Wedding Expenses for upcoming September 08 Ceremony
| Listing Information | |||
|---|---|---|---|
| Amount: | $15,000.00 | Status: | Expired |
| Grade: | AA | DTI: | 14% |
| Lender Rate: | 8% | Borrower: | zero2056 |
| Finished | State: | MO | |
| Funded: | 3% | Group: | (No Group) |
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Purpose of loan: This loan will be used to pay for all related wedding expenses. Total cost of the wedding and honeymoon is expected to be about $25,000. $10,000 is going to be paid out of my savings, and we are going to finance the remaining amount. The wedding is in September 2008, but many things are paid for up front in order to reserve service providers for your wedding date. The wedding would have been paid for with 100% cash, but I've spent the last year paying off most of my future bride's debts which are at higher interest rates. Due to my credit score and level of income, I'm able to obtain financing at decent rates through credit card advancements (2.99 to 3.99%). All of my future wife's debt obligations have been retired as of today's date. My financial situation: I'm a commercial bank executive and make a good salary + bonus. In September 2007, I left my previous Employer of 3-years to expand my responsibilities and pay. I've been in the banking industry for over 7 years. I made in excess of $100,000 in 2007 through salary and bonuses, and expect that level of compensation to continue through my employment at my new position. I am the #2 executive at the bank with the title of Vice President of Commercial Lending. My future wife makes $40,000 annually through W-2 wages. We also have outside income from investments and interest income that we'll leave out for simplicity sake. I currently have the following expenses. The home is currently in my name only at the moment. House Payment: $1,080 / month Car: $359.76 / month Student Loan: $166.40 / month Citigroup CC: $205.00 / month 2.99% fixed for life of the balance; approx balance of $14,000 AmEX: $429.00 / month 3.99% fixed for life of the balance; approx balanace of $21,400 Total Payments: $2,240.16 The two credit cards listed above with balances are at low interest rates. I can currently make more on my $$$ in deposit accounts than I'm being charged on my credit card balances so I will not be paying them off early. Same for my car. It's financed at 1.9% so I make the minimum payment. There is one other credit card (Juniper) that has a balance on it, but it is paid to a $0 balance monthly. We use this to purchase everything from gas to groceries in order to take advantage of their rewards program. I have many other open lines of credit with zero balances which may lower my score a bit, but being in the industry, I'm of the opinion that having cheap liquidity at your fingertips is worth a few points lower on your credit score. Depending on the rate that is arrived at, I may prepay a portion of the outstanding balance 1st quarter of 09. My bonuses are paid out in the 1st quarter of each year (1st quarter 2009 being the next payout). This year's expected bonus is expected to be at least $22,500. I've already reached all criteria to meet this level of payout. I've lent some funds through Prosper to give it a shot but this will be my first time attempting to qualify for a loan. Please let me know if there are any additional questions or if I've left out any pertinent information |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 331156 | Wedding Expenses for upcoming September 08 Ceremony | AA | $15,000 @ 10% | May 12, 2008 | Loan created |
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