Eric's Credit Community

Hello Fellow Prosper Lenders and Borrowers,

First, we want to take a moment and thank all of you who bided to get our first loan funded. You believed in our dream to keep our business thriving. And we thank you.

Purpose of 2^nd loan:

This year we have had to overcome unexpected expensive equipment repairs. We were forced to pull together personal finances to resolve the problem which damaged our personal credit with late payments each month to our personal creditors that reflects our grade D credit rating. We are currently working on breaking the delinquent cycle and getting current with all creditors again. However with any business, there are challenges to overcome. Next year, new EPA Clean air laws are going into effect any commercial vehicle older than 2007 emitting diesel particles must have retrofits installed to limit the amount of diesel emissions that come from the vehicle. This is a substantial fix for older model vehicles, and very costly.

We are forced to meet the requirements of this new regulation. We don?t want to use traditional lending institutions, as there is no personal connection with them. And that?s the reason we love the Prosper environment so much, it?s really about people helping people where everyone wins. We are asking for a second loan in the amount of $12,000 to pay-off our previous Prosper loan and to make the necessary upgrades on the equipment.

Financial situation:

Our business has continued to grow over the years, each year earnings better than the previous, and shows no sign of slowing down. The freight is steady year around, and the company is solid. The loan would be no problem to repay, as you can see we?ve not missed a payment or have been late on our 1^st Prosper loan. The 2^nd loan will be used as follows:

Payoff 1^st Prosper Loan: $2070
Repair Parts: $8000
Labor: $1900

Monthly business income:
Average $12,000

Monthly business expenses:

Fuel: $5000
Insurance: $800
Lumpers: $200
Truck & Trailer note: $1200 with 8 remaining payments.
Prosper Loan: $121.84

Help us with our quest to grow and sustain our business. Thank You.