Commentary on current market rates

There have been some remarkable changes happening recently in the economy. Most interesting for me has been to watch what is happening to interest rates in the bond market. Consider it in these terms:

Let's say that you are a lender looking for a place to put your money. An organization comes to you and wants a 2 year loan. They have a lot of debt (about four to five times their annual income), but they have a perfect track record of paying back previous loans. They offer you 2.18% interest in exchange for a 2 year loan. You want to make a higher return? Well, in exchange for locking up your money for a longer period of time, they offer you a 2.78% interest on a 5 year note, 3.58% interest on a 10 year note, or 4.29% on a 30 year note.

Those are the current yields for government treasury bonds. Investors with deep pockets are currently locking up their money for 10 years for a 3.58% return. Inflation is currently sitting at 4.08%, and few analysts are expecting that to get better any time soon. It seems incredible to me that these investors are willing to lock up their money for 10 or even 30 years at rates which are unlikely to produce a positive return after accounting for inflation.

So, why are investors sinking billions of dollars of investment money into notes with returns that won't even keep pace with the rate of inflation? The answer is that economic uncertainty and market turmoil have pushed people into a flight toward safer investments. A return of zero after inflation is better than loosing your shirt.

So, what are you to do as an investor? Well, I would argue that blindly following the rest of the market is not a winning strategy. Often investors act with a herd mentality and push investments to unreasonable extremes. This explains the frequent bubble - crash cycles in various markets. Eventually, however, investments return to a long term rate of return based on their underlying value. This economic principle is known as regression to the mean, and it holds true in every aspect of investing. Putting money into bond funds at these low rates seems unlikely to be a long term winning strategy. When interest rates do go back up the value of these bond funds will plummet adding additional insult to the already low rates of return.

At times like this it is beneficial to have some money on the sidelines. That way, when one market gets way out of whack you can invest at bargain prices with the hope that, following the principle of regression to the mean, you will make money as the market corrects itself. So, as the real estate and stock markets fall there will be the potential for money to be made by those that have some money on the sidelines. Think of it in terms of the S&L crisis of the 1980s or the Great Depression. If you invested then you would have bought at discount prices right before real estate and stock market booms. There will be lots of short term volatility in the coming months, but patient disciplined long term investors can benefit from the market discount the volatility provides.

Lending Club statistics site published by Eric's Credit Community

Eric's Credit Community just published the first Lending Club statistics analysis site. Current charts include:

• Loans by status
• Lending Club loan growth
• Loan breakdown by credit
• Loan breakdown by amount

The information is updated weekly when Lending Club updates their statistics page.

Lending Club also recently made some great updates to their site if you haven't noticed them yet.

4 tips for Prosper lenders

Amy Hoak, who wrote 4 tips for Prosper borrowers for the Wall Street Journal, now has 4 tips for Prosper lenders. Here are Amy's four tips with my comments.

• Understand the model - Which one - Prosper, Lending Club, Zopa, or Virgin Money?
• Listen to the stories but don't ignore risk - I recommend Matt's article about risk management for a better understanding of this advice.
• Diversify risk - Few follow this advice. We found most Prosper lenders do not diversify. In fact, a full 70% have less than 20 loans.
• Start small - You often hear veteran lenders wish they started smaller. For example, Rateladder who runs several p2p lending sites and is the editor of the official Prosper blog said, "I have been lending since July 2006. I, like many, made some early mistakes in my lending strategy. Even though I was bidding on the better credit grades I didn’t pay close enough attention to other extended credit parameters… I continually adjust my bidding strategy and expect that my ROI (as estimated by both sites mentioned above) will continue to show improvement in the future."

'Snarky' blogger critiques Prosper borrowers

Before Prosper deleted their forums (archive available at prosperreport.com) lenders would often critique borrowers and share information in an effort to avoid borrowers who were likely to default. Sometimes those discussions would turn up quite a bit of scandal - the most notorious was Jessica Wolcott. Now these discussions have moved to other web properties, mostly propsers.org and various blogs.

One of these blogs belongs to Kyle M. Stevens. He says he started the blog to "poke fun at some of the Prosper listings." His blog is less than two weeks old but it has already captured the attention of MSN's money blog. Donna Freedman writes, "It was just a matter of time before some snarky blogger began commenting on the applications for loans at Prosper.com, the peer-to-peer lending site. If you apply for a loan at Prosper and your credit history isn't great, you might show up on Prosper lender Kyle M. Stephens' radar screen. You'd better have a thick skin or a generous sense of humor."

WSJ: 4 tips for Prosper borrowers

The Wall Street Journal discusses peer to peer lending in an article published this weekend, Borrowing from Peers. The differences among Prosper, Zopa, Lending Club and Virgin Money are briefly discussed and then the author provides four tips for prospective borrowers.

• Be realistic. It's important to know from the start how attractive a borrower you are and to set realistic interest-rate expectations, says Jean M. Garascia, associate analyst for Javelin Strategy & Research. The first time Ms. Rizzo asked for a loan on Prosper, for example, it didn't get funded because the proposed rate was too low for any lender to accept the risk.
• Tell your story. Part of the intrigue of peer-to-peer sites is that lenders get to know who they are funding. In some models, explaining why the money is needed and giving some information about yourself can help an investor relate to your story -- and decide to lend to you.
• Be patient. Unless a borrower is seeking a loan from an acquaintance, it might take time to get funded. "The demand for loans is much higher than the actual capital available," Mr. Garascia says. "Maybe you'll get funded in a day...or it may take longer than you were expecting."
• Understand the terms. The loan's interest rate is important, but pay attention to the terms as well. Unlike credit-card debt, this loan must be paid back in a defined period. The consequences of defaulting on a peer-to-peer loan are the same for any loan -- often a ding to the borrower's credit history.

Globefunder was not mentioned in the WSJ article, but they do appear today in an article in Michigan's Mlive.com - Kalamazoo-based Online Lender Expands into Michigan. Here's an excerpt:

"Globefunder, the Kalamazoo-based peer-to-peer online lending company that was launched last October, is now licensed to do consumer lending in Michigan. The business, started by two former Greenleaf Trust executives, Brian Mullally and John Schoolman, and Ben Decio, chief of staff for an Elkhart, Ind.-based maker of recreational vehicles and modular housing, is based at 200 E. Michigan Ave. in downtown Kalamazoo. It was already licensed and operating in 13 states -- Florida, Texas, Georgia, Hawaii, Indiana, Missouri, Louisiana, New Jersey, New Mexico, New York, Oregon, Utah and Wyoming -- before clearing regulatory hurdles and adding Michigan this past week. At www.globefunder.com, the business uses proprietary technology to offer loans from $2,500 to $25,000 to borrowers looking for reduced-interest-rate loans. It offers investors an opportunity to reap more substantial returns on typically short-term transactions. Peer-to-peer online lending has been drawing a lot of interest because industry observers say it has the potential to allow anyone with a computer to apply for and be considered for loans from people who have money to invest."

Peer to peer lending is also mentioned today in an article about recent stock market fluctuations at the UK Times Online. "Another offbeat option attracting serious consideration is Zopa, the US-backed website that brings lenders and borrowers together with a much smaller cut for the middleman," writes William Kay. Read the rest of the article at the UK Times Online.

Prosper selects AmSher as collection agency

Prosper has added a new collection agency – AmSher. AmSher is a privately held collection and receivables company licensed to conduct business in all fifty states. The firm started in 1939 as a credit-clothing store, later expanded into the credit furniture business and, in 1986, started collections. AmSher is headquartered in Birmingham, Alabama with a second collections location in Tulsa.

You can get some idea of how AmSher will handle collections from the Eight Steps for Effective Collection Calls, an interview with co-CEO Martin Sher.

Prosper lenders can choose which collection agency they want to use. The other options are Firstsource and Penncro. AmSher charges a fee of 17% of the funds recovered while FirstSource and Penncro charge 15% of funds recovered in the first month and a decreasing amount thereafter unless the payment is bringing the account current. You can view historical collection data and change your default collection agency at Prosper.

Most Prosper lenders use Penncro. Penncro has brought 16% of E and HR loans current, 17% of B-D loans current and 19.4% of A or AA loans current.

Brip Brap hosts second P2P lending carnival

Brip Brap just published the second P2P lending carnival. Here are the featured articles:

• Me vs. Debt: Hey Prosper Lenders! Question from a Borrower… - Amanda asks borrowers if it would be a good idea to refinance her Prosper loan with another one now that she has a different financial situation. (Note: I've noticed two borrowers have refinanced their Prosper loan on Lending Club - here and here.)
• Maximize the Chance of Funding Your Listing with Not-So-Obvious Tips
• Prosper Vintage Curve Update — 1/1/2008
• My Second P2P Loan On Prosper - also worth reading the 30+ comments on this article
• Fynanz to tackle peer to peer student loan niche - thanks for adding one of our articles!
• Prosper Lending: Interest Rate & Bidding Guidance
• P2P lending trends to expect in 2008 - I really like this article submitted by WiseClerk. I think it's a great addition to our review of 2007.
• Lending Club Statistics: Rejecting Most Loan Applications - another provoking article and good discussion in the comments
• What is Peer to Peer Lending?
• How I Overcame My Fear of Lending Money on Prosper.com

Earlier this month, Lazy Man and Money initiated the P2P lending carnival series. It's good to see the blogging community work together like this to share P2P lending information. Thanks to everyone who submitted an article and Brip Brap for hosting!

18 days left for 5% Lending Club bonus

Patrick Gannon, Lending Club's Senior Vice President, says that Lending Club's growth has been "fantastic" over the past month and wants to increase publicity of their 5% bonus during the last 18 days of the program.

