Eric's Credit Community

Relist with slightly lower amount. Interest is the max for NY. Thanks to those who previously bid on my loan.  

I am requesting a loan of $2,500. I am a 51 year old homeowner (owned for over 8 yrs). I have been with my NYC job for over 20 years. Just recently I lost 2 incomes in my household- my younger daughter's( bought her own home) and my husband?s (returned to the Caribbean). It?s been extremely challenging over the past few months, but I have been able to keep my head above water. As a result, I have decided to fix up my basement in order to rent it out. I engaged a contractor,  who is a friend of a friend and only charged $4,000, to fix the basement in order to rent it out for $650 per month. This is  for labor which includes tiling the ehtire basement, putting in a full bathroom, installing baseboard heating, sheet rocking where needed and other work. I am responsible for providing all materials. The basement is about 75% complete. I already paid the contractor $1500 and still need to purchase heating supplies to complete it, which is almost $600. I have taken my little savings and other funds and paid for the labor and about $1200 for supplies thus far. I want to be able to pay the contractor the balance when the work in finished in another week or so. This is the reason for the loan.

My Income and Expenses:
$3,200 Income
 $2168   Mortgage
$250     Utilities and phone
$200     Minimum CC pymts  
$165     Beneficial pymt
$100     Savings
$150     Food (I live alone now) 
$167  Available Income for Prosper loan
$817 Available Including Rental income  

In a couple of months I will be refinancing my mortgage to get a lower rate and lower payment. At that time I will also be consolidating my credit cards and a Beneficial loan (24%). Also in December I will be getting pay increase, as my union just negotiated pay increases. I believe that by January I should have a tenant in place which would give me significant cash flow for savings.  

I intend to repay this loan within 12 months or earlier. I hope to also use this loan to improve my credit score. Currently I am a D, but have no current delinquencies, little past delinquencies and no inquiries. I have a lot of tradelines, but most are closed. Some are also student loans which I took out to get my Associates, Bachelors and Masters Degrees (all consolidated and recently placed into forbearance). Other tradelines were joint obligations with my husband and others, which are closed.

Thanks for considering my request .