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I am self employed with a gross income in excess of $120,000. I would like to eliminate some (very) high interest debt. I have good credit but did have some blemishes more than 7 years ago. I have not had a late pay or any problems in more than 7 years. I have an independent insurance agency and after 4 years have more than 1 million dollars in annual written premium. I will use this loan to pay off the last high rate credit card I have which will not only save me the interest but also give me a lower monthly payment than I have now. I am unsure as to why my credit grade has dropped from A to B in the past year as I have had no late payments. I did however, suffer an identity theft which was caught and reported after the thief ran up about $6,000 in fraudulent charges. This has been corrected and may have resulted in the inquiries and lowering of my score. I did apply for a business loan but chose not to take it, that inquiry should not show up on my personal credit report but it might. My net income is $5300 per month from which I pay my mortgage, utilities, car payment and insurance. My wife is on disability and her income covers our other needs. I am currently paying 28% interest on this credit card and eventhough I am paying twice the minimum payment it will still take more than 5 years to repay it. The prosper loan will allow it to be repaid in three years or less. You can see I already have one prosper loan and have never been late, I wish I could say that about everyone I have lent money to on prosper. Anyway, I still support the ideals of prosper and think it is a beneficial program when used properly. Thank you for your consideration! |