"With all of the growth in loans and loan requests," he writes, "we want to reach out as widely as possible to current and now prospective lenders with our special offer: Lending Club will give a 5% cash bonus to all lenders who lend $5,000 or more between December 14, 2007 and February 3, 2008. This bonus can be used to lend or can be withdrawn to your linked checking account." Although there are no special sign-ups needed to participate in this program, if you want an additional $25-50 referral bonus you need to sign up through a referral link. Lending Club announced the accomplishment of the following milestones:

• Lending Club has reached $6MM in issued loans, and have over $3MM of loans in funding today
• The number of lenders has doubled in the last month
• The next system release (due in the next few days) offers a new set of lender tools that makes lending and account management even easier and incorporates feedback from many in our lending community

We listed a few of the $3MM in loans with their interest rates in these previous blog posts:

• Sample Lending Club loans (earn 7.12% to 18.36% returns)
• Number of borrowers on Lending Club increase
• Refinance a Prosper loan through Lending Club

Prosper to sue select delinquent borrowers

Some lenders have received emails announcing a new legal test collections effort by Prosper. Prosper will sue selected delinquent borrowers. "This test is designed to determine whether the viable threat of legal consequences will improve the repayment statistics for Prosper loans," according to the email. "[It] is an important step in creating that awareness of consequences." Rateladder has posted a full copy of the email he received.

A couple weeks ago Prosper announced that other borrowers also received letters as part of an 'Early Delinquency' letter series and "the results were good." Prosper reported, "in the three weeks after the letter was mailed 57% more recipients initiated a manual payment (41% vs 26%)."

In October Prosper hired Doug Fuller to lead a legal strategy with collections after facing criticism for being soft on delinquent borrowers. At the time he answered some questions about his history with suing borrowers.

Q: Do you have experience with suing people?

A: Oh yes. Between First Select and Credigy, I have been responsible for making the decision to sue more than 150,000 people. There are a lot of lawyers that can’t claim that number of suits in a lifetime.

Q: Well why don’t we just sue everybody?

A: The phrase “blood from a turnip” comes to mind. One of the ways that you can go broke in a big way is by suing people that will never be able to pay you at all. Simple math, it costs a lot of money to sue people.

Q: Okay, so you need to decide who to sue, then what?

A: Put quite simply, my philosophy is this – if you won’t pay, but can (or will in the future) be able to pay, I’m going to sue you. If I sue you I’m going to win.

Q: That sounds kind of arrogant, can you back it up?

A: Courts in seven states have recognized me as an expert at consumer debt litigation. At Credigy, if a case got really nasty, I would go testify live. I refuse to lose.

Q: Really? What’s your win/lose record?

A: In my last 18 months at Credigy, I testified live at 42 trials. My record was 41-1. By the way, I fired the law firm where we lost.

Q: What’s the toughest aspect of this type of lawsuit?

A: By and large, judges are comfortable if you can show them a signature on a piece of paper. The vast majority of judges grew up long before the internet and the passage of the “e-signature” bill during the Clinton administration. Sometimes you’ve got to spend a lot of time educating them.

Q: How do you do this?

A: I have been qualified as an “expert witness” in seven states on the subject of the electronic records of consumer lending transactions. There was a judge in Texas that had me on the stand for more than three hours – the majority of the time, the judge was quizzing me. Other than I missed the last flight home, I thought it was time well spent – he never questioned any of our requests for default judgment after that.

Prosper CEO calls 2007 transition from 'optimism to fear of imminent recession'

Chris Larsen, Chief Executive Officer and Co-founder of Prosper said, "2007 proved to be a pivotal year for US markets as we abruptly transitioned from optimism to fear of imminent recession." This remark matches statements made in earlier Prosper monthly lending reports such as September's "flight to safety" remarks. We have previously discussed what effect a recession might have on the Prosper marketplace here on PLR. This is the full text of Larsen's remarks in January's lending market survey.

"2007 proved to be a pivotal year for US markets as we abruptly transitioned from optimism to fear of imminent recession. Who could have predicted at the start of 2007 that the word 'subprime' would be voted the word of the year?

At Prosper, we also saw a dramatic switch in the prime versus subprime market with subprime declining from over 25% in 2006 to barely 5% currently. This change reflects both a changing external market as well as a maturing of the Prosper marketplace.

Obviously the subprime meltdown exposed much more risk in the subprime market in 2007 compared with a year earlier. Prosper’s performance data bore this out and has clearly moved people to safer ground or to fund those borrowers with a clear social capital benefit.

The silver lining has been more opportunity in the prime and near prime segments. As the credit crunch has unfolded, many traditional lenders have dramatically tightened or eliminated credit to even their best customers. For example, home equity, which until recently was referred to as Americans’ ATM, has been substantially limited by falling real estate prices and mortgage industry bankruptcies. Credit card offers have also been substantially reduced as defaults have spiked nearly 20%. Thus, while the environment was tougher in 2007, there is also much less competition for the best customers. This bodes well for people-to-people lending which can take up the slack from the seized-up capital markets.

The key focus for loan buyers will be choosing borrowers smartly and pricing adequately for risk. Prosper’s additions of Prosper-specific market risk data and Portfolio Plans were both major milestones in giving bidders the information they need to choose wisely. For borrowers, pricing their listings adequately, telling and explaining their story honestly, and involving friends and family to bid as a measure of social capital are great ways to increase the success of their auctions."

Fynanz to tackle peer to peer student loan niche

Chirag Chaman left his position as CEO of KobeMail a year ago to build Fynanz, a peer to peer lending site for student loans. Fynanz describes their service as "an innovative marketplace where students can get one of the most competitive rates on private student loans. Students apply for a loan and it is funded by individual lenders – friends, family, alumni and others who believe what we believe – Education is the Best Investment!" Chaman took some time out of their aggressive schedule to talk to PLR about the service they will be launching soon.


What is your background and what inspired Fynanz?

I graduated with a double major in Mathematics and Computer Science, but was always drawn towards business and finance. I started off my career as a software engineer working for Oracle in the Bay Area, and it did not take long to realize that I would be happier on Wall Street. I moved to New York and worked for Salomon Smith Barney/Citigroup in their Investment Banking Division focusing on financial institutions. These institutions were in the business of making student loans, and my job was to securitize these loans (sell bonds to investors against them). The institutions we worked with were primarily making loans under the Federal Family Education Loan Program (FFELP). Private or alternative student loans were not very common back then. Business was always good for our group regardless of how Wall Street did. After all, nearly every student took out loans and education was only getting more and more expensive each year. Coming from a technology background, I was a little bothered by the lack of technological and procedural advancements over the years in this industry. Frankly, I don't blame the financial institutions, the schools, the federal/state agencies, or anyone else, as I believe they all have the best interest of the student at heart. There are a lot of moving parts to the Federal loan program which made this process hard to change. What did bother me a lot was when private loans became more and more prominent, there was little done to improve the process. The institutions simply rolled out the new private loan train on the "old FFELP tracks". And why not, it made it virtually free to get the process started. It might have made good business sense at that time, but it did not bring in savings to the students and today when Private loans are more and more in demand, this lack of initial investment to improve the process means students are not getting the best deal. No! I did not do anything about it back then. I caught the Internet bug in Web 1.0 days and started a venture backed company. It was not until 2006 when I saw an article about Zopa, did I start to connect the dots. So here I am, 10 years later back in the Student Loan industry.




Where did you get the name for Fynanz?

We initially called this "Project BlueNote" and starting asking students in college and recent grads who they have their student loans from. Would you believe it if I told you less than 20% actually knew who their lender was? When we asked them what razor they use or who makes their cell phone, over 90% knew the answer. We realized there was a big branding opportunity, but for it to work, we had to come up with a name that students would relate to. Hence we went back to them with a few ideas. Amongst us In the office and a few parents liked conservative names with "Education" , "Academic" or "Lending" in the name as it portrayed experience & trust, but it was nixed by students (our primary target). I can clearly remember a guy from Hunter college telling me with a look on his face as if I was an idiot - "Do you really think I'll put THAT name on my facebook?" One day a friend, who was a recent grad herself and was helping us with student surveys sent me a text referring to the company as "fynanz idea". Soon a couple more used it and it stuck! (Apparently, thumb-typing Fynanz is easier than Finance as the keys are closer)

How long have you been working on the project?

Initially we thought it would take us 6-8 months. We soon realized that putting "new train tracks" in place is not an easy task. It took us about 8 months to plan the process and understand the legalities. In late 2006 we stared the planning phase -- so just over a year.


Tell us about the team. How did you bring everyone together? And who is responsible for those cool drawings on the site?

Okay, this is by far the most important aspect about any company. Fynanz will be my third venture and looking back I can say the times it worked and the times it did not, had little to do with the idea and more to do with the people who executed the idea. I am fortunate to have a team that has known each other a few years and work extremely well together. Everyone checks their egos at the door on the way in and goes about their business. In a startup you're working 12-14 hours a day very closely with people and it not always easy. I cannot stress how important team spirit is -- A team comprised of 5 average people will out-execute 10 very bright individuals every time! Drawings may not be all original, but modified to suit our needs. The graphic design was done by the fine folks at Design'N Print.

You encourage students to exhaust all federal loan options before using your service? Do you think that will hurt business?

It depends on what our business is and what we believe in. We're in the business of making sure students get a competitive student loan and we believe that Education is the best investment! If students can't afford to go to school, they are not making this investment in themselves. So, while it may see that sending students towards Federal loans is bad for our business, it's actually good for our business over the long term. See it this way:- Federal loans reduce the overall burden for the student as their combined (Private and Federal loan) interest expense will be a lower. More students can afford to go to school and get jobs...jobs help borrowers to pay off their loans, reducing the default rate on student loans...thereby making these loans a good investment for lenders as well. More lenders means competition and a lower interest rate for the student. Similarly, Fynanz will advocate only taking out what you need right now and will be putting checks and balances in place to ensure that a student is not over-extending. Part of the reason we are in the current credit crisis is because a few mortgage lenders made it easier for borrowers to over-extend. Might have been a good short-term strategy which hurt them (and a whole lot of others) in the end.

