Starting our own business
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 27% |
| Lender Rate: | 14% | Borrower: | hcnalbdr |
| Finished | State: | WA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-01-16 | EricsCC ROI: | 11% |
| Status History | |
|---|---|
| Jan 15, 2008 | Current |
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About Me:I am a 33 year old submarine officer (3 yrs officer, 13 total service) in the US Navy. We live on base and are renting out the home we own in Texas. We have 4 awesome children; a son from my previous marriage, a daughter from her's, and 2 sons together. She is a stay at home mom and does a great job that I am grateful for. The Navy has given us a lot of unique opportunities and I plan on spending another 8 to 10 years serving our country. Purpose of loan: We are making our hobbies pay off. My wife makes special occasion cards and gifts and I build wooden display cases, custom signs and lawn ornaments. With designs geared toward the military life and spouse we have arranged to sell our items to a gift shop on base. We recently obtained a Washington State Business License and have also obtained a website to extend our sales to bases across the country. The loan money will go toward the purchase of an embroidery machine($3300), a computer($700), embroidery and small business software($180), a small bandsaw($250), a router ($120), and materials($1450). My financial situation: After my first Prosper loan I have been able to raise my credit score two levels and we are on the fast track to being debt free. I have closed all but one credit card account (which is now used only in emergencies) and have no delinquencies. I was even able to get the interest rate on that account reduced to 0% for the outstanding balance, using the Soldiers and Sailors Civil Relief Act (If you are military and have a Citi card call them now!). Also on January 1st I received a pay raise that will cover most of the monthly payment for this loan request. If you are not familiar with military pay visit www.dfas.mil/militarypay/2006militarypaytables/2007MilitaryPayCharts-1.pdf for more information. (My paygrade is O-2 with over 4 years prior enlisted service.) Additional Explanation: My DTI is smaller than listed due to my rental income not being factored into the calculation. Monthly net income: $7912 ($6712 Navy pay, 1200 Rental) Monthly expenses: pre-loan $6358/Post-loan $6563 Housing (mortgage on rental property): $1150 Housing (BAH goes to Base Housing): $1398 Insurance: $400 Car expenses (including loan): $640 Utilities: $ 0 (Base Housing!) Phone, cable, internet: $150 Food: $400 Entertainment: $120 Household and clothing expenses: $200 CCs: $400 First Prosper loan: $600 Other expenses: Child Support $500 Personal loan $400 Second Prosper Loan: $205 Finally:If anyone has questions about me or my loan request, please feel free to send them to me. I am eager to answer them. Thank you for considering my loan application. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 119988 | Debt consolidation | E | $20,000 @ 15% | Apr 06, 2007 | Withdrawn |
| 142354 | Debt consolidation to help out at home | D | $16,000 @ 24% | May 24, 2007 | Withdrawn |
| 144906 | Relisting to consolidate debt at lower rate | D | $16,000 @ 20% | May 31, 2007 | Loan created |
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