Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-05-28 Payments Made: 6 of 36 Total Payments: $4223.51 / $19999.00

Listing Summary

  

Borrower Info
Requested Amount: $19999.00
Lender Rate: 15.50%
Automatic Funding: No
Percent Funded: 100%
Monthly Payment: $698.18
 
Borrower: pattyo54
Location: TX
Group: (NoGroup)
Group Fee: 0.00%

Credit Profile
Credit Grade: AA Homeowner: Yes Account Verified: Yes Debt To Income: 0%

Extended Credit Data
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Listing Description
I am from Texas and there is a state cap of 17% or I would be listing at a higher rate.Purpose of loan:
This loan will be used to pay off a high interest credit card that was used to move my business into new office spaces.  It is a Countrywide Visa (used to be Chase) and the interest rate is 21.24% and the balance is at 20,000.00.  I employ 6 full time employees and 4 part time. This past September I bought out another practice and doubled the number of clients I have.  This necessitated a move to new office spaces and I took out an SBA loan to buy the property.  I used personal finances for misc expenses incurred due to the move.  The move was unscheduled in that the perfect property came available at short notice and we chose to use our personal finances to expedite the move instead of waiting for another opportunity. It allowed us to centralize our operations and resources, in the long term allowing us to free up capital for other expenditures and future growth. As the move was successful, and we have fully integrated our new customer base, our 3-year business plan is on schedule to meet our financial obligations.  I want to take out a Prosper Loan so that I can pay this credit card off in a set amount of time.Our business doesn't really experience that much of a downturn, it is fairly constant year round. We do have assets and are setting funds aside on a regular basis to cover most contingencies.

I have to list my income as "0 or Unverifiable" due to being a Sole Proprietor and I don't get a W-2.
Business Income for the first four months of this year: 305,000.00; Expenses 267,515.00; Net 37,603.00
Personal Income per month (Self and Spouse) 11,000.00; Expenses 9,560.00; Net 1440.00 which is put into savings/investments or used for occasional travel.

I am a good candidate for this loan because I am in business for myself owning a Bookkeeping and Tax Practice.   My business has more than quadrupled in the last 5 years and it's all due to word of mouth, which is the BEST advertising.  We meet all our payrolls, pay all our bills on time and expect things to continue in this direction.  I cannot provide a W-2, but can provide other tax documents if necessary.