How will Fynanz be different than Prosper, LendingClub and other P2P lending sites?

Do we need to be different? I see us all as retail stores, with a slight difference in what we have on our shelves. Our focus is just student loans -- which is a very different loan product. Our borrowers are students looking to pay their education expenses. If they wanted money to pay-off their credit card or to take a spring-break trip, we just might send them Prosper's way. However, the big difference lies in the lenders of our community. We expect the goal of our lenders not to get the maximum interest from a loan, but balance an attractive return with the satisfaction of knowing that they are building a student's future.


What have been your biggest challenges as you prepare to launch a new company?

In a startup, I don't think there is a biggest challenge. Most things will end up being a challenge and once it gets resolved you realize "Wow, that was simple to work through", and you're on to your next biggest challenge. It's only a challenge until you learn or come up with a creative way to overcome it, and 99% of the time you do. So I guess the biggest challenge has more to do with your mindset and attitude, and less to do with aptitude. That said, I think the real challenges are those that are outside your control, even if it's the simplest thing and you know the process. My biggest challenge right now is finding great Ruby on Rails engineers to join the team.

Is there anything else you would like to add?

Did I mention we're looking for Rails engineers? Oh, and a couple of business development and operations folks with student loan experience.

Update (3/21/2008): Fynanz has launched - Fynanz becomes the first P2P student loan marketplace

Sample Lending Club loans (earn 7.12% to 18.36% returns)

This week nearly 100 borrowers made it through Lending Club's hoops and are now looking for funding from lenders. As PLP pointed out, most of Lending Club borrowers are eliminated in the screening process. This is because they have a FICO lower than 640, a debt to income ratio higher than 30% or a current delinquency. All the following potential borrowers meet at least those minimum requirements. Jeff and Heather who blog about peer to peer lending on My Microfinance also have a loan in this week's listing. Like at least one other person, they are trying to refinance their Prosper loan through Lending Club.

Here are the borrowers added this week and the associated interest rate offered. Sign up and login to see the full loan details and borrower's credit profile. If you are a new lender there is currently a $25 referral bonus or $50 if you invest more than $1,000. There is also an additional 5% bonus for large lenders (over $4,000) and a recent interest .5% rate increase.

wedding loan
Recently accrued charges on my credit card due to preparation for a wedding that I cannot pay off immediately. Total charges are about $3800. I ussually carry a zero balance on my credit card but the expenses of the wedding made this rather impossible. (Ring, food, dress, accessories, etc.) I will use the money to pay off my credit card to avoid the high interest rate (11%). I would like to pay off the loan in 3 years or less. I want the monthly payments to be small enough so that making the payments would not be too taxing. ($100 - $150) Would like the option to prepay the loan without penalty.
Earn 7.75% and a $25 bonus

Personal Loan
Personal loan to pay off some overdue credit card bills, etc.......
Earn 12.36% and a $25 bonus

purchase work pickup truck
This loan would purchase a small pickup truck to use for my small but growing home repair business. I believe the pickup would allow me to bid on larger jobs, be more productive and thus provide me a better opportunity at a greater monthly income. Ive never been late or missed a payment on a credit card or personal/auto loan in my life.
Earn 11.09% and a $25 bonus

High Interest Credit Consolidation
Trying to further consolidate high interest college credit cards. Already reduced net interest by roughly 10% by refinancing through improved credit opportunities, but would like to reduce further.
Earn 8.38% and a $25 bonus

Consolidating debt
I would like a loan for $1500 to consolidate debt from medical expenses and credit card.
Earn 13.30% and a $25 bonus

Debt consolidation and new baby loan
Seek loan for debt consolidation from Holiday overspending. Loan will go towards paying off credit cards and other holiday related expenses.
Earn 12.04% and a $25 bonus

Paying for Grad School
I hope to use the money to consolidate two credit cards and in doing so free up enough monthly income to make monthly tuition payments.
Earn 7.75% and a $25 bonus

Rid the budget of 'Prosper'
Former lender and borrower at Prosper.com looking to refinance OUT of Prosper.com into a more fair and equitable situation with Lending Club lenders!
Earn 10.14% and a $25 bonus

Unexpected medical expenses
I need a surgery to help end my endo pain.
Earn 12.67% and a $25 bonus

Personal Loan
I would like to borrow $7,000 to consolidate some debt into one easy monthly payment. I am also seeking some extra money to get some dental work done. Thank you, Karen Kalata
Earn 7.75% and a $25 bonus

Looking to re-fi high interest cards
I am looking to re-fi high interest credit cards at a better rate. I've implemented my own debt re-payment acceleration program with the goal of having everything paid off in 3 years, but the interest rates on these two cards will cause it to be dragged out about a year longer than that. I'm already paying more on these cards than the payment on a three year fixed loan would be, so a loan at a substantially better rate would actually lower my payments.
Earn 10.78% and a $25 bonus

Pay down higher intererest credit card
I am a father with a new child - have mortgage, want to get rid of old card instead of having this debt over my head for 15 yrs.
Earn 10.78% and a $25 bonus

Payoff credit cards 2008
I am currently paying off my credit cards but would like to pay them off faster with a lower interest rate.
Earn 11.41% and a $25 bonus

tracey loan
I would like to consolidate my credit card to one payment. I have already gave lending tree my credit cards that I would like to consoildate. I really need your help.
Earn 12.99% and a $25 bonus

Personal Loan
To pay off Rooms to go loan with a higher interest rate
Earn 10.78% and a $25 bonus

Medical + Education
I recently graduated from college, and am planning on attending graduate school soon. However, shortly after I graduated I had to have a trip to the emergency room - with no insurance. So I have a $1500 hospital bill with no way to pay it back, and it will soon be going to collections. In addition, I am planning on applying to graduate school to become a teacher, but there are several tests I need to take as well as other expenses associated with starting graduate school that I can not afford (CSET, CBEST, etc.). The first use of this loan would be to pay off my medical bill so that it does not go to collections. Second, I would use the rest to get myself on my feet and get into graduate school.
Earn 13.30% and a $25 bonus

Credit card consolidation
I am a recent college graduate seeking to consolidate three credit cards used to get through school into one fixed term loan. Once consolidated I will close the accounts and live on a cash basis so I will be debt free at the end of the loan.
Earn 12.99% and a $25 bonus

school debt
Pay off higher intrest credit card debt accrued during college.
Earn 12.04% and a $25 bonus

Loan consolidation
I would like to consolidate my credit cards and lower the interest rate.
Earn 14.88% and a $25 bonus

Parents share for son's education
DOE says pay part of son's education
Earn 9.51% and a $25 bonus

Oil & Gas Investment
I need to finance the acquisition of two oil wells which are currently in production. The payback period is expected to be less than five years, but will have positive operating cash flows. The company can pledge the investment and royalty payments as security for the loan.
Earn 9.51% and a $25 bonus

New Business
I am in the process of becoming an independent trader/investor after 15 years in the financial services industry. The main reason for this decision to try a new endeavor is that it would hopefully give me more flexibility regarding in terms of my time so that I can spend more of it with my children. Some think I may be a little crazy to give up a relatively well paying job. But I wasn't making so much much money that not spending more time w/ the family was worthwhile to me in the long-run. Anyway, I still have a plan and it does involve some risk as trading/investing is obviously not an easy thing. It's something I've always wanted to try when I was younger but I think I now it's the right time to try it. While this loan will have no impact on my decision, it will help in terms of my funding. One of the biggest obstacles to be successful in trading independently is the mental stress of having to worry about funding. This would help a bit on this front.
Earn 10.14% and a $25 bonus

College Purposes
I need some extra money to help pay for school expenses like rent and the difference that I pay to the school per semester.
Earn 11.41% and a $25 bonus

Paying Off High Interest Credit Cards
I would like to pay off my high interest credit cards with a loan from LendingClub. This way I pay less in interest and the people here benefit as well. I LOVE this concept!
Earn 12.36% and a $25 bonus

Debt Consolidation
Basically I looking for a loan to consolidate all my credit card bills into one mothly payment. Also, this way I can quickly and easily eliminate this debt so that I mey be able to free up money for investing and/or other projects that I have in mind.
Earn 14.25% and a $25 bonus

Personal Loan for Expenses
Hello, I've been an attorney for about four years now. I decided to start out on my own. However, just to take care of some start up costs and personal expenses during this process, I'm in need of a loan.
Earn 10.14% and a $25 bonus

Loan Number One
My first loan to try and get out of credit card debt.
Earn 9.83% and a $25 bonus

debt consolidation loan
I want to consolidate my credit card and loan accounts to a more manageable monthly payment. Thanks for your consideration
Earn 10.46% and a $25 bonus

Planning a wedding and honeymoon
I would like to borrow $7200 to finance a wedding and a honeymoon. I also would like to furnish our new place without using assets that I currently own.
Earn 7.43% and a $25 bonus

Dental Expense Loan
I am in urgent need of dental work that I have put off while paying off other bills(including the $8,000.00, out of pocket, I paid for my childrens dental work). I know that my dental health is an important part of my physical health, I can't put this off any longer.
Earn 8.38% and a $25 bonus

Being financially proactive
Obtained a personal loan of $5000 date of loan 3/26/07 interest rate 19.99% Time 36 months present bal $3070 Would like to pay of loan and get better interest rate
Earn 10.14% and a $25 bonus

MY Loan
Needed to pay for unforseen credit card purchases.
Earn 10.46% and a $25 bonus

Loan
Want to consolidate debt that occured during college. I want to have it in one place and make one payment, have not been late on credit card payments in the past
Earn 16.15% and a $25 bonus

