Eric's Credit Community

Purpose of loan

When I took out my first loan on Prosper I had an HR credit rating, I have since had no late payments on the existing loan or on any of existing credit accounts.

Since then, I have incurred expenses for moving to take a new job last April that did not provide any relocation assistance. I make about $15k more per year as result of this move.

In addition to the costs of the move, I also incurred $1500+ in legal expenses for getting arrested for a crime I did not commit. The charges were dropped but there was not enough to file a claim against the city to recover this. I would use this loan to pay off the remaing $700 on my existing loan at a higher interest rate and consolidate my existing debt.

Financial Status

Monthly

Net income: $2500
Rent/Utilities/Cable/Internet: $800 (roommate)
Food: $200
Transportation: $0 (unlimited CTA bus/train usage taken pre-tax from paycheck)
Insurance: $0 (Health, Dental, Vision taken pre-tax)
Entertainment: $250
Current credit card payments : $600
Other: $2-300

In addition to this income I may be getting donations to cover some or most of the legal expenses but it is not guaranteed, thus I am planning for the event this assistance is of little or no help.

The idea is to replace the $600 above into the prosper loan as the debts will be consolidated. After having ruined my credit years ago I have put a great effort until to building it back up and have come a long way.