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.
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.Monthly 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- $100 (will pay off with loan)
Credit Union Loan- $417 (will pay off with loan)
Gas Cards $120
—————————————
Total monthly expenses: $2926Current Extra Cash Flow: $300
Cash Flow w/Prosper Loan to Consolidate: $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:
| 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?
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