Debt Consolidation
I would like to get back on my feet after a rough couple of months helping out others and in turn putting myself in financial difficulty (helping my brother pay for school, etc.). I make a good enough amount of money to cover the loan in reasonable monthly payments because of holding down two jobs. The amount of $2,500 will help me get back on track with my monthly payments because right now I can't make them. Thank you.
Earn 12.67% and a $25 bonus

Get out of Debt
$5800 Parents $1600 Credit Card $600 Dentist
Earn 10.78% and a $25 bonus

Trailer
My business is expanding and I need a trailer to store and transport tools and ladders. This loan is for the purpose of purchasing the trailer.
Earn 9.20% and a $25 bonus

Payoff
consolidating bills covering myself and ex domestic partner. moving costs etc.
Earn 12.99% and a $25 bonus

Wedding
This loan will be used for a wedding within the next year and a half.
Earn 12.67% and a $25 bonus

Refinancing Credit Cards
Trying to refinance credit card debt with a better rate, which is currently at 16%.
Earn 9.20% and a $25 bonus

personal loan
Need the money to pay off some debt
Earn 9.51% and a $25 bonus

Party Store
Expand size of my party store front.
Earn 11.72% and a $25 bonus

Consolidation
Consolidating higher interest loans
Earn 15.20% and a $25 bonus

i would like to pay off my high debts
i would like to see if i can save by paying off my credit cards and consolidate them.
Earn 14.57% and a $25 bonus

Divorce Loan
10,000 loan request to help with debt incurred due to divorce.
Earn 7.75% and a $25 bonus

Combination Loan
I am looking to combine various debts into one payment.
Earn 14.57% and a $25 bonus

Education
This loan is going to help me pay my student loans.
Earn 10.14% and a $25 bonus

Paying for College
Need to pay for college, if paid in advance will decrease cost more than what I'd gain in tax savings.
Earn 9.20% and a $25 bonus

Consolidate debt
Looking to consolidate debt and pay for a condo assessment.
Earn 9.83% and a $25 bonus

Upgrade computer system
I am a dentist and I recently purchased my own office. I would like to upgrade my computer system. This will result in faster billing and increased productivity.
Earn 18.04% and a $25 bonus

Getting on the right path
I would like to use this loan to pay off a credit card. I am trying to fix my credit situation and get a fresh start. Your help would be greatly appreciated.
Earn 12.99% and a $25 bonus

surgery loan
I am going to have a double mastectomy with nipple grafts. I have waited my entire life to have this surgery done. I was going to take out a home equity loan, but I'm in the middle of a divorce and I will not continue to have home ownership. I am seeking a 3-5 year loan with an affordable rate.
Earn 8.07% and a $25 bonus

credit card consolidation
I will use the funds lent to me to pay off higher interest credit cards and to consolidate them. that way I can reliably make lower monthly payments, in which many will be made ahead of schedule.
Earn 10.46% and a $25 bonus

Credit Card Debt Consolidation
A friend of mine who is a "Lender" on the site invited me to join. I have maxed out my two credit cards (WaMu and Capital One). Though I pay twice the "minimum payment" every month, I am predictably getting charged ridiculous APR's that keep me from making a dent in the overall debt. I also have an overdraft "credit card" attached to my checking account at Wells Fargo, which ideally I would like to clear since the APR is also sky high. I have good credit, excellent references, and have a nominal "guaranteed income" every month in addition to my work income that ensures I can make payments toward a loan of this size. Happy to set up Automated Bill Pay, as well as provide any additional information requested. Best, Jesse M
Earn 12.04% and a $25 bonus

Debt Consolidation
Debt Consolidation
Earn 14.25% and a $25 bonus

Loan consolidation and personal expenses
Looking to pay off a Bank of America gold option loan, and to help with major purchases for home and room furnishings.
Earn 11.72% and a $25 bonus

Wanting Financial Freedom
This loan is needed to get me back to where I was not too long ago. A little less than a year ago I had ID theft in the amount of $9000.00. Even though I eventually got some of this back, everything snowballed and just created a complete mess for me. Had trouble paying even the most simple bills. This would help me close that chapter in my life where each day was a constant worry in terms of "I can't pay this and can't pay this and why did this happen"
Earn 13.30% and a $25 bonus

JK Loan
To consolidate few debts.
Earn 11.41% and a $25 bonus

Tax Liens
I would use this loan to purchase tax liens. I have been doing this for four years. 99.8% of the principle is returned with interest within 3 years. The other 0.2% may result in a foreclosure on the property.
Earn 10.14% and a $25 bonus

personal
I HAVE PURCHASED A DUPLEX, AND IT NEEDS A LITTLE COSMETIC REPAIR SO I CAN RENT OUT THE OTHER SIDE.
Earn 10.14% and a $25 bonus

Financing for business
I need a small injection of cash to take care of nagging businesses expenses.
Earn 10.46% and a $25 bonus

Michael
The loan is for auto repair
Earn 16.46% and a $25 bonus

Bills
Loan needed to consolidate current credit card and student loan bills.
Earn 12.04% and a $25 bonus

Consolidate Debt
Looking to consolidate debt
Earn 10.78% and a $25 bonus

Debt
10,000 to pay off credit cards
Earn 9.51% and a $25 bonus

thanks...
...for considering this loan. I believe my 800+ credit score speaks for itself so let's start helping each other to help each other. Let me know if you have any questions,
Earn 7.12% and a $25 bonus

Audi loan
I need this loan in order to purchase a vehicle.
Earn 11.72% and a $25 bonus

Need capital to make adjustments
I Need money to have in reserve for when clients get more than two months behind. I am taking on bigger jobs and need to pay for expenses before I get payed. I have been using credit cards but I have found that this is hurting my credit when they stay maxed out. Preventing me from getting better rates and increasing my limits. My goal is to use this loan to have the money on hand instead of using credit cards. I also need to fix a couple trucks.
Earn 18.36% and a $25 bonus

Credit Debt Consolidation
A loan to consolidate and pay off existing credit accounts so that some of which may be closed and to improve my overall credit.
Earn 11.72% and a $25 bonus

Debt Consolidation
Debt Consolidation
Earn 8.38% and a $25 bonus

fix car
I was in an accident and need to make some repairs that insurance will not cover.
Earn 7.43% and a $25 bonus

Vincent Howe's Peronal Loan Request
I wish to borrow the requested loan amount in order to consolidate debt from medical expenses.
Earn 13.30% and a $25 bonus

Electric Car Promotion and Consolidation
My business has a unique electric car prototype that I have financed entirely on my own. We need additional capital to complete our business plan in order to attract larger financing. Some of this will come in business loans from banks. However, I have used some of my personal credit cards to finance the prototype and that has reduced my credit scores from their previous 750 plus levels, even though I have a perfect payment history and no negative information at all three credit bureaus. Part of this loan will be used to further reduce the credit card debt and part will be used to prepare for the aforementioned purposes. With the business plan, there will be larger funding from angel investors and venture capitalists. Our electric car is among the first, perhaps the very first all electric lithium ion battery powered luxury sedans. Early green technology adopters are currently accustomed to paying a luxury price for an economy car just because it is electric. Our car is available to be ordered right now as a luxury car for a luxury price. The prototype was created by converting a brand new off the dealer show room floor 2007 Acura TL. We can perform the same conversion again for interested buyers who want delivery in a few months. The venture capital financed versions of the car will be available from a production facility in a year of two. These will include luxury, economy and mid range cars powered by both lithium ion and lead acid batteries.
Earn 16.46% and a $25 bonus

Security Deposit
Need for security deposit on an apartment.
Earn 10.46% and a $25 bonus

Grand opening
I have opened my own importing and exporting company and am requesting funds to help my company grow. As a new company I have acquired many expenses in which your funding can greatly help me.
Earn 10.78% and a $25 bonus

Refi of Debt Consolidation Loan
A while ago I got a loan with the bank that I work for, which consolidated the credit card debt I incurred after buying supplies/appliances to improve my house. The purpose of this loan is to see if I can get a lower rate through Lending Club.
Earn 11.09% and a $25 bonus

Wedding
Loan for wedding expenses
Earn 10.14% and a $25 bonus

Personal Loan~Pay off high interest cc's
I'd like to pay off some high interest credit cards. While I can afford the payments I have now, the interest rates and variable payment structure are both things I'd like to get rid of. This money will all go into current debt so my monthly expenditures will actually be less after I pay off the cards. Thanks!
Earn 11.72% and a $25 bonus

Electric Car Consolidation Part 2
This is my second listing for this business project. The project can use more funds in addition to the first listing for the same purposes. You can see more details at potentialdifferenceinc.com. My business has a unique electric car prototype that I have financed entirely on my own. We need additional capital to complete our business plan in order to attract larger financing. Some of this will come in business loans from banks. However, I have used some of my personal credit cards to finance the prototype and that has reduced my credit scores from their previous 750 plus levels, even though I have a perfect payment history and no negative information at all three credit bureaus. Part of this loan will be used to further reduce the credit card debt and part will be used to prepare for the aforementioned purposes. With the business plan, there will be larger funding from angel investors and venture capitalists. Our electric car is among the first, perhaps the very first all electric lithium ion battery powered luxury sedans. Early green technology adopters are currently accustomed to paying a luxury price for an economy car just because it is electric. Our car is available to be ordered right now as a luxury car for a luxury price. The prototype was created by converting a brand new off the dealer show room floor 2007 Acura TL. We can perform the same conversion again for interested buyers who want delivery in a few months. The venture capital financed versions of the car will be available from a production facility in a year of two. These will include luxury, economy and mid range cars powered by both lithium ion and lead acid batteries.
Earn 18.36% and a $25 bonus

Getting My Finances STRAIGHT!
I'm requesting a loan to pay off some high interest credit card debt that I currently have in order to be able to begin to save more money for a down payment on a house which I plan on purchasing in the next 2 years.
Earn 15.20% and a $25 bonus

