Eric's Credit Community

I am requesting a loan to pay off 2 outstanding payday loans and a furniture account. These payday loans are preventing me from achieving my goal/dream of being debt free by December 2006.  I want to be able to consolidate and pay off in full these accounts by the end of this year and start saving toward purchasing another home.  

PayDay Loan Nightmare:
My brain was on vacation the day I got these payday loans. The interest on these payday loans is eating my paycheck and my efforts to turn this around. I have been paying everything off the best I can ( a little here, and a little there) and leaving just enough money for gas and groceries and hoping that nothing major happens to my car that would throw my precarious balancing act off.   The interest on these payday loans is running me no less than $360.00/month.  I know that this is my fault, and I should have thought it thru better but I didn't and now I have to face this and take care of it - which I am doing but I just want to stop the madness and never have to deal with these kind of companies again. I am serious about getting back on track - the last 9 months have been hard on me and I am doing everything within my power to clean it up. In all, I had 4 at one time, I have managed to pay off 2 of them and have 2 left to pay off.  I owe a total for the payday loans $793.00. This loan will free up an extra $400 a month that can either be reinvested in my 401k savings plan or in a saving account for a future home. 

Employment & Residency: 
I am employed fulltime for an internationally known company in VA for the last 3 years. I will be up for a raise in 2 months, and have job security.  I have lived in my apartment for 4 years and have never been late on my rent ever! I have lived in this area of VA for over 25 years.

Current Financial Status:
Currently I have the basic bills plus a tax bill that I pay $400 a month (The balance now is $1200 down from $3200 in April) I guess I got a little overzealous and set up the payment schedule that almost overextends me, however, I have not missed a payment and I really wanted to have this paid off by Nov/Dec.)

Why the interest rate is so low and why I have a HR rating:
My problem is that at 11% interest, on a small loan as this, perhaps is not as appealing as say, 28%. I am however, in a state that only allows a max of 12% interest. I plan on making extra payments on this loan to pay it off as quickly as possible.  Most of the deliquencies in the last 7 years, were before my discharged bankruptcy - almost 3 years ago and are not reporting accurately on my credit report - I am working on getting those updated. The 7 listed are the bills I am now trying to catch back up after my court battle (see past listings for details) and the PayDay cycle I am currently in and trying to clear up and get behind me.

After Consolidating the Payday Loans and the Furniture Payment my bills will be:
Rent $450 (just went up) Phone $65, Cell $50, Elect $85, Insurance $80, Gas $150, Groceries $150, Car $400, Storage Unit $100 Tax Bill $400 (3 payments Left Sept-Nov) Student Loan $60, Orchard Bank $50.00, Premier $50.00, Crown Jewelers $45, Prosper Loan min $37.00 
$1772 - out a month -- Monthly Salary $2200 - $2476 (Bring home - varies with overtime) 

This Loan will pay off:
Pay Day Loans CTC Advance $435, Cash 2day $358, Furniture 18% $300

I can provide documentation of any item you need.