Recapitalizing Current Liabilities
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|Loan Status:||Paid||Origination Date:||2006-09-25||EricsCC ROI:||14%|
|Dec 04, 2006||Current|
|Aug 26, 2009||Payoff in progress|
|Sep 05, 2009||Paid|
Prosper lenders(investors) let?s do some business: The purpose of this requested $7,500 loan is to recapitalize current personal obligations. Funding of this requested loan will result in the reorganization of current liabilities. This reorganization will establish the financial flexibility needed for my continued personal development.
I have set a goal of reducing my debt liabilities by 90% within a 3-year period. To facilitate, in part, the attainment of this goal, the consolidation of current liabilities totaling approximately $7,500 is required. Currently, I am allocating a monthly total sum of $1,100, or approximately 17% of my current monthly gross income of $6,470, towards the payment of $19,500 of total liabilities. I am currently paying an average annual percentage rate (APR) of about 22% on the $19,500 total liabilities amount. To facilitate the funding of this loan request,
I am prepared to accept an APR ranging between 20% to 25%, on the $7,500 requested loan. Based on Prosper?s loan calculator, a funded 3-year loan at 25% APR would require a minimum monthly payment of about $300 (C-grade). I am currently allocating about $550 towards the payment of approximately $10,000 of the total $19,500 liabilities previously mentioned. Therefore, funding of my $7,5000 loan request will reduce my net monthly outlay by $250, after consolidation.
If this requested loan is funded, the immediate and positive resulting benefit to me would be a reduction of my monthly debt maintenance outlay and an improved debt to income ratio. The remainder of my monthly income is allocated to taxes, basic living expenses, retirement savings (state retirement, 457 plan) and discretionary spending. My current monthly income of $6,470 is scheduled to increase by approximately 13% by July 1, 2008, thus providing me with a projected monthly income of $7,350 in less than two years (projected income increase based on an already negotiated MOU between the State of California and my bargaining union).
In summary, my employment by the State of California provides great job and income stability. My current debt to income ration is good to excellent, and will improve with the recapitalization of current liabilities. My credit history clearly demonstrates (1) a very good track record of timely payments, (2) my willingness to assume a reasonable amount of debt, and (3) my capacity to manage that debt in a responsible manner.
Finally, at an APR range of between 20% to 25%, that I am prepared to accept to facilitate the funding of the requested $7,500 loan, any lender(s) willing to fund this loan request will make a very good rate of return on money invested and, in the end, the funded loan will provide me with the financial flexibility for my continued personal development. This is a WIN-WIN proposition!
Thank you for your consideration??.. Ernie M .
|Borrower's Other Listings|
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