Eric's Credit Community

This loan request is two consolidate two outstanding debts:

1. Cash Call
• Original balance - $10,000
• Current balance ? $5,200
• Interest rate - 39%
• payment - $332.00  
2. Credit Card
• Limit - $5,000
• Revolving balance - $4,800
• Current balance - $3,900
• Interest rate - 14.99%
• Payment - $150.00.  

The total information for both debts is:

Total blended interest rate 29% - payment $482.00  

By consolidating both, I will get a lower payment and get a better interest rate.  New Prosper rate = 15.00% and a payment of approximately $345.00.

I needed the Cash Call loan to fund a recent trip.  It was a milestone birthday for my wife and she had her heart set on going.  We initially thought about pulling equity out of our home (we have close to $200,000) but when we found that the recent payoff for the prepayment penalty was at $8,000, we decided on the Cash Call loan.  It was very easy and convenient to sign up and they gave us the cash practically the same day.  I justified the interest rate by paying it off quickly ? which you can see by the original balance vs. the current.  This way I would save money vs. paying it off over the full term of the loan.  Regardless, its still 39%!  

The credit card?s revolving balance is high due to my current job.  I have to charge all of my business and travel expenses to it and then get reimbursed.  I?d like to pay off a large portion of it and bring it down to about 25% of the limit.  

I have the ability to repay my Prosper loan.  I was promoted to Region Director back in March 2006.  My total compensation package includes a base salary, mileage allowance, commission and bonuses.  Our fiscal year end also takes place in March.  Due to the timing of my promotion and year end, I missed last year?s bonus payout.   The region I manage today used to struggle in hitting targets.  For the past three years it came in at 65%, 84 and 73%.  This year under my management, we are 95% to target and have all indication of hitting 100%+ by year end.  I also have four reps who have already hit their annual targets all well before year end.  I have no doubt I will be getting my bonus.  

In regards to my personal information:   I am currently working on my MBA.  I am married, have very close relationships with both sides of our families, actively involved in church and of course work full time. I love traveling, theatre and the arts, football, basketball and cars!  In fact, I have attached a picture of one of my cars I am trying to sell.  

I offer a generous interest rate for my credit profile and I know you will not lose by funding my loan.  I appreciate your consideration and review of my request.   Thanks!