rate of around 16% being able to pay in one payment would lower the payment by quite a bit that I could either use for savings or use to pay off the loan faster (which is my goal). I make very regular payments because I have everything set up on direct deposit and automatic bill payments, so they go straight from paycheck to payment. This loan would help me to pay down these balances so much faster and make a big step towards being debt free and getting to owning my own home sooner than I anticipate. Thank you for bidding! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 108118 | Consolidating Credit Cards so I can go back to school! | D | $15,000 @ 20% | Mar 07, 2007 | Withdrawn |
| 108662 | Consolidating Credit to pay off soon so I can go to school! | D | $15,100 @ 23% | Mar 08, 2007 | Withdrawn |
| 110796 | *Re-list* Help me pay off credit so I can go back to school! | D | $10,000 @ 20% | Mar 14, 2007 | Expired |
| 115596 | Want to stop crawling out of debt, want a running start! | D | $8,000 @ 17% | Mar 25, 2007 | Loan created |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|