12K loan, will pay back within 10 months
I have several high interest credit card balances and would like to pay them off all at once. I have NEVER missed a payment in my ENTIRE life on anything that was due. I would like a loan somewhere between 16K to 17K. I can pay it all back somewhere between 11 to 14 months. I am willing to pay interest up to 10%. Any help would be greatly appreciated. I just need to get this high interest debt off my back. I have worked for a union job for the back 1 1/2 years. It is virtually impossible for me to get fired unless I steal, which will definitely not happen. I don't pay rent, so I can afford to pay about 1400 dollars a month or whichever amount you perfer. The sooner the better. P.S. If you wish to know more info, please e-mail and I'll get back within the day's end. Thank you for your time.
Earn 9.51% and a $25 bonus

debt consolidate
Would like to consolidate bills.
Earn 12.67% and a $25 bonus

Wedding
I have paid for most of the wedding expenses but this loan will pay for the photographer that my fiance was asking for. I will definitely pay this loan off in full before the 36 month projected period.
Earn 10.78% and a $25 bonus

House of My Dreams Awaits in Brasil
I am wanting to buy a house in brasil, and my credit is so-so, also haven't had credit established for a long period of time. I am new to the USA. I am wanting to have a house in brasil and someday here in USA also.
Earn 13.62% and a $25 bonus

jeff's loan
to consolidate my debt to pay off sooner than paying accounts individually
Earn 16.15% and a $25 bonus

Kiva to offer interest to lenders

Kiva has typically not been an investment option because they do not pay interest to lenders. They do charge interest but the money goes to cover their costs. According to an article in E-Commerce Times, Kiva plans on offering interest to lenders in the near future.

"Though Kiva members are donors, not lenders, borrowers are charged interest, which enables Kiva's local microfinance partners to cover their costs. Depending on the country, regulatory and economic situation, these can look quite high.

'The industry average is around 35 percent; our average is around 20 percent, but it really varies from organization to organization and country to country. In Mexico, there are tax considerations ... others [lending partners] include training services as well as the loan which increases the interest rates,' Ramsey explained.

....

What's next for Kiva? One thing on the slate is expanding its services to include loans and offering Kiva members the option of lending and earning an interest rate return though with local microfinance partners providing the loan contracts -- something it hopes to do in the next year.

'Kiva is regulated only as a 501c3 tax-exempt nonprofit, and so we do not allow our lenders to receive interest. In the future, when we offer interest rates, we will be looking to be regulated as a person-to-person lending Web site, not a bank or a securities broker/dealer. This is similar to the regulatory treatment of Prosper.com, Zopa.com and Myc4.com,' Kiva cofounder Matt Flannery explained."

You can read the rest of the article, Taking Internet Finance to the Next Level, Part 2: A Case Study, at E-Commerce Times. We previously reported on Part 1 of the article as well.

P2P venture capital a viable niche?

BizzFlip published a thought provoking article where they proposed P2P lending for venture capital.

"With Peer to Peer Venture Capital (or maybe to be a little more accurate think of it as Peer to Peer Angel Money), a person would be giving money to (or investing in) a company, product, idea, etc. in hopes of making a large amount of money off of a percentage of the profits.

It seems intuitively that off the top there will be some obstacles to making P2P Venture Capital a reality. First off, how do you determine someone is credible and not a Conman? That one seems like a relatively easy fix with certain qualifications needed to become a member. More importantly is that venture capital is a little bit different than loans. There are certain negotiations needed and what about non-disclosures? Then the legal terms will have to be laid out for each potential deal. I can anticipate that some variation of the P2P Venture Capital idea will sprout up in the next few months or years (if there aren’t any already that I haven’t heard of)."

TechDirt counters with this argument - Isn't P2P Venture Capital Just Going Public?

"As there appears to be a growing market for p2p lending services, that has some wondering if there's also a market for p2p venture capital as well. In p2p lending, a group of ordinary folks all team up to lend people money. The various players in the space have had somewhat mixed results so far, but there's a lot of attention. However, for most companies, getting access to capital involves options between taking out a loan (which needs to be paid back plus interest) or selling equity (usually to venture capitalists). In that case, the money comes from someone who takes some percentage of ownership and hopes to cash in not on the interest, but on the growth of the value of his or her shares. So, it might make sense to wonder whether the p2p lending companies might eventually move into p2p venture capital as well... except that we already have p2p venture capital: it's called the public equities markets. If you actually tried to do that with private companies, you'd quickly run into all sorts of trouble with the SEC, which is pretty strict in terms of regulating how a company goes about raising money in exchange for equity. In fact, there are many who believe that a startup may be toeing the SEC's line simply by saying that it's out raising venture money. So, for a variety of reasons, both regulatory and because public equities markets already are p2p venture capital offerings, it's hard to see there being a huge market for companies to get into offering p2p venture capital."

Will double fees reduce the number of borrowers on Prosper?

As was reported last week, Prosper increased origination fees for borrowers for new loans initiated after January 4th. Prosper announced it on their blog as a pricing change and a few blogs (including us) reported the change. For us it was largely overshadowed by the improvement in collections which Prosper also announced at the same time.

It wasn't until I read the article about the rate increase on Netbanker that I realized just how significant this rate increase is. Borrower origination fees have doubled. From Netbanker:

"As noted in our recent research report on the P2P lending market (here), the exchanges need to boost revenues to remain viable. Even with scale, a 1% borrower fee and 1% servicing fee just doesn't provide enough revenue with the relatively small loan sizes currently being funded.

For example, using Prosper's previous pricing on a typical $7,000 loan, it would earn about $130 in the first year, then another $50 for the remaining two years of the loan (see note 1), for a maximum of $230 in lifetime revenues per loan.

So until loan sizes increase dramatically as secured notes become more common, Prosper has raised its prices for the core portion of its loan demand, the alt-prime and subprime portion. The company left its superprime, class AA price alone because it competes with banks and credit unions for this type of borrower.

...most loan origination fees increased by 1 point, although C and D loans were increased 2 points. Looking at the company's mix of business during the first half of 2007, the new pricing would have doubled its loan origination revenue from about $500,000 to just over $1 million. The weighted average fee under the prior pricing was 1.2%, compared to 2.4% under the new formula."

Matt's article on how Prosper makes money gives us some insight on what Prosper's expenses and revenue might be. Prosper has also raised $40 million in venture capital. How much have they burned through? Do they need to raise fees?

How do Prosper borrowers feel about the rate increase? Why has the Prosper community, which is normally very critical of Prosper missteps, not complained about the change? Is this a natural evolution as P2P lending matures? (Lending Club has raised lending rates .5% but the money goes to lenders, not Lending Club.) Will this, over time, reduce the number of borrowers who are funded on Prosper? Will it force lenders to reduce their rates in order to make up the difference? Lots of questions and few answers...

Number of borrowers on Lending Club increase

Several months ago I would often see new lenders on Lending Club complain about the lack of borrowers. It was difficult to invest very much money because there were just not enough requests for loans. Since Lending Club went nationwide and eliminated state lending caps the number of borrowers has significantly increased. Last week I listed the open loans on my post about refinancing a Prosper loan through Lending Club. From January 1st - 4th there were another 50+ loans as listed on the Lending Club statistics page.

Here are the borrowers you can invest in right now and the associated interest rate. Sign up and login to see the full loan details and borrower's credit profile. If you are a new lender there is currently a $25 referral bonus. There is also an additional 5% bonus for large lenders (over $4,000) and a recent interest rate increase.

bill
to pay a bill
7.43%

Holiday bills
Hello -- My name is Michael...I'm looking to lendingclub.com to help me pay the bills I've accumulated over the holiday period. Not only were my expenses unusually high, buying gifts for everyone, but the holidays are the only chance I have to see my family, and I don't get any paid time off, so my income was also unusually low. Most of the money will go to consolidate debt, but some will go to paying out-of-pocket expenses like rent that are now difficult because of my cash situation. The rest of the year, my income is much greater and my expenses much lower, so I should have no trouble paying off this loan. I already have one loan of this size from lendingclub.com for earlier moving expenses, and I've made every payment on time via their automatic withdrawal system. Thank you for your consideration, Michael
11.09%

personal
I am going to use this money to build credit. I am trying to build enough credit in the next year to be able to buy a piece of property I had to sell everything I owned after a divorce six years ago and now I am in need of a credit building. I own a mobile home presently but am looking to upgrade my living situation once I have a good credit standing.
8.38%

One More Step to Freedom
This loan will be used to consolidate my revolving debt (approximately $3200) and provide a short-term financial cushion to help me navigate through the slow off-season here on my tourist-dependent island. I am a good candidate for this loan because I have spent the last several years cleaning up my credit and will not allow myself to go anywhere but forward at this point. I have a come a long way in building up my credit worthiness. The sole cause of my past credit problems is due to mistakes I made years ago involving my student loans (listed as seven different accounts on my credit report because they're broken down by semester). A few years back, after falling way behind in my payments, I worked out a restructuring deal with the supplier of these student loans. They brought my account current and I have since had one simple payment per month. I have never been late in these payments, and this has allowed me to slowly watch my credit health improve as time treks on. I am very proud of this. The other three active debt accounts listed on my credit report are two credit cards and a computer loan, with a combined total owed of $3200. These accounts, as mentioned above, will be completely eliminated with this Prosper loan. I have been employed with the same company for four years now, and job security is no concern. However, I make less in the slower winter months than in the spring, summer and fall. This is the reason for the cusion mentioned above. Although I usually have more cash saved for these slow months, I have overextended myself a bit by sending in higher-than-required student loan payments this year. I have a lot to look forward to in my life. I have been blessed in 2007, having met the girl I hope to spend many wonderful years with. I also plan to be in a position to purchase my own home in the next few years. I am a solid candidate for this Prosper loan.
13.30%

