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New Loan Funded — Financially responsible Individual seeking funds — $12,000 at 15% — A Credit — DTI 25%

A new loan funded (Financially responsible Individual seeking funds – $12,000 at 15%).  I participated via a my standing order Low Amt (<15K)-- Mid DTI (<25%) -- AF (the loan was Autofunding).  The borrower had A credit and a 25% DTI.  As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies in the last 7 years, and 2 or less public records in the last 10. 

With this loan I have $4,747.15 in principal across 74 loans ($64.15 per loan) with an weighted average interest rate of 17.66% and an account value of $5,190.26. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.8%.

Here is the listing:

RateLadder.com Loan

For the readers that believe in reading the actual description without modification:

Purpose of loan:
The loan is going to be used to payoff a credit card.  We will also be using it for working capital for a startup business.  This is the second listing.  This time for less money, in hopes of being fully funded this time.

My financial situation:
Good for paying back this loan because I have been working for the same hospital for 8 years and am starting a new business in which I am already making around $300 in supplemental income a month.  I will use the money to payoff a credit card and for some working capital for my business.   My goal is withing two years to have no credit card debt.  This will be my start toward that goal.  I am very financially responsible, make payments on time, and plan on continuing that record.My monthly budget:
Mortgage/rent: $Insurance: $
Car expenses: $286.00
Utilities: $70
Phone, cable, internet: $69
Food, entertainment: $150
Clothing, household expenses $200
Credit cards and other loan payments: $300
Other expenses: $—————————————
Total monthly expenses: $1075

Here is a graph of all loans on Prosper with A credit and a DTI of < 25% and Loan Amount $12,000 +/-$5,000 funded in the last 100 days: 

RateLadder.com Loan Analysis

Number of Loans Average Amount Borrowed Weighted Average Standard Deviation
76 $10,719.36 11.13% 2.15%

The weighted average plus 1 sigma is 13.28%.  The weighted average plus 2 sigma is 15.43%.  This loan is between the 1 sigma and 2 sigma higher than the mean.  I love standing orders!

What do you think?


April 14, 2007 | Filed Under Loan Review, Prosper.com 

Useful Info:
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