Bridge Loan for Childcare Expenses
| Listing Information | |||
|---|---|---|---|
| Amount: | $6,001.00 | Status: | Loan created |
| Grade: | AA | DTI: | 6% |
| Lender Rate: | 8% | Borrower: | kcincon |
| Finished | State: | MA | |
| Funded: | 100% | Group: | BORROWERS - Free instant Listings - LARGEST GROUP |
| Loan Information | |||||
|---|---|---|---|---|---|
| Loan Status: | Paid | Origination Date: | 2007-01-11 | EricsCC ROI: | 8% |
| Status History | |
|---|---|
| Jan 12, 2007 | Current |
| Aug 12, 2007 | Payoff in progress |
| Aug 27, 2007 | Paid |
|
ABOUT ME: I am 35 years old, separated, with a 4 yr old child. I have been with my current employer for 7 years. EXPLANATION OF NEED FOR CREDIT: I have signed up for a Dependant Care Savings Account (DCSA) with the hopes of saving on taxes for childcare in 2007. The problem is, it a reimbursement account, so the beginning of the year will leave me short on bills while I pay for both the childcare and the DCSA at the same time. The state minimum loan is $6001, which I am requesting here. WHAT I WILL DO WITH THE MONEY LOANED TO ME: $3350 will compensate for the first 8 months of $96.15 per week into the Savings Account. $1600 will ensure the first 8 months of Prosper loan payments (at about $200/ month). $1000 will help complete divorce and act as emergency account. HERE ARE MY MONTHLY FINANCIAL DETAILS: (note - I am underestimating income and overestimating expenses slightly) Net income after payroll deductions from all sources: $ 2500 Rent: $ 950 Phone: $ 85 Gas & water: included with rent Electricity: $ 55 Car Operating Expenses: $ 113 insurance, $ 150 gas, $50 other Food & 2 cats: $ 250 Life Insurance/Legal: $ 27 Cable/Internet: $ 65 Clothing, expenses for children, medical, etc. $ 310 Other: $ 308 - 401(k) loan Total Monthly Expenses: $ 2471 I will have $ 29 left, but I also contribute about $ 230/mo to my 401(k), which is optional. In addition, overtime and bonus is common for another $ 100-200/mo. Once the childcare is over in September, it will free up $245, which will continue to pay the Prosper loan. Do not forget I will have also saved up $5000 in the DCSA by year-end, which will allow me to pay back the entire loan! CLOSING REMARKS TO LENDERS: Just in case you may think the divorce may be an issue in my ability to pay back this loan, my wife and I are splitting up amicably, and custody is not an issue, nor is alimony or child support. I am living close enough to the vest to need this loan. I will NOT let you down. In fact, if I had to, I would move back with my Dad or take another 401(k) loan, just to make sure I will pay this loan back. Thank you for your time and consideration! |
| Borrower's Other Listings | |||||
|---|---|---|---|---|---|
| 233260 | Bridge Loan for Childcare Expenses | A | $2,500 @ 10% | Nov 17, 2007 | Withdrawn |
|
Discussion For This Listing
|
||
|---|---|---|
|
No Comments Found For This Listing
|