improving my financial situation to start a small business
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Withdrawn |
| Grade: | B | DTI: | 30% |
| Lender Rate: | 11% | Borrower: | mcphck |
| Finished | State: | NC | |
| Funded: | 0% | Group: | 1st and BEST for Loans |
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Purpose of loan: This loan will be used to consolidate existing debt. I currently have a 401K loan to myself that I would like to pay off while the market is weak. The current payment is 204/month. I also have a personal loan via USAA that I will pay off. This loan is 276/month. Combined the payment will be 480/month that I already pay out, this new loan at 11% which I believe to be a fair interest rate for a B score is 490/month. Eliminating this debt frees up my 401K should I need it for another loan, and gives me capital to invest in the business. I can be fully operational for 5K in a mobile auto detailing business through Detail King. I would also like to add that Im not willing to pay more then 11% on this loan. I realize that everyone is looking to make money through their investment, but any interest rate that exceeds 12 or more percent gives returns greater then the stock market. If any of you dont feel an 11% interest rate is better then anything youll get elsewhere, with zero risk, then thats ok, I just cant pay more then I already am, it doesnt make good financial sense. My financial situation: I am a good candidate for this loan because I pay my bills, on time every time. You will notice it says I have 2 delinquent accounts totalling around 900 dollars. I assure this is wrong. The accounts in question are student loans, which I am not required to pay back while in school. I am a full time student at the University of Phoenix, and unfortunatly I had to take some time off when my father passed away at the end of last August. While getting things in order for my mom I went outside of the window for deferment, I am now back in school and just waiting for the paperwork to catch up to the actual events. I work full time as Supervisor for a major Pharmaceutical company, Scherring-Plough, and I attend school full time carrying a 3.7 GPA. I know what needs to be done and I do it, I assure you all I am a zero risk factor. I also had a previous Prosper loan that I paid off early after 1 year of payments, you wont be disapointed when you fund my loan. Monthly net income: $ Alone I made 91000/yr as per my W-2 from 2007. My wife while not on this loan, does contribute to the household expenses and makes an additional 45K/yr as a Special Education Teacher. I also receive 474/m tax free for my VA disability for injuries I received while serving 9+ years in the United States Navy. Monthly expenses: $ Housing: $ 1570 Insurance: $ 100 Car expenses: $ 580/540 for wifes car Utilities: $ 350 Phone, cable, internet: $ 180 Food, entertainment: $ 500 Clothing, household expenses $ 150 Credit cards and other loans: $ 200 Other expenses: $ 500 Total expenses 4130/4570 with wifes car There is a public record on my account which was a bankruptcy filed by myself in 2001, after I was discharged from the military. I came out of the military and secured a well paying job, but I wasnt prepared for all of the expenses that civilians face, and quickly found myself over my head. I learned a hard and valuable lesson, one that I will never forget. Since that time I have purchased a house, automobiles, received credit cards etc...were it not for the public record I have, I have no doubt that my credit score would be an A, but the bankruptcy hurts. Its hard to explain when all most people see is a credit score and no history. I have only my word to give you that this is a good risk, and I take that very seriously. I would like to thank all of you in advance for your assitance and your trust. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 26255 | economical car for work commute | B | $4,000 @ 13% | Jul 24, 2006 | Withdrawn |
| 27221 | Commuter car for work | B | $5,000 @ 14% | Jul 28, 2006 | Loan created |
| 315002 | Detail King Franchise | B | $9,000 @ 20% | Apr 21, 2008 | Withdrawn |
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