Consolidate, Eliminate, Celebrate!
| Listing Information | |||
|---|---|---|---|
| Amount: | $13,500.00 | Status: | Loan created |
| Grade: | AA | DTI: | 14% |
| Lender Rate: | 9% | Borrower: | Kobalos |
| Finished | State: | MD | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-09 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jul 09, 2008 | Current |
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Purpose of loan: It's time to get serious about eliminating our debt without using a Cray supercomputer. Currently, I keep a running tally of what we put on our two main credit cards. We also have a HELOC, but don't use it except for house improvements. Any excess money at the end of a pay period goes first to this running tally. Once we've done that, I allocate half of what's left to further reduce our credit card debt, and the other half to savings/investment (because in the long term, the stock market makes about 10-12%, which is more than our highest credit interest rate). This is where Prosper comes in. I wanted to: 1) Clear off the current balance on my credit cards. Then I can just pay off the entire balance every month, eliminating the need to keep a running tally. 2) Take advantage of Prosper, because it rocks! I love the idea of microloans, and I'm already a Prosper lender and advocate. So here we are! My financial situation: I am a good candidate for this loan because I'm dead set on improving our credit situation and credit rating. I was just talking with the friend who referred me to Prosper, and we remarked that a lot of people don't seem to think that Prosper carries any weight, when defaulting on a Prosper loan is just as bad as doing the same with a credit card or any other loan. Well, they're wrong, we're right, and I know it ;) |
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