Listing Profile Bid History Loan History

Listing Title


Loan Information
Loan Status: Current Origination Date: 2008-07-17 Payments Made: 5 of 36 Total Payments: $3413.15 / $15000.00

Listing Summary

  

Borrower Info
Requested Amount: $15000.00
Lender Rate: 35.00%
Automatic Funding: Yes
Percent Funded: 100%
Monthly Payment: $678.54
 
Borrower: JennM
Location: MI
Group: Business
Group Fee: 0.00%

Credit Profile
Credit Grade: B Homeowner: No Account Verified: Yes Debt To Income: 85%

Extended Credit Data
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Listing Description
    This loan will be used to open a cart at our local mall. We will provide our customers with everything for their personal and gift shopping needs in one location from home decor, garden decor, tools, toys, kitchen essentials, bath accessories, bedding, luggage, and much more. 
    The funds from the loan will be used as follows:     
        $5,000 products   
        $2,500 supplies    
        $3,400 3 months lease plus fees    
        $   500 clothes
    The balance will remain in the bank for overlooked startup expenses as well as general operatering expenses including insurance. 
    As far as estimated income we estimate that 10 to 20 customers a day each spending $30. That would be an income of $300 to $600 a day or approximately $9,000 to $18,000 a month. Once this location is running smoothly and we are financially stable we plan to work on hiring employees which would create a few more jobs. Our next plan would be to work towards opening a second location at the next big mall in the next city over which would also create a few more jobs. After the loan is fully repaid and we have saved enough money we would like to open a gift shop.
    This business is being opened by myself and a friend of mine. Currently she is disabled and trying really hard to get off all assistance and support herself and her family on her own. I work full time. Our current combined income without the business estimated income is approximately $2,400 a month which could more than cover the prosper loan. I currently reside with my father so my only actual expenses are my credit cards. She keeps her expenses limited to what is required. Her housing is $660. Her utilities run about $150. Since she is disabled and on limited income she does get food assistance. Plus she pays the normal household expenses: soaps, cleaners, etc which run approximately $100.For now I plan to keep my job since it is full time and guaranteed income so she will be running the business for the most part. I will be involved when I am not working. Once the loan is repaid then I will focus more on the business with her. Her disability is also guaranteed income for a few months after she has steady income from the business. We can check to see exactly how long her disability is guaranteed after we have steady income if you need us to just let us know.
    Our business plan has already been approved by the manager of my partners bank. She was very impressed with it and comfortable with the costs. Before putting any of this into action it was taken to her to review to be sure everything was in order. We showed her the paperwork from our supplier, the printout from office depot, the printout for the clothes, as well as the information on the mall lease.
    We would be more than happy to answer any questions that you may have.