Refinance College Debt
I got about $13,000 worth of college credit card debt by the end of last year. They are running between 20-30% a year on each credit card. In the past year I've paid off $3,00 of it, and I'd like to get rid of the rest as well. My income is pretty stable, I am an online marketing manager for BH Direct - an advertising firm in Los Angeles, making over $40k a year. In the past year, I've paid over $3,000 just in interest on the loans. Had I been able to get a lower interest payment, I could have knocked off another $2,000 in debt. This year, I'd like to get rid of most of my debt, and consolidate into one lendingclub account. If you are looking to invest your money into a place with stable returns, than you definitely would want to invest your money here.
11.09%

Consolidation
Consolidate my credit card loans.
13.30%

Business Funding
Business start up. Real Estate rehab on acquired properties for investment purposes.
18.36%

Hurricane Rita Caused a Pressure Wound
Reason for Loan: I will be using this loan to hire a personal assistant to help with my daily living needs. During the past two years since the Great Hurricane Rita Evacuation in Houston, Texas. I developed a pressure wound on my right buttock, shortly after the evacuation. Pressure wounds grow from the inside outwards. With my Spina Bifida Disability I'm confined to a wheelchair. I am fully independent but at 35 years old its time to ask for an assistants help. I do not have full sensation in this area of the wound. A normal drive to Dallas from Houston is 4 hours, during this evacuation it took me 29 hours. During driving long distances in vehicles its difficult to perform needed very often pressure lifts/reliefs. I had this pressure wound operated on Sept. 12, 2006 after staying flat on my back one month in the hospital I went home two weeks later it opened up again. I also had Osteomyelitis & MRSA it was treated with PICC Line IV antibiotics for the duration of those six weeks. Nov. 13, 2007 I'm back in the hospital again I had 2 (Nov.13th&16th) procedures of debridement the bone of infection. No MRSA was located this time thank God. I am once again on a PICC line for the next 2 weeks while I'm recovering from a 3rd (Nov. 21st) procedure muscle flap this wound is closed. (Dec.17) I had a 4th procedure to close an abscess. This started the healing process back from scratch. Two more weeks from today I can try sitting. I had this same procedure in 1992; in total I have had 47 surgeries. My business is my escape from all the procedures. With this loan it would give me the cushion I need to work at a pace until I'm 100% healed again. My financial situation: I have two major RACING clients one of them called me the day of my 3rd surgery, which happen to be the day before Thanksgiving. This client I have a contract for around 13K with a balance of 8K left on that contract over the next few years. I have a similar contract coming up starting in early 2008 which will be similar through summer of 2009 this contract will have lots of travel involved also. The main reason as you can tell I am a trooper and never say never to a challenge. My gross income has risen 15K in 2007. I have steady monthly clients good for at least $3000. I just need that extra financial cushion to help the lives of other persons who are disabled. With my consulting knowledge of the ADA and particularly Texas Accessibility Standards which I am State certified and there are only around 600 of us certified across the vast market of the borders of Texas!
10.78%

Need to refinance my car
Instead of taking out a home equity loan to pay off my car I would like to use LendingClub to pay off this car. I have loaned money on LendingClub and now I would like to be a borrower. My personal experience with LendingClub as a lender has been great, and as a borrower I look forward to the same. Love how this sytem works! Thank you.
7.43%

194 low
For new windows
10.14%

Consolidate my credit debt
I am looking to consolidate my credit card debt at a low APR now that I am working full-time and can start chipping away at that debt.
13.30%

Surgery
I am having foot and ear surgery and need funds to cover cost not covered by insurance. Loan will be for 2-3 years.
14.57%

Home improvement
several projects around the house that I just want to get finished. Tired of trying to do it myself, want to hire a professional.
10.78%

Pay off my debt
I have some credit card debt that I would like to pay-off. It makes sense to pay one lender as opposed to 5 credit card companies. I'd rather pay interest to one payee rather than split between 5 or 6.
11.41%

Car Repairs
I recently moved to Georgia with my vehicle and the axle is now totally damaged, I am requesting for someone to please assist me in coming up the the remainning $500 I need to repair it. I would greatly appreciate any help that I would be able to recieve. Thank You
12.99%

Promote music Album
to help promote my music album, play music radio, promote music in different states.
12.36%

cosmetic surgery
cosmetic surgery
12.04%

Our Wedding
Due to some unforseen events, the money set aside for our wedding needed to used and we have to pay cash for the remaining items. This is to make sure that our wedding day is the perfect day to start our lives as one.
8.38%

Jumpstart Sustainable Career
This money will be used to pay for tuition and housing at the Ecosa Institute in Prescott, Arizona. Their total immersion design programs focus on the the power of design in shaping humans' relationship with the natural world. This relationship seems to be moving towards sustainable technologies, innovative approaches to efficient design, an ecological literacy, and a new set of design skills such as taught at the Ecosa Institute. The 3 1/2 month intensive program (late Jan.-May 2008) delivers both philosophy and technical skills that I think will be crucial in the burgeoning fields of solar and water technologies, green building, and organic agricultural/landscape practices. I have a college degree, experience running my own construction business, and passion for design. Let's do it!
9.51%

Consolidate Debts
I have a few debts that I want to just pay off and have one low payment.
18.04%

Debt consolidation
I have a few student loans that I want to consolidate.
13.93%

Personal Loan
Personal Loan for credit card expenses from a vacation, paying off student loan.
9.83%

Consolidate debt
Will use loan to pay off bills and fix section of my roof.
8.07%

Engagement Ring
To buy an engagement ring.
8.38%

I want to pay off my high interest CC
Purpose of loan: This loan will be used to?Pay off and close my higher interest credit cards, therefore, I will only have one bill. This is much more manageable and the debt is repaid faster. My financial situation: I am a good candidate for this loan because? I am responsible and I do pay my bills. Several years ago I ran into a bit of trouble when my husband had 2 heart attacks in 10 months and could not work and our income was reduced by over 60%. But since then I have remanaged to rebuild with my own income and stay current with no DQ's in the past 5 years. I'm stable being a home owner. My last job prior I was with the company for 18 yrs. I have now been with this company for almost 4 in the same type of position without a lapse in employment. I have a $10,000 check sitting next to me that I have not cashed due to the interest rate attached to it. I will not be adding debt only managing more wisely the debt I have incurred. Someone is going to be getting the interest on my money, it might as well be the people who have faith in me. Monthly net income: $ variable as to what is going on an how much I put in my 401k plan or which insurances I carry. I pay my bills first but always try to put a little extra away. The deposit is dependant on my needed cash flow. Monthly expenses: $ Housing: $ 1400 Insurance: $ home insurance 54 a month, car insurance 67 a month Car expenses: $ car payment 165.00 pm. Gas and maintenance about $40 per week. Utilities: $ I heat with an alternative heat source, elec app 110 per month Phone, cable, internet: $ I carry the basic and it's not a necessary need. Currently i'm paying $60 for combine communication tools. Food, entertainment: $ 125.00 Per week Clothing, household expenses $ not a budgeted amount (as funds allow) Credit cards and other loans: $ I will be paying these off with loan so the only payment I will have on these are what is due to you my lenders. Other expenses: $ Again this is subjected to what bills need to be paid
13.30%

Excellent Credit History
Looking for a installment loan to consolidate some credit card debt. Excellent Credit History and make payments on time. Just looking for a lower APR. FICO is 729 Ideal APR is 13% or below.
12.67%

medical bills
trying to consolidate medical and credit card bills for lower interst payment. Had medical bills that were unexpected.
14.88%

Recovering from Chirstmas holidays
I am trying to get back on my feet, from Christmas, and I need a loan to pay electric, gas, and rent.
11.09%

Personal Loan for purchase of home
I am in need of a loan to purchase a home, I can not get a mortgage loan because my intention was to pay cash for the home. I was expecting this 22,000 to come frome somewhere else and now I am in need of the cash to complete the purchase, I do not have long and this is my dream home.
14.88%

Investment purchase
Purchased an equity in emerging markets for future use.
9.83%

Purchase candy vending route
Hello and thank you for considering my loan request. My credit utilization is high because I financed the closing costs and renovations of two rental properties on my credit cards. Not the wisest thing to do, but they are bringing in some nice monthly cashflow. I am now looking to purchase a bulk candy vending route in the Baltimore, Maryland area comprised of 28 machines with three different types of candy in each. Each machine brings in over $250 a month. $250 x 28 = $7000/mth. The owner is moving out of state and is in a rush to sell. The purchase price is $3500. As you can see, I will be able to repay this loan very quickly. Please help make my dream of expanding my passive monthly income a reality! Thank you for your time and attention.
12.04%

Starting off on the right foot...
Ahhhh, a familiar story... I accumulated credit card debt while in college and with recent health emergencies($3400 on card, $1300 on another). Interest rates are currently around 23%. I'm a bit old fashioned and I believe in living a debt-free life (or as close to one as possible) so I'd like to consolidate these, get a better rate, and cancel the cards for good. I am just starting my career, I just bought my first home, and I hope I can start my life off on the right foot. Well, that's my sob story!
11.41%

Ratherpaypeoplebackthanbanks
Re-financing high rent credit. We have great credit and payback history. Would rather pay that rent to other folks, not to banks. Not interested in paying bankers to support sporting and entertainment events; building larger buildings than the next bank.
9.51%

Wedding
I am having a wedding in June in which Me and my fiance need to borrow 5,000 to cover our expenses for the wedding.
9.51%

Moving - Need some money
Need a little bit of money to move.
10.14%

Improving Visibility
After 2 pretty good years, my window coverings business is ready to expand. I would like to take out a number of ads: weekly homebuyer guide, a local victorian home estate agent, and start a direct marketing campaign to new homeowners. We gross ~$3k/month part-time and would like to double our income. We are ready to grow and prosper!
10.14%

