High interest rate credit card
| Listing Information | |||
|---|---|---|---|
| Amount: | $5,000.00 | Status: | Loan created |
| Grade: | C | DTI: | 9% |
| Lender Rate: | 13% | Borrower: | Surferfamily |
| Finished | State: | NC | |
| Funded: | 100% | Group: | PsychDoc's Group |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2006-09-13 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Sep 12, 2006 | Current |
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Hello all! I am a married father of three. I am the owner of a small property and casualty insurance agency. I opened my office on March 15th 2005 after 14 years in insurance operations. I opened with the blessing of my former employer who helped me secure the highest available commission level contracts with the majority of the companies I represent. These contracts are generally reserved for established agencies that have met certain production levels. When a new agency opens the initial months are loss leaders while the book of business is being established. During that time I built up balances on my credit cards, some with very high interest rates. The rates range between 18-24%. The purpose of this loan will be to pay off the cards with the highest rates. The business is now turning a profit. Month over month growth has been 5-10% and month over previous year same month has been 40-45%. I expect the growth rate to slow as the book of business increases in size. My take home minus 30% for taxes has exceeded my family expenditures by $450 and $625 in July and August respectively. I see this trend continuing with the exception of December as this is the traditionally slowest month in my business coupled with the fact that my family spends more in that same month. In the way of full disclosure I have a $3,000 signature note from a business professional organization I am a member of. That loan does not show on my credit report and would raise my debt to income ratio to about 11% if it were included. In summary, I can afford this loan and will pay you back. Thank you for consideration. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 368893 | Opening a second location | C | $7,500 @ 18% | Jul 17, 2008 | Cancelled |
| 371675 | Opening a second location | C | $7,500 @ 29% | Jul 22, 2008 | Withdrawn |
| 372195 | Opening a second location | C | $7,500 @ 20% | Jul 23, 2008 | Loan created |
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