Conquering School Debt
| Listing Information | |||
|---|---|---|---|
| Amount: | $7,500.00 | Status: | Loan created |
| Grade: | B | DTI: | 24% |
| Lender Rate: | 15% | Borrower: | wise-prudent-truth |
| Finished | State: | DC | |
| Funded: | 100% | Group: | (No Group) |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2011-07-08 | EricsCC ROI: | 14% |
| Status History | |
|---|---|
| Jul 08, 2011 | Current |
| Jul 10, 2012 | Payoff in progress |
| Jul 17, 2012 | Paid |
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I will use this loan to consolidate higher-interest accounts that helped me pay for school when student loans got tight. Right now I am paying interest at about 30% on these accounts. With this loan, I'll be able to reach my goals of becoming debt-free in a year, and getting my credit score high enough to buy a home. Also, I like the idea of my interest payments going to a private investor with Prosper, and not to a giant bank. I'm low-risk because I have a good job/income, and I know that going into default on any loan could potentially jeopardize my job and my goal of owning a home. I am making much higher payments on the accounts now than I will after consolidation, so this payment will be affordable. Monthly net income: $3,640 Monthly Expenses: $2,690 total, as follows: Housing: $1,350 Insurance: $100 Phone, cable, internet: $90 Food, entertainment: $400 Clothing, household expenses: approx $100 Credit cards and other loans: $650 |
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