Eric's Credit Community

I am requesting this loan so I can pay off my current Prosper loan, https://www.prosper.com/secure/account/borrower/borrower_loan_detail.aspx?loan_id=12684

As you can see, I have increased my credit score/grade and not missed a single payment on my debts (no delinquencies). It has been almost a year and I thought that I would go through my finances.

Using a loan amortization calculator, I saw that if I was to pay off my current loan with a loan at 10% and made the same monthly payment, I would have the loan paid off by 12/2009 at a lower interest rate. My current loan will be paid off by 1/2010, as opposed to the original date of 4/2010, because I have made extra payments on it. As with my current loan, I am planning to make extra payments, so that would lower my overall amount even more.

I am currently paying $125.02/month on a 16% loan that will be paid off in 1/2010. The loan I am requesting would be about $80/month at 10%. If I continue paying $125/month, I will have the new loan paid off by 12/2009 or even sooner, as I am planning to make extra payments.

If I don?t get this loan, it is not going to hurt me financially, I will just keep paying on the loan I have now.

Thanks for viewing my listing