p2p lending at lending club
Accelerate further success ? business expense account

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Listing Information
Amount: $2,800.00 Status: Loan created
Grade: E DTI: 4%
Lender Rate: 28% Borrower: SocialVenturist
Time Left: Finished State: CA
Funded: 100% Group: NuBeginnings
Loan Information
Loan Status: 3 months late Origination Date: 2006-07-24 EricsCC ROI: 9%
Status History
Jul 22, 2006 Current
Oct 09, 2008 Late
Oct 25, 2008 1 month late
Nov 25, 2008 2 months late
Dec 25, 2008 3 months late
Summary
Loan will be used strictly as a business expense account and consistently replenished.

I have the means to settle historical debts currently handled by a debt management firm by the end of 2006, but I can't get a corporate credit card until I clear this up and rebuild my credit. So I must carry business expenses within my monthly budget. With overseas travel, that can be a big load.

Lender Risk Mitigation
  • 100% of  loan amount placed in eparate account and consistently replenished through company reimbursements
  • Rebuilt credit will allow me to get a corporate card and pay off entire loan in less than one year.

Personal and Financial Information
I?m 39 years old and divorced. I moved from Los Angeles to the Bay Area just last month for a new job with an Internet start-up. I?ve worked in the software/Internet industry for over 12 years.

    -- My annual gross salary is $125,000. --

See attached copy of my most recent earnings statement (paid twice-monthly). Yearly bonuses  based on performance.

How I Got Here
I made unwise, narrow-minded decisions with money throughout my young adulthood. The underpinning emotional issues caused the initial rift between my ex-wife and me. When I finally started implementing her business advice, I became more successful in business, doubling my income in three years. Now I make sure she shares in my success.

Monthly Budget
Rent                             850
Alimony                        2500
Food / Living / Sundry   1000
Gas / Transportation      200
Utilities                         400
Car                               525
Car Insurance               150
Managed Debt *            1000
Student Loan **             100
Back Taxes (2004) **     500
Savings                        500

Total Expenses            6775
     
    Net Monthly Pay           7118

* Will be fully settled Dec 2006
** Will be fully paid Feb 2007

Detailed Plan
  1. July 2006: Open new bank account specifically for Prosper loan; use restricted for business expenses only
  2. December 2006: All historical debts completely settled
    1. Credit rebuilding currently in progress ? as each account is settled, credit reporting bureaus are notified directly
  3. Early Spring 2007: Obtain corporate credit card
    1. Free up funds previously used for business expenses to pay off balance on Prosper loan.
This is a win-win and will be an asset to lenders. Count on it.
Borrower's Other Listings
283044 Increase credit score, decrease mortgage, help others HR $2,200 @ 18% Feb 23, 2008 Expired

 

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