Need to get out of "Pay Day" loan cycle

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Listing Information
Amount: $2,000.00 Status: Loan created
Grade: C DTI: 23%
Lender Rate: 17% Borrower: smooshkins
Time Left: Finished State: IL
Funded: 100% Group: 435 Supporting Lenders - Get FUNDED @ LOWER % than ANY group
Loan Information
Loan Status: Current Origination Date: 2006-08-25 EricsCC ROI: 12%
Status History
Aug 28, 2006 Current
Sometime earlier this year, we had an unexpected "surprise" expense and took out a "Pay Day" loan.  Our problem is that we are caught in a "Pay Day" loan cycle of not being able to pay off the principle!  We are currently paying $270.00 per month just in interest on this loan!!  Due to the high interest rates, we have only been able to pay down the principle by $110.00.

Since we are paying so much interest, I really don't see that we would have any problem paying a monthly payment to pay our lenders and Prosper.

We have learned our lesson!!  We will never, ever use a "Pay Day" loan again.

Please consider lending to us.

Please drop a message if you have any more questions!
Borrower's Other Listings
254211 Money for college HR $8,000 @ 20% Dec 20, 2007 Withdrawn
255768 back to school to teach HR $5,000 @ 28% Dec 26, 2007 Expired
264533 back to school higher interest rate HR $5,000 @ 35% Jan 13, 2008 Expired

 

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