Credit Card Debt Loan
I need to consolidate my credit card debt to avoid high interest and periodic fees.
9.20%

Pay off Credit Card
I would like this loan to pay off two credit cards with rather high interest rates. I always pay well more than the minimum but am sick of getting hit with the high finance charge. I no longer purchase anything with either card and plan to continue doing that when they are paid off.
10.78%

Car upgrades
I'm in a custom car club and want to upgrade my car I also want to pay off my other loan with this one
9.83%

Rest of payment for Lake Condo purchase
Found a recent 2 bedroom lake condo foreclosure with a SEV $46K(value = $92K) for $39K that popped up yesterday. I went to look at and had it quickly appraised today by an old friend who's business last 5 years is appraisals and it's easily worth a more than asking, but Michigan is hit hard in a recession and 2) people don't search for lake condo's during the Winter time. I have about 25K liquid with more coming in; this will get me within reach of what I need for closing; figured to do LendingClub instead of a mortgage paperwork for such a short term loan or going to a credit card to get rest of the money, as I try to not use credit cards anymore. A little background, I've been an active lender on Prosper for most of 2007, and now trying out the borrowing side of LendingClub on top of being a new lender here too (iluvpcs). Here's my stat's at ericscc from prosper to see I also lend a decent about of cash ... http://www.ericscc.com/lenders/iluvpcs I don't know if I plan on letting this run 36 months, as I get extra money I will try to make extra payments but figure 2 yrs for this loan at least. I pay all dept on time as you can tell by my profile.
10.46%

loan consolidation
The money will be used to pay higher interest credit card balances.
12.67%

personal
To pay off credit card debt and consolidate bills.
15.83%

Welcome baby
This is to payback a loan from a family member that we borrowed from when our baby was born last year. We went from being a two income family to one income and needed money for baby things and to adjust to one income. We have a car we are selling, a 1999 Nissan Altima, with which we plan to repay this loan.
11.09%

Purchase new Snowmobile
I would like to purchase a newer model snowmobile for recreation use.
11.72%

A's2Zee's
Heart contentions, to leviate one credit card, school and only 1 payment before receiving diploma - and further schooling. And to get away from the up-down usage I've done to my bank accounts with maintainence fee's.
11.41%

mike click personal loan
personal loan to consolidate personal debt
12.99%

A. Schild's Chicago Real Estate Business
I'm seeking 2008 funding fund my real estate venture in Chicago, Illinois. Chicago has been and still remains to be a stable and relatively increasing Real Estate Market. Fact is, without question, that we are in a "shifting market", with buyers at the wheel. I believe 2008 and beyond will be great years for the real estate industry, but it will take education, honesty, and integrity of all the integral partners of the real estate transaction to re-instill faith to the American Homeowner and Homebuyer. This is my mission. I have outlined a seemless business plan for 2008 that embodies all these qualities and more, including a donation program to the largest non-profit organization in Chicago. These donations will come directly from my earnings as testemant to my service to the communities I serve. This funding will cover expenses such as direct-mail campaigns, supply management, technology upgrades, hiring an assistant to leverage skills and time, and perhaps, space rental for to-be team. I appreciate the consideration of this loan request and I look forward to a successful future. Together we can suceed.
15.20%

High-interest credit cards
I finished my Master's degree a little over a year ago and have been in my first professional job for 8 months. It's a great job that pays fairly well, but I am still struggling to pay off some credit card debt I accumulated while finishing my Bachelor's and Master's degrees. I have several cards with interest rates of 18.99%, 24.24%, 24.74% and 29.99%. I'd really love to finance some of this debt at a lower interest rate, especially the 29.99% card. I have no trouble paying my bills each month, but I also don't have much left over after paying them. I have no late payments on my credit report. Thanks for looking.
14.25%

Short Term Tax Loan
Need short term loan for payment of last year's estimated taxes. Need loan completed before Jan 15th. Expecting payments to arrive earlier than they did, the money is coming, however, it was delayed and I would rather pay a lower interest rate on loaned money than get penalized by the government with a higher interest rate.
9.51%

ghazi
just need it to pay off credit cards , fix my car and some extra cash
10.14%

Need a car for work
need 13000 to get a car for work and wrap up some bills.
8.07%

debt loan
tring to get a better rate than the credit cards.
13.62%

Hoping somebody granted my wish
I would like to use this money to pay off all my credit card debt, so i can get focus to save my money, thank you
11.41%

Prosper pays refunds to lenders and group leaders

Prosper announced they would pay refunds to lenders and group leaders to correct errors where servicing fees were charged "in a manner inconsistent with the Prosper Lender Registration Agreement." Rateladder points us to the back story where Traveler505 brought the matter to the attention of Prosper.

Misappropriation of lender funds by Prosper Marketplace Inc.
Follow-up to MNH Report #1
Prosper.com is 90 days delinquent on payments to group leaders

Prosper will make some payments as early as mid-January and all the refunds will be complete no later than the end of February. In addition to refunding the payments, Prosper will pay 7% interest on any withheld funds.

E-Commerce Times features peer to peer lending

E-Commerce Times discusses Prosper's business model and expansion to Japan in Taking Internet Finance to the Next Level. Here's a short excerpt:

"Prosper.com cofounder and CEO Chris Larsen has been harnessing the power of the Internet to shake up the retail lending world since the mid-1990s when he founded E-Loan. Larsen led the company through a 1999 IPO and a 2005 acquisition by Popular, by which time the company had closed more than US$27 billion worth of consumer loans.

With Prosper.com, Larsen's consumer banking expertise is complemented by the computing expertise of the company's chief technology officer, John Witchel. Witchel is the driving force behind FlashMob Supercomputing, a massively parallel computing collaboration that seeks to make supercomputing available to the masses.

...Prosper.com in August announced that it was joining with SBI Group to launch a Prosper joint venture in Japan, as well as explore opportunities in other Asian markets. By doing so, Prosper is joining with a large and well-established corporation committed to bringing innovative financial technology to Japan and Asia. SBI's online finance businesses include SBI E*Trade Securities, Morningstar Japan and E-Loan.

Prosper.com spent about one year working on the design, development and testing of its Web services before launching it for the general public. So what does it take, technologically speaking, to be successful in the fast-growing peer-to-peer lending market? 'Safety and security have to be the No. 1 priority [and] a relentless development program and release schedule,' Larsen told the E-Commerce Times."

Prosper raises borrowers fees, improves collections

Three months ago Prosper hired Doug Fuller as the new Vice President of Operations in order to improve collections. He has started a letter series that he says has greatly increased payments. This is his first report to the Prosper community:

"One of the many activities aimed at improving collections undertaken in the last couple of months was the testing and implementation of an 'Early Delinquency' letter series. Although borrowers were already receiving reminder emails and phone calls during the early delinquency period (1 -30 days past due), we thought it worth seeing if an actual letter might drive additional payments. We conducted an initial test in mid-October where half of the early delinquency population was sent a letter and half was not. Measured by the number of manual payments initiated, the results were good. In the three weeks after the letter was mailed 57% more recipients initiated a manual payment (41% vs 26%).

Given this success, a two letter series was produced and a process created to automatically generate and send the letters. The first letter goes out at 15 days past due and reminds the borrower of the “community aspect” of their prosper loan – the money comes not from a bank, but was made possible by a group of individuals. The second letter is generated at 30 days past due and details the various consequences of becoming 'delinquent' including collection activities, credit reporting and the possibility of a lawsuit.

Additionally, we have contracted with Accurint (a division of Lexis-Nexis) to provide skip tracing information and are developing an internal process around that data."

In addition to improving collections, Prosper has also increased origination fees for borrowers effective today. Here is the new rate structure:

AA - 1.00% (no change)
A/B - 2.00%
C/D/E/HR - 3.00%

I'm pleased to see Prosper announce these changes on their new blog. This is a greatly improved method of communicating with members.

FRA announces microfinance conference

Here on Prosper Lending Review we generally focus on peer to peer lending. Another closely related topic is microfinance, or microcredit. Microfinance is a term for the practice of providing financial services to poor people. By helping them to accumulate usably large sums of money, this expands their choices and reduces the risks they face. Most transactions involve small amounts of money, frequently less than $100. Microfinance plays a major role in the development of many African, Asian, and Latin American nations.

Financial Research Associates recently announced it will host the first conference of its kind focusing on investment opportunities in the microfinance world. Microfinance for the Institutional Investor is scheduled for January 14-15, 2008 at the Affinia Manhattan Hotel in New York City. This event is designed to help institutional investors learn about the potential of these funds to generate low-risk market-rate returns while alleviating poverty.

