Escaping Payday loan trap
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,575.00 | Status: | Loan created |
| Grade: | HR | DTI: | 17% |
| Lender Rate: | 35% | Borrower: | breastrokeguy |
| Finished | State: | MN | |
| Funded: | 100% | Group: | ChoiceOne Loans |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-02-25 | EricsCC ROI: | 31% |
| Status History | |
|---|---|
| Feb 23, 2008 | Current |
|
Purpose of loan: To pay off outrageous payday loan principal and interest. My financial situation: I now make very good money in a job that I enjoy. I have not gone a day without employment in the five and a half years since I finished college and have a very stable job. I live well within my means on a normal basis, but am stuck in payday loans to the tune of $1,100 a month in interest. This fees for my next paycheck Payday loan payments as follows: interest payments made every paycheck (2 wks) 1- $200 balance/ $60 interest payment = $60 payment 2 - $200 balance/ $75 interest payment = $75 payment 3- $300 balance/ $90 interest payment = $90 payment 4- $250 balance/ $75 interest payment + $50 required paydown = $125 payment 5- $150 balance/ $45 interest payment + $50 required paydown = $80 payment 6- $218 balance/ $43 interest payment + 10% required paydown = $72 payment 7 - $300 balance/ $75 interest payment = $75 payment 8- $300 balance/ $90 interest payment = $83.75 payment using payment plan 9 - $600 balance left on payday installment loan @98% interest = $93.02 payment $753.77 each check As you can see, upon receiving my next paycheck, $753.77 is automatically debited from my account; Well over half of my check; a very small amount of which is going toward principal. After paying rent, and debt payment, I have very little left. Obtaining a loan from Prosperwill allow me to get out of the payday loan trap. The $136 a month payment will be very affordable (much more affordable than the $1,400-$1,500 a month going toward payday lending.). Obtaining the requested loan will free up well over $1,000 a month, which will allow me to easily pay my bills, with plenty of money left over each month, all while restoring my credit. As far as my credit rating goes, much of my rating is a result of my payday loan bind. The high number of delinquencies is a result of payday loans fees, and not blatant irresponsibility. The delinquencies on my report are tripled in number, due to the fact that my student loans were broken into three different accounts, so every time I missed one payment, three delinquencies reported. I have since consolidated my student loans into one account. Although bad financial judgement in college ruined my credit, I was well on the way to being debt free with my credit score rising quickly until I got into payday loans. I WAS TOLD MY LISTING MUST BE 5% FUNDED BEFORE MY ACCOUNT CAN BE VERIFIED. UPON 5% FUNDING, MY ACCOUNT WILL BE VERIFIED. MY INFORMATION HAS BEEN SENT IN. I WILL BE PAYING BY AUTOMATIC PAYMENT TO INSURE THAT PAYMENTS ARE MADE. Thank you for considering my listing. I hope my listing paints an a |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 82697 | Paying off Payday Loans | HR | $1,800 @ 7% | Jan 08, 2007 | Withdrawn |
| 82711 | Getting out of PayDay Loan Trap | HR | $1,800 @ 7% | Jan 08, 2007 | Withdrawn |
| 82726 | Getting out of PayDay Loan Trap | HR | $1,800 @ 7% | Jan 08, 2007 | Withdrawn |
| 82743 | Getting out of PayDay Loan Trap | HR | $1,800 @ 7% | Jan 08, 2007 | Withdrawn |
| 229578 | Pay Day Loan Nightmare | HR | $2,500 @ 18% | Nov 10, 2007 | Expired |
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