A new loan funded (Financial Freedom / Credit Card Consolidation – $25,000 at 11.44%). I participated via my standing order RL Overlooked. The borrower had AA credit, a 37% 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.Â
With this loan I have $5,047.15 in principal across 79 loans ($63.89 per loan) with an weighted average interest rate of 17.59% and an account value of $5,387.82. Each loan on average is 1.2% of my portfolio with a maximum in any one loan being 3.7%.
Here is the listing:
For the readers that believe in reading the actual description without modification:
Purpose of loan:
Hello, Prosper Lenders,  I am re-listing and providing more information this time around. I’m putting it all out there. I’m a hard-working, dedicated teacher, a mother of 3 (one married), and a responsible tax-paying citizen. Like many, I have over-extended myself with credit card debt and a credit union loan. I made the loan to buy our daughter a car. I make my monthly payments on time every month, but don’t seem to be getting anywhere with the credit cards. I’m hoping to combine the credit union loan I have, pay off some smaller bills listed, and pay off the large credit card debt once and for all!My financial situation:
I have a AA credit score, earn a good living and have never missed a payment on anything! Like many, I’ve managed to get too much debt on my credit cards and have other outstanding loans that make it hard to see progress. I want to end the frustrations of high interest and stress in my life and build a better, financially sound future for my family.ÂMonthly Salary (after deductions): $3300
My monthly budget:
Mortgage/rent: $0 (My husband pays our mortgage – $700 monthly)
Insurance: $320
Car expenses: $489
Utilities: $140
Phone, cable, internet: $170
Food, entertainment: $400
Clothing, household expenses $150
Credit card #1- $500 (will pay off with loan)
Furniture store loan- $120 (will pay off with loan)
Medical Bills- $100Â (will pay off with loan)
Credit Union Loan- $417 (will pay off with loan)
Gas Cards $120
—————————————
Total monthly expenses: $2926Current Extra Cash Flow:Â $300
Cash Flow w/Prosper Loan to Consolidate:Â $650
I appreciate your help and your time!
Respectfully yours,
Dedicated Teacher
Here is a graph of all loans on Prosper with A credit and a DTI of < 13% and Loan Amount $15,000 +/-$5,000 funded in the last 100 days: Â
| Number of Loans | Average Amount Borrowed | Weighted Average | Standard Deviation |
|---|---|---|---|
| 68 | $20,770.59 | 11.25% | 2.80% |
The weighted average is 11.25%. This loan is 0.19% above the mean. I love standing orders, but I have since revised this standing order upwards… Iam also thinking of splitting into 2 standing orders based on loan size.
What do you think?
Â
Related Posts -
New Loan Funded — Finance for an ESTABLISHED Business — $25,000 at 24% — B Credit — DTI 1392557% A new loan funded (Finance for an ESTABLISHED Business – $25,000 at 24%). I participated via a manual bid the loan was Autofunding. The borrower had B credit and a 1392557% DTI (unverifiable income). As a reminder my standing orders (and manual bids) only find loans with 0 current delinquencies, 10 or less delinquencies...... -
Everyday People -- Shining Example of Prosper Group Here is a current listing from EveryDay People. This listing has an excellent chance of funding. In addition, Everyday People's Group Leader StaciM has also endorsed AND BID on the listing. (Personally I think an endorsement without a bid is meaningless... kudos StaciM). The reason StaciM can bid with confidence...... -
Prosper.com and Your Emergency Fund I was reading an article on bankrate.com about Using a CD Ladder as Parking Locations for Your Emergency Fund. One of the big problems with a CD Ladder is the finite number of times you can withdraw money without a fee. Another big problem is length of time it...... -
Are Good Loans Harder to Find? I have been reading quite a few comments lately about how good loans are becoming harder to find on Prosper. I thought I would look into this matter using the public data dump and crystal reports. One caveat, not all information is in the public data dump that is available...... -
New Loan Funded — Clearing a personal credit card used for business purchases — $9,500 at 18% — A Credit — DTI 46% A new loan funded (Clearing a personal credit card used for business purchases — $9,500 at 18%). I participated via an automatic bid Low AMT -- Extreme DTI -- Autofunding. Which means this funded at less than 15K less than 60% DTI and was autofunding.  The borrower had A credit and......
Related Websites -
Help! My Debt Snowball Is Melting! This post is from staff writer Sierra Black. Sierra writes about frugality, sustainable living, and getting her kids to eat kale at Childwild.com. The summer heat has taken a toll on my debt snowball. Two months ago, I paid off the last of my credit card debt, but I still......
- How to be a Money Strategist to Reach Your Financial Goals (Part 1) Mr. ToughMoneyLove is a Money Strategist Setting and reaching financial goals is at the core of personal financial planning and retirement planning. This two part article explains how being a money strategist provides a structure for me to reach my family's financial goals. In this part 1, we define financial goals,......
- The wisdom of Prosper crowds Crowds know a lot collectively. The basis for efficient market theory is that everything known about the market, good and bad, is already priced into it, so that its price is exactly where it should be, supposedly. This works only if you have a large number of people making a......
- Unbroke: What You Need to Know About Money This last Friday, at the dreadful 9PM timeslot, ABC ran a show called "Unbroke: What You Need to Know About Money." If you follow personal finance blogs, you've probably read a lot of reviews. I've been busy moving, so here's my unbiased thoughts on the show... done Bill Simmons diary......
- Home Owners Getting Shafted With Nightmare Loans Here's a must read article from BusinessWeek on Nightmare Loans. Jennifer and Eric Hinz of Somerset, Wis., are feeling the squeeze. They refinanced out of a 5.25% fixed-rate, 30-year loan in June, 2005, and into an option ARM with a 1% teaser rate from Indymac Bank. The $1,483 payment for......
- Standing Liberty (1916-30) Quarters Coins: US Coins & Paper Money
- Standing Liberty (1916-30) Quarters Coins: US Coins & Paper Money
- Free Standing Punching Bags Boxing Exercise & Fitness
- Union Flags & Flagpoles Garden Décor Yard, Garden & Outdoor Living Nursery
- Union Rugby Other Sports Fan Apparel & Souvenirs Sports Collectibles
Categories:
Loan Review, Prosper.com
Tags:
0 comments ↓
There are no comments yet...Kick things off by filling out the form below.
Leave a Comment