"AA safe loan for your money - Part II"
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 9% |
| Lender Rate: | 7% | Borrower: | ironclover |
| Finished | State: | SC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2008-01-14 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Jan 11, 2008 | Current |
| Aug 14, 2008 | Payoff in progress |
| Aug 19, 2008 | Paid |
|
Purpose of loan: I intend to use this loan to build on one of my current income streams. I used my first Prosper loan to increase the number of loans that I had funded from 9 to 21. This time, I plan to use the money to buy additional shares of a dividend paying stock that I currently own. My financial situation: Except for our mortgage (30-fixed 5.875%), I have absolutely no debt (no car loans or student loan debt remaining). This will be my second Prosper loan. Most of the details are about the same as they were in my last loan (August 2007). There are two exceptions... (1) My wife will stay home to take care of our new baby (both are healthy and doing fine). We had planned on her being able to stay at home after the baby. There is *NO REDUCTION* in the income that I reported for my last loan, since her income was never included in the figure. (2) Since my last loan, I was given a promotion at work that increased my gross salary by 12%. In addition, I droped some of the "benefits" that were being deducted from my paycheck (gym membership, etc...). With the addition to our family on the way, we bumped up our cash reserve by an additional 50%. Monthly Wage Income: $4,130(Gross) $2,637(Net) Monthly Expenses: $2,485 Housing: $ 870 (reduced from $900 in August's listing-A) FICO/Social Security: $ 500 (reduced from $650 in August's listing-B) Insurance: $ 350 (same) Car expenses (Gas,Insr.,Misc): $ 200 (reduced from $225 in August's listing-C) Food, entertainment: $ 200 (same) Utilities: $ 110 (same) Clothing, household expenses: $ 100 (same) Phone, cable, internet: $ 80 (same) Other expenses: $ 75 (same) [A]-Housing expenses will go down this year because our property tax has been reduced from $1,306 to $884.[B]-Taken from a recent payroll. This may have gone down b/c of pre-tax deductions from my paycheck. My prior estimate may have been higher than the actual amount. This may go down an additional amount b/c of our new child. [C]-My wife had a 60-mile/day round trip commute to work. I drive less than 8 miles/day to work (I'll be ultra-conservative and reduce our projected car expenses, below, by only $25 for now). *********** Q: How Do I Intend To Make The Payments? A: I intend to use mostly non-wage income to make these payments. I have a DRIP account that I contribute $50 to each month. I will suspend these contributions and use this money to make my Prosper loan payments. $30 Checking/Savings Interest $50 Monthly D.R.I.P Investment Debit (will suspend for the duration of this loan) $80 Accruals from my existing Propser loans (November'07 Lender statement) $65 Net Dividends from exising shares that I want to buy more of -------------------------- $225 Total. The Prosper loan calculator shows that my payments should be about $235 on this loan if I borrow $7,500 at 8.25%. I will only need to come up with $10 (a meal out) from wage income per month to make the payment. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 184162 | "AA safe loan for your money" | AA | $3,000 @ 8% | Aug 09, 2007 | Loan created |
| 409007 | "AA safe loan for your money - Part III" | AA | $7,500 @ 7% | Oct 06, 2008 | Withdrawn |
| 409442 | "AA safe loan for your money - Part III" | AA | $7,500 @ 8% | Oct 06, 2008 | Loan created |
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