Second Prosper Loan to consolidate outstanding balances
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | AA | DTI: | 5% |
| Lender Rate: | 6% | Borrower: | building_community |
| Finished | State: | CA | |
| Funded: | 100% | Group: | Malama Ohana |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-06-23 | EricsCC ROI: | 5% |
| Status History | |
|---|---|
| Jun 21, 2008 | Current |
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Purpose of loan: I'd like to pay off an existing loan of +/- $5K. I'm an active lender on Prosper, and the current holder of a Prosper loan that I've been paying down quickly. My first loan - an experiment to better understand the Prosper borrower experience - was taken out for $25K. When all was said and done, I wound up with an APR north of nine percent. Now that I've hammered the loan balance down to must over $5K, I'd like to take out a second loan to mash the APR down as far as humanly possible. (Yeah, that's greedy. I know. Sue me.) I'm thinking my credit history, my payment history, and my new membership in a certain Hawaiian Prosper Group might make me look like a somewhat safe bet to those who might consider bidding on me. Last time I promised that if my rate got under 8.5%, I'd keep the loan for at least a year. That didn't happen. However, I think I should offer another challenge for this one. So: if the loan falls to six percent or less, I'll keep it for at least a year. If it falls under five percent, I'll keep it for at least two. And though I've never seen a loan request get stomped down under four percent, if that happens to me, I'll keep it through the entire three years. (And yes, I know, this is completely wishful and absurd thinking, and it ain't gonna happen. But a boy's got to dream...) My financial situation: I own a $2M/year business. I have impeccable credit. My credit balance is a HELOC - I carry no other revolving debt. In my personal life I pay debts early. In my business life I pay debts early. At Prosper, I pay debts early. I have been working on keeping my credit clean since I was about 18. My low DTI and AA rating bear that out, and 22 years later I'm pretty happy with the way things have come to pass. I don't need this loan, but I'm a fan of the Prosper platform, and I enjoy the process of bidding and being bid upon - so I'm here again. Please feel free to ask me questions, if you've got them. I'm impressed with Prosper and how things work around here - I'm looking forward to continuing to play on both sides of what Prosper offers to Do Well by Doing Good. Thanks for reading through this, and thanks for investing in other people's dreams. That's nice of you. Monthly net income: $ 13K, more or less Monthly expenses: $ 7K, more or less |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 228187 | Yeah, I'm a good bet - and will reinvest 100% in Prosper | AA | $25,000 @ 9% | Nov 07, 2007 | Expired |
| 229849 | Prosper lender wants to learn the borrowing experience | AA | $25,000 @ 11% | Nov 10, 2007 | Expired |
| 231542 | Prosper lender wants to learn the borrowing experience | AA | $25,000 @ 9% | Nov 13, 2007 | Loan created |
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