Consolidating business debts
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 34% |
| Lender Rate: | 10% | Borrower: | allbiz |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2007-12-14 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Dec 14, 2007 | Current |
|
Purpose of loan: I'd like to consolidate several business credit cards into one Prosper loan. I'm new to Prosper as of last week. I'm re-listing this now that I know more about how Prosper works. The last listing was rate capped to 8.31% since I live in Texas. I watched a couple of other loans fund in a day or two with higher rates and less than perfect credit. Since my first listing I discovered that a business purpose loan has a rate cap of 18%. Since I also have business credit card debt that can be consolidated I can accomplish the same thing, that is to reduce my debt by $25,000 in three years. It really does not matter whether my business debt or my personal debt gets reduced, in the end I will be that much closer to being debt free! My financial situation: I've been married 26 years and have three children, the youngest is 16. I own a successful small business that just celebrated it's ten year anniversary. Cash flow positive from day one with a large and happy client base. I have been a home owner since 1984 and have owned two homes and have built about 40% equity my current home since 2000. All but one of our cars are paid for(5 total) and we owe $7500 on it. The remainder of our debt is in credit cards. I'm currently paying for one child's college and they will graduate next year. The next one starts in two years. Monthly net income: $ 6800 (but that does not include business profits, most years my income is over 100K per year). Monthly expenses: $ Housing: $ 1760 Insurance: $ 450 Car expenses: $ 575 Utilities: $ 350 Phone, cable, internet: $ 240 Food, entertainment: $ 1000 Clothing, household expenses $ 500 Credit cards and other loans: $ 850 Other expenses: $ 300 Total: $5725 The total payments of the 3 year prosper loan will be within a few dollars of the current minimum payments. I've been a borrower since 1983 when I got my first Citibank credit card in college. I've never missed a payment on any debt, EVER. If you're looking to have a safe place to put your money to work I'm a good investment. Thanks for taking the time to look! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 239485 | Successful business owner consolidating debts | AA | $25,000 @ 8% | Nov 28, 2007 | Withdrawn |
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