Buying a alternate means for commuting
| Listing Information | |||
|---|---|---|---|
| Amount: | $4,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 9% |
| Lender Rate: | 16% | Borrower: | NuckaMan |
| Finished | State: | CA | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Current | Origination Date: | 2008-09-22 | EricsCC ROI: | 15% |
| Status History | |
|---|---|
| Sep 20, 2008 | Current |
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Purpose of loan: This loan will be used to? I have a 50 mile, round-trip, commute each day to work and back. And to off-set the rising gas prices, I have been riding my motorcycle to work on a regular basis. The motorcycle has been a reliable and money saving alternative, but the mileage on the motorcycle is approaching 40K (relatively high for a motorcycle), and due to high mileage, there has been a slight decrease in the overall performance. From the estimates I have received to get my motorcycle back in top-performance, it would be more cost effective to sell it or trade it in for another one?.so that is what I have decided to do. My financial situation: I am a good candidate for this loan because? -Cannot jeopardize the work I have done to re-establish my credit rating. -I have re-established payment status of my student loan (the primary reason of my poor credit rating) for well over a year. -The only default collection account is for $969, with Midland Credit Management. This is stemming from an on-going bout with a large apartment management company called Arnel Management. We ended an apartment lease a few months early because of repeated negligence with complaints due to living conditions/repairs requests. This dispute has been going on since 2001. It is due to come off my record mid-2009. -My monthly income-to-expense ratio is relatively low with enough disposable income to support this loan. -I have been gainfully employed in a stable industry for many years (Mechanical Engineer, Medical Device Manufacturing and Design). I recently started a new position after being recruited out of a previous position. This explains my short employment history. -Much of the monthly expenses is shared with my fiance, who lives with me and is also gainfully employed in another stable position (Public School teacher, w/tenure and advanced degree). Monthly net income: $ 4200 Monthly expenses: Housing: $ 1300 including HOA and property tax Auto Insurance: $ 65, Health Care is provided by employer. Car expenses: Loan Payment: $371 (last payment January. ?09) Gas: $250 Utilities: $ 95 Phone, cable, internet: $ 85 Food, entertainment: $ 300 Clothing, household expenses $ 75-100 Credit cards and other loans: $ 150 Student loan: $144 Other expenses: $ 150 Closing Notes: This is my 2nd and final listing. The 1st listing was not successfully funded. I did some more research and decided to re-list. This time around, I have increased the starting interest rate and lowered the requested loan amount. I do hope it gets bid down to a more reasonable interest rate, based on my credit rating. I also wanted to comment on my repayment plan. I do understand the business model of lending and understand that pre-payment (especially in full) is not always desirable, especially within a relatively short period of time. The plan is to take this loan out to at least 1 year, but no more then 2 years. I do not foresee this loan being carried out the full 3 year term. I just wanted to make this statement so there are no disappointed lenders who bid on this loan. I also wanted to take this opportunity and say thank you to the lenders who bid on my previous loan. While it was not fully funded, I do appreciate the bids it did receive. Thank you for your interest in my listing. |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 391151 | Buying a commuter scooter!!! | B | $8,000 @ 17% | Sep 01, 2008 | Expired |
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