Lucrative Personal Loan
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,500.00 | Status: | Loan created |
| Grade: | A | DTI: | 5% |
| Lender Rate: | 9% | Borrower: | GuitarJosh |
| Finished | State: | AL | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | 4+ months late | Origination Date: | 2006-08-08 | EricsCC ROI: | -42% |
| Status History | |
|---|---|
| Aug 06, 2006 | Current |
| Aug 28, 2007 | Late |
| Sep 09, 2007 | 1 month late |
| Oct 09, 2007 | 2 months late |
| Nov 09, 2007 | 3 months late |
| Dec 10, 2007 | 4+ months late |
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The reason for this listing is a lucrative personal loan to my brother. He has been going through many positive changes in his life at the current time. He has recently re-enlisted with the Army, which affords him almost 200% more than his previous job. He has handed over his credit reports and financial documentations recently so that I could review them. We have set up ?Pay For Deletion? on all three collection accounts which appear on his report. These accounts plus a minimal of established credit on his report cause him to have much higher interest rate than someone in my standings, if he would even be funded. In the past, I've loaned him money when in the past without problems. I?ve told him I'd fund it for my own monthly payments plus 5% interest. If everything runs as smooth as I believe it will, this will be a win/win situation for all parties. He will be able to get a loan, rebuild credit, and be funded for a considerable amount less than if he did this on his own. I will be making around $10 per month for extending my belief in him. I have already struck up a contract which will be notarized and signed at the end of funding which legally protects me in the event he defaults on this loan. I know some will worry about how *I* will be repaid back for my loan. He has agreed to set up direct deposit from his military account directly into my account. As this loan will be going to me, and I will be responsible for repayment, I?ll explain my own personal situation. I have a very good credit report with over $20,000 worth of personal revolving credit available (4% utilized). I have no late payments on any of my 4 credit cards / 1 store card. I?ve had 3 personal loans, never a late payment. No collection accounts. Never late on my car note. My report does have one paid-in-full charge-off which happened when I moved from my college living-quarters back in with my parents. This was approximately a year ago. I am very stable. I worked at my previous employer for 3 years. I have been working at my current job for just under a year now and have two raises coming in the next 6 months (one in a month, at my 1 year mark, and the other slated for January). The company I work for is a highly known health insurance company which has great growth potential and benefits. I am currently pursuing a change in jobs to an IT position, which I was going to school for when I began at this company. I will be eligible for this at my one year mark. I am a single father with full custody of my 2 year old daughter. I live at home with my wonderful parents. This helps as I do not have to cover monthly expenses such as rent, power, cable, or water. I plan on staying here for approximately two-four years while building a savings and preparing to purchase my own home. My parents are wonderful in helping raise their grand-daughter, and often purchase the non-essentials for her (such as extra clothing, toys, etc.). My finances at this current time are as follows: (not including projected raises in income) I have a net income of $2004 per month from my full time job. My father has a computer business on the side that I often help with. This sometimes affords $500+ extra a month but I do not consider this in my prosper loan as this is not guaranteed. My monthly obligations are as follows: 401k / Insurance - $290 Daycare / Other Child Expenses - ~$450 Car payment - $408 Car Insurance - $180 (which is paid out for the next 3 months) Gas - $85 Cell Phone - $35 I normally have around $500-$550 for miscellaneous expenses (food, entertainment, and clothing). If any other information needed please feel free to contact me. Once again, thank you for viewing my listing. |
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