Who knew lending and borrowing could be this much fun???
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 18% |
| Lender Rate: | 7% | Borrower: | Zaun |
| Finished | State: | VA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-04-29 | EricsCC ROI: | 6% |
| Status History | |
|---|---|
| Apr 28, 2008 | Current |
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Purpose of loan: I plan to use it for at least four different purposes actually! As you will see, this loan is mostly based out of a desire to learn how this works, and thinking that it would be nicer to pay interest to fellow lenders than to my credit card company. I would like to start or join a lender group at some point. I will direct debit this loan, and I would be shocked if it wasn't paid off by the end of '08. 1. About two thousand will be used to pay the small balance on the only card I ever use currently (Marriott Rewards card, 15.24%). It was paid in full last month, but I just bought a new bed and a really nice elliptical for 2K to replace the old exercise bike. (Hey, I'm approaching 35, and want to stay in shape!) 2. About a thousand will be used for some minor home repairs. 3. About a thousand will be used for a little trip to Savannah with my wife for a few days in June. We've never been there, but it looks very quaint. 4. About a thousand will be immediately used for re-investing into Prosper. I will have already made my first two lends by the time this loan is funded or expires, and this will give me more to get started with. I've done many hours of careful research and have been determining my strategy for over a week now. My financial situation: I'm in excellent financial shape. Ever since getting my MS in 1997 two days before my 24th birthday, I have never been unemployed. My degrees are in psychology, but I made the jump to tech in '99 and haven't looked back, though I still enjoy helping people. I am a data analyst/account manager for a software company with many high-profile clients. I work from home most of the time, but travel from time to time for work. My monthly take-home after taxes, 401k, insurance, and so on is exactly $3,948.78 Incidentally, my 401k withholding will hit the yearly federal limit of 15.5K this year for the first time, and will put me close to 100K in retirement savings so far. I have a $50K HELOC that currently has a balance of -.01. That's right, they owe me a penny! Every month they send me a statement to that effect. Anyway, that's the rainy day fund, if needed. I prefer that method over a "savings" account that barely keeps pace with inflation. We have a regular 30 year fixed mortgage and around $150K of equity in a home worth around $350K. Our two cats are under the mistaken impression that they help with the bills too, but alas, they have no marketable skills. My wife of over seven years is a senior marketing manager at a large law firm in their DC office, and makes a bit more money than I do. We split all household expenses 50-50, except our individual cars. She just made the last payment on hers this month and I am halfway done with a four year loan on mine. Monthly Expenses: My half of the mortgage: $879 My car: $594 Student loans: $459 My half of the utilities: ~$250 My half of the groceries: ~$200 My half of the car insurance, life insurance, HOA dues, gas, vacations, entertainment, gifts, cleaning lady, etc.: ~$550 Total Expenses, of which some are optional: ~$2,932 So, as you can see, this leaves me with over $1,000 a month to pay the less than $200 minimum payment on this loan, which would be my only revolving debt. Thank you for your consideration! -ESG |
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