Paying off a high interest student loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $3,500.00 | Status: | Loan created |
| Grade: | C | DTI: | 33% |
| Lender Rate: | 28% | Borrower: | tucker04 |
| Finished | State: | ND | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-03-05 | EricsCC ROI: | 25% |
| Status History | |
|---|---|
| Mar 05, 2008 | Current |
|
Purpose of loan: This loan will be used to? to pay off a high interest student loan, this loan is a parent plus loan with a 24% rate and I would love to remove my dad name as co-signer. My monthly payment basically cover the interest payment. I love to get rid of this loan in the worst way and also to help my dad out by removing his name. This loan has a balance of $15,545 and the principle amount is $9,745 and the monthly payment is $220.00 and every month the interest is just about $250.00 so the loan is going no where. The loan is set to be paid off in 20years which is 4xtimes the amount of what the loan start out at. I would need to increase the monthly payment to about $1000.00 per month just to help. I can't do that but if I can get rid of the capital interest which is just about $5000.00 I could get rid of the this loan in about 4 years. This is the third time I'm trying this I hope by lower it again I get some help. I would love to get the whole loan paid off and take a higher interest and be done in 3 or 4 years but this way is a start. This will at least pay most of the capital interest and get a good start of paying down this loan.Please help. Thanks My financial situation: I am a good candidate for this loan because? I will explain my credit to help why I should get this loan. First I'm try to get prosper check my credit report b/c I'm not currently delinquencies right now. I proof to show that. I had a delinquencies in October 05 and 1/08 for my car payment. The one in OCt. 05, I switch bank and didn't get it done in time my fault. The one in 01/08 was due to that I total out my car and the loan was suppose to be pay in full but GMAC said I had to make one more payment till insurance cover it. I'm working with GMAC to get it fix. In reguards to the public record I had a medical bankruptcy in 11/05 due to my son burning his hands. My family had to go to a hospital that was 8hrs away and I was out of work for about 3 months and we used all of our saving to stay with our son. I have made great lenghs to improve my credit. I make a good living but I do not want to make a large payment and cut myself short where instead a easy monthly payment would be easyer. I hope this help a lender help me with getting this loan. Thank Monthly net Income$ 7,000In monthly expenses: $ Housing: $1200.00/ rent Insurance: $ 300.00 Car expenses: $ 1000.00 Utilities: $ 125.00 Phone, cable, internet: $ 150.00 Food, entertainment: $ 200.00 Clothing, household expenses $100.00 Credit cards and other loans: $600.00 Other expenses: $ |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 277027 | Paying off a high interest loan | C | $14,500 @ 11% | Feb 07, 2008 | Withdrawn |
| 277156 | Paying off a high interest student loan | C | $7,500 @ 22% | Feb 07, 2008 | Expired |
| 281252 | Paying off a high interest student loan | C | $5,000 @ 29% | Feb 18, 2008 | Expired |
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