SUPER SAFE INVESTMENT. Debt Consolidation
| Listing Information | |||
|---|---|---|---|
| Amount: | $25,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 6% |
| Lender Rate: | 11% | Borrower: | DreamQuestFunding |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Payoff in progress | Origination Date: | 2008-05-20 | EricsCC ROI: | 10% |
| Status History | |
|---|---|
| May 24, 2008 | Current |
| Nov 16, 2008 | Payoff in progress |
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Situation: I am an executive in the banking software and technology industry. I was at a customer symposium that we were sponsoring and one of the guest speakers talked about Prosper and P2P lending. I was intrigued by the concept and how it could affect our industry. Proceeded to sign up and so far have $6k worth of loans at 18% interest with no defaults thus far. Nice concept. The banking industry better wake up soon and pay more attention. Purpose of loan: I have tried the lending side and now it is time to try the loan side of Prosper. I have a variable interest home equity line of credit for 50k. The home under this credit line is no longer our primary residence thus no tax deduction. The purpose of the loan is to transfer that debt from variable to fix rate interest. If this loan experience works well, I plan to apply for a second 25k loan to completely eliminate the credit line and transfer all the loans into prosper. My financial situation: Salary: 180k per year. I can cover all my expenses, contribute fully to 401k, stock purchase plans etc and still have plenty of income to address this loan. I am already paying for the loan in the home equity credit line so this will not be an additional burden. THIS IS ONE OF THE SAFEST INVESTMENTS IN PROSPER. No way that I would remotely consider tarnishing my credit over non payment. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 326572 | SUPER SAFE INVESTMENT. Debt Consolidation | AA | $25,000 @ 7% | May 05, 2008 | Withdrawn |
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