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|Loan Status:||Paid||Origination Date:||2008-03-03||EricsCC ROI:||9%|
|Mar 01, 2008||Current|
|Mar 15, 2011||Paid|
I am 26 years old and 1 year ago I created my first listing with the
intent of paying off credit cards and eventually buying a home. The
advice ( mostly common sense i hate to admit) I received here was
priceless. I got my priorities in order and was able to not only pay
off all of my debt but to also purchase a condo in a small time frame.
Purpose of loan:
This loan will be used to pay off my my 401k loan.
I borrowed from my 401k to purchase my condo. I borrowed $5000 and have $225 deducted against my every paycheck for the next year to ensure I pay this back quickly. I have budgeted for this deduction and will have my 401k paid back with one year without this loan.
I also just recently borrowed $5000 against my credit card at 2% interest. I have not touched this money but need to have emergency funds in case something unexpected comes up. (I did not know at the time I could take a second loan from Propser.) I have not missed a payment on my first loan and it is only $32 a month.) My HSBC account has a higher interest rate as of now and am making money on the loan. The rate rises at the end of September to above 20%. I feel comfort knowing I have money put aside in case something happens. I receive bonuses once a quarter of about $2500 dollars and plan to use that to pay off this credit card if I was not able to receive a loan from Prosper.
My financial situation:
When I repay my 401k that will free up about $450 a month which can be used to pay back this prosper loan and start saving for some minor home improvements. Thank you for the interest in my listing. I am also rate capped in CT as 10.30 or would have picked a higher interest rate with the hopes of bidding down.
|Borrower's Other Listings|
|95339||Cutting Debt||D||$9,000 @ 10%||Feb 08, 2007||Withdrawn|
|99220||Paying off high interest Credit Cards.||D||$1,000 @ 10%||Feb 13, 2007||Loan created|
|421755||Back for more.||A||$4,500 @ 10%||Oct 26, 2009||Loan created|