Paying off high-interest credit
| Listing Information | |||
|---|---|---|---|
| Amount: | $17,000.00 | Status: | Expired |
| Grade: | B | DTI: | 39% |
| Lender Rate: | 16% | Borrower: | gamemaker |
| Finished | State: | MA | |
| Funded: | 0% | Group: | (No Group) |
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Purpose of loan: This loan will be used to pay off three high-interest credit lines, which I ran up in the course of starting my business, which finally has achieved financial independence from me. My credit rating went down a full grade since my last Prosper loan (which helped to get my business on its feet -- thanks everyone!) because the business's original lines of credit were tied to my personal credit. However, those are all being paid off by the company as quickly as possible now, so I expect that with this loan, I will be back to an A credit rating within six months. My financial situation: I am a good candidate for this loan because I have a proven record paying off Prosper loans. I had one late Prosper payment due to a bank mixup when a check did not clear in time, but then I paid off the entire loan over a year early. Given my current income and low expenses, I am able to comfortably pay back this loan. I will be cancelling all but one personal credit card and will be closing down the business credit cards attached to my credit rating as soon as I am able. Monthly net income: $3,800 Monthly expenses: $ Housing: $1,100 Insurance: $ 0 (paid for by job) Car expenses: $ 0 Utilities: $ 0 (paid for by roommate) Phone, cable, internet: $ 200 Food, entertainment: $ 800 Clothing, household expenses $ 400 Credit cards and other loans: $ 0 (once this loan goes through, all my cards will be paid off!) Other expenses: $ 200 (savings account monthly contribution) |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 1634 | Funding Game Publishing Company | A | $15,000 @ 10% | Mar 09, 2006 | Loan created |
| 240216 | Paid off 1st Prosper loan; now consolidating business debt | B | $25,000 @ 16% | Nov 29, 2007 | Expired |
| 242404 | Paid off 1st Prosper loan; now consolidating business debt | B | $25,000 @ 18% | Dec 02, 2007 | Expired |
| 259064 | Paying off 2 high-interest credit cards | B | $15,000 @ 16% | Jan 02, 2008 | Loan created |
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