Grow web hosting side business
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,000.00 | Status: | Loan created |
| Grade: | B | DTI: | 7% |
| Lender Rate: | 10% | Borrower: | geekindallas |
| Finished | State: | TX | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-25 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jul 24, 2008 | Current |
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Purpose of loan: To expand my freelance computer services business through purchase of new infrastructure. My financial situation: I took out a loan through Prosper a year ago. I invested most of that money back into Prosper, and used a small portion of it to pay off some debt. I've drastically reduced my debt load over the past year, but still have one credit card I'm working to pay down. I have a computer services / web hosting business I'd like to expand. To support more customers, I need to replace my aging web server. I'm hoping to finance this through the Prosper community instead of relying on my relatively high interest credit card. After purchasing the server, I'll use the remainder of the loan for debt payment. As you can see below, I have sufficient extra income each month to cover the debt payment, regardless of how much extra income I do or don't see from increased business. I've only included the income from my primary job in the detail below, since my freelance work varies. Reason for decrease in credit score: My credit score has decreased from an A last year to a B currently, despite my having paid off many thousands of dollars in debt. This is due to an account for a leased server I allowed to go delinquent in October. My credit card on file had expired and I failed to take action in a reasonable time period to resolve the situation due to extenuating personal circumstances (my mom was seriously ill and at the start of a 4 month hospital stay). I canceled the server lease after paying off the account (~$100) and am now hosting my sites on relatively old equipment I had at hand...hence, my desire to purchase new equipment. Monthly net income: $3200 Monthly expenses: $2203 Housing: $750 Insurance: $90 Car expenses: $300 Utilities: $175 Phone, cable, internet: $37 Food, entertainment: $400 Clothing, household expenses $75 Credit cards and other loans: $76.36 (this is the minimum payments - I always pay more) Student and other loans: $200 Other expenses: $100 |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 160931 | Debt Consolidation | A | $5,000 @ 8% | Jun 30, 2007 | Expired |
| 166477 | Invest in Prosper | A | $4,000 @ 9% | Jul 10, 2007 | Loan created |
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