Pay off credit card
| Listing Information | |||
|---|---|---|---|
| Amount: | $2,350.00 | Status: | Loan created |
| Grade: | A | DTI: | 16% |
| Lender Rate: | 8% | Borrower: | Jujus19_77 |
| Finished | State: | FL | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-07-31 | EricsCC ROI: | 7% |
| Status History | |
|---|---|
| Jul 31, 2008 | Current |
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Purpose of loan: This loan will be used to pay off a credit card with a high interest rate. A family member needed to borrow money. I worked out an arrangement with him to get the money as a cash advance from my credit card. As you all know, the cash advance interest is extremely high. The individual who needed to borrow the money has been paying me on time every month, and I decided to pursue this option in an attempt to get a lower interest rate to help him out. The interest rate for the cash advance on this card is 21.24% and I am hoping for anything lower than that. My financial situation: I am a good candidate for this loan because I am responsible in both my professional and personal lives. I am a HR Manager and am trusted with individuals' most personal and confidential information. As my credit report indicates, I pay all my bills on time, I have money in savings and I am even an investor here on Prosper, with 16 active loans. Outside of my main living expenses, I live very cheaply. I am focused on paying off all my debt, and in order to do that, I have focused on what I "need"' versus, what I "want", focusing on my long term goal of living debt free. While the person who borrowed the money is paying for this loan, I still have money to pay this loan, should the individual not live up to their end of the bargain. Monthly net income: $3500 Mortgage: $1158 (I pay $1200) includes insurance and taxes Credit card 1: balance $2350 (to be paid with Prosper loan) interest rate 21.24%; current minimum payment $50 Credit card 2: $200, balance $7800 interest rate 8.9% Credit card 3: $200, balance $1400 interest rate 9% Car payment: $335 Insurance: $100 Gas: $300 Household bills:$300 Food, random: $300 Remaining: $565 |
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