Here is a list of the speakers:

Vikram Akula, SKS MICROFINANCE
Scott J. Budde, TIAA-CREF
Robert Annibale, CITIGROUP
Ian Callaghan, MORGAN STANLEY
Bhakti Mirchandani, LEHMAN BROTHERS
Shari Berenbach, THE CALVERT FOUNDATION
William Mills, GOOD STEWARD FUND
Mark Regier, MMA PRAXIS MUTUAL FUNDS
Leonard English, THE GENERAL BOARD OF PENSION & HEALTH BENEFITS OF THE UNITED METHODIST CHURCH
Greg Gentile, LEHMAN BROTHERS
Michael Rauenhorst, THE RAUENHORST FAMILY FOUNDATION
Gil Crawford, MICROVEST CAPITAL MANAGEMENT
Roger Frank, DEVELOPING WORLD MARKETSBrad Swanson, DEVELOPING WORLD MARKETS
Samuel Fox, FITCH RATINGS
Nicolas Krauss, THE BOSTON CONSULTING GROUP
Gary Kochubka, STANDARD & POORS
Damian Von Stauffenberg, MICRORATE
Howard Finkelstein, AKERMAN SENTERFITT
Jean-Phillipe de Schrevel, BLUE ORCHARD FINANCE
Mary Ellen Iskenderian,WOMEN’S WORLD BANKING
Geoff Davis, UNITUS
Stephen Viederman, NEEDMOR FUND & CHRISTOPHER REYNOLDS FOUNDATION
Deborah Drake, ACCION INTERNATIONAL
Arnaud Ventura, PLANET FINANCE
Cathy Rowan, THE MARYKNOLL SISTERS and TRINITY HEALTH
Father Seamus Finn, MISSIONARY OBLATES OF MARY IMMACULATE

Lazy Man features P2P Lending

Lazy Man and Money runs a great personal finance blog. I found his site while searching for the top Prosper blogs back in June 2007 and have been a regular reader ever since. He writes about many subjects but often covers Prosper. Today he announced the first ever carnival of peer to peer lending. Here are the featured articles:

• Prosper and Lending Club Advice for New Lenders
• Five Investment Prerequisites to P2P Lending
• My money lending experiences on Prosper
• Review of the best in peer-to-peer lending in 2007 - thanks for mentioning us!
• Prosper Vintage Curves From Private Data
• Diggin’ For Gold Around The Portfolios
• Credit crisis has given social lending a friendly pat on the back?
• Pre-Payment Pays Off: New Feature for Prosper Borrowers

Thanks Lazy Man for hosting the carnival! The next edition of this carnival will be hosted at Brip Blap. You can submit an article here.

Globefunder opens doors to borrowers

We have been eagerly waiting for GlobeFunder for several months. They have finally opened their door for borrowers and institutional lenders. Opportunities for individual lenders are still "coming soon."



Today Columbus Business First published an article with even more information that GlobeFunder's own FAQ. GlobeFunder promises to be less social than other social lending sites and focus instead on borrower's financial profiles. Here's an excerpt from the article:

"Interest rates for borrowers on GlobeFunder range from 8 percent to 20 percent. GlobeFunder makes its money by charging a onetime 1.75 percent fee to borrowers on their loans, and charging lenders 50 to 100 basis points of their investment over the 24- to 60-month loan term, Decio said.

A basis point is one-100th of a percent.

GlobeFunder is responsible for servicing, collecting and, if necessary, selling nonperforming loans to debt collection firms, Decio said.

The risk for lenders is that they are out of their investments if borrowers don't repay the loans, but they will receive the proceeds from a sale of the debt to another company, Decio said. That's why lenders, who must pledge a minimum of $500 per loan, are encouraged to fund portions of several loans, rather than putting all their money into one borrower, Decio said.

'It's not brain surgery - I wouldn't buy three loans at $8,000 each,' he said.

Loans on GlobeFunder will range from $2,500 to $25,000.

For borrowers, the site may prove attractive because it will set interest rates based on a credit profile, unlike credit card companies, which give few rate breaks for good credit, Decio said.

GlobeFunder requires a minimum credit score of 640 for borrowers.

'We've got over 90 million people out there that don't have risk-adjusted rates,' he said. 'Either they're lazy or they don't recognize there's a way to consolidate and save money.'

GlobeFunder's approach differs from other person-to-person lending sites.

Its interest rate ranges are based on borrowers' financial profiles, and the site eschews photographs and personal stories from borrowers about why they're looking for money - a tactic other companies have used, Decio said.

'You're not going to see pictures and big stories about people's lives,' he said. 'We're not going to do that because it's not scalable.'

Decio said GlobeFunder's approach, coupled with a more systematic way for setting rates and arranging loans, could allow the company to attract institutional investors that will lend on a large scale.

Other sites have taken more of a social networking approach."

GlobeFunder's homepage currently lists several sample loans using a globe rating that corresponds to credit scores (Experian ScorexPLUS). The highest rating, five globes, goes to borrowers with 780 or better while those with scores from 640-659 get one globe.

While GlobeFunder is not yet accepting individual investors, they are inviting institutional lenders. On their institutional investor page they provide the following information:

"From time to time, GlobeFunder Ventures, Inc. ("GlobeFunder") may make information available to pre-qualified individuals or entities regarding certain private investment opportunities. GlobeFunder will not act as a broker, dealer, or placement agent, or be paid a transaction based fee with respect to any such opportunity. Access to information regarding privately offered investments is limited to individuals or entities that qualify as accredited investors, and which meet other qualifying standards. All private investments will meet the conditions of Regulation D under the U.S. Securities Act of 1933, as amended. If you would like more information, please complete the Registration Form and Accredited Investor Questionnaire. We will review the form and questionnaire and contact you within 30 days."

GlobeFunder is led by Brian Mullally and Benjamin Decio. Their strategic partners include Computer Science Corporation, Brooks Fl Solutions, eDominate, and Articus Ltd.

Refinance Prosper loan through Lending Club

In addition to expanding to borrowers from all 50 states, Lending Club recently made loan statistics more accessible to members. I was recently browsing through the loans and came across an interesting loan request from August 2007:

Loan title: Refinancing Prosper loan...
Loan description: I am looking to refinance my Prosper loan, which is currently at 22.75%.
Amount borrowed: $5,400
Lending Club interest rate: 12.17%

Wow - if the description is accurate then someone really reduced their interest rate by refinancing their Prosper loan through Lending Club. I attempted to find the original loan on Prosper but was unable to. There are only three loans on Prosper from Massachusetts that match the 22.75% interest rate and none of the personal information and credit history seems to match. It is possible that the borrower moved. The borrower may have also entered false information. Unlike the personal credit history, there is no way to verify the loan description information. If the provided information is accurate, then perhaps the borrower greatly improved their credit score between loans which could account for the great rate through Lending Club.

In addition, there are a couple of borrowers on Lending Club looking to invest the requested money on Prosper borrowers. LendingHelper says, "I will use the money from this loan to re-invest in Prosper...I have been a lender for 7 months, and see it as a good way to diversify my investments. Also, I want to analyze Lending Club from a borrower's standpoint." Another borrower, Tessvis, writes, "I am seeking a loan of $15,000 help me get back on track...and reposition my self to invest in a positive cash flow system such as Prosper." I recommend these borrowers and anyone planning on borrowing to lend read Matt's article Borrowing money to lend on Prosper: Wise or Foolish? It may be possible for some to work the spread but it is much harder than it looks.

Current loan requests on Lending Club are quite varied and include debt consolidation, tuition, investments, business funding, cosmetic surgical implants and much more. With the new national expansion the number of requests for loans has greatly increased. Lending Club is offering great incentives to those who want to invest including a $25-50 sign-up bonus and an additional 5% bonus to those who invest more than $4,000. On top of that, they just raised interest rates by .5%. It's a great time to invest. (If you are a new lender and want to receive the referral bonus you must sign up by clicking on a referral link such as this one.

Here are the borrowers you can invest in right now and the associated interest rate. Sign up and login to see the full loan details and borrower's credit profile.

Pay off Purchased Merchandise
- Pay off Dell Financial: $ 1300.00 - Pay off IRS for 2005: $ 1400.00 - Pay off Mac Comp : $ 1700.00 - Pay off Bill Me Later : $ 1000.00 - Pay off WAMU card : $ 1000.00 - Pay off Becu Visa : $ 1000.00
10.59%

Medical Expenses
Need extra money to pay unforseen medical expenses.
14.07%

CreditCardDebtConsolidation
I have several high interest credit cards that i would like to consolidate into one loan. These accounts are going to be closed as soon as i pay the balance. Bad decisions have led to this debt, but luckily my salary has increased and we can climb out of the hole and learn from our mistakes. The total amount is just under $15000 which will leave a small amount to pay some medical bills.
16.28%

Christmas
We just found out this week that my mom's cancer may be back and I want to make sure she has a wonderful Christmas.
12.49%

personal loan
As soon as possible
9.96%

RJS Business Loan
CPA requesting loan to assist in funding purchase of accounting firm to add to my current CPA firm. Firm being purchased has annual revenue of approximately $95K and has been in business since 1998.
13.12%

Consolidate Debt
I have $12K on a CC that is charging me an extremely high interest rate and they are unwilling to reduce the rate when I asked about it. I want to pay this credit card off and close the account so I can stop doing business with this Bank.
9.33%

PERSONAL LOAN
MY MOM IS HAVING A HARD TIME FINANCIALLY SINCE MY DAD LEFT HER. I AM GOING TO USE THE MONEY TO HELP HER PAY OFF AND CATCH UP ON SOME BILLS.
9.01%

Debt Consolidation.
I'm a member of the United States Air Force who returned to the U.S. last year. Made several charges to credit cards while moving into a new home. Credit card interest rates almost doubled, now trying to get them under control.
13.43%

Pay off Bills and Education
Loan is to help pay off bills and go to real estate investing school.
15.01%

personal loan
I need the loan to help me with my medical bills and medication and other expences. I'm in dire need of help and this loan would really help me out.
10.28%

debt consolidation
consolidating major debts
9.33%

major purchase
wedding expenses
10.91%

New Project
I started network engineering company a few months ago, and now we have the opportunity for a new project beginning in January that will net us enough cash to really get the business going. I need to purchase some additional equipment for the project, to qualify and complete it, that is what this loan is for.
9.64%

Open a nail salon store
I want to open a nail salon store and I need $25,000. It's in a good location. We plan to have 8 employees and a weekly revenue of $13,600. Me and my husband have a good monthly salary. I work for a nail salon store making $1000 a week. My husband drives a NYC yellow taxi and making $1500 a week. Monthly expenses: Apartment rental: $1300 Utilities: $80 Phone, internet: $105 Food, entertainment: $400 Household expenses: $100 Credit cards and other loans: $2500
11.86%

Cushion
Cushion pre-bonus
12.17%

Angela Kay Myrick
To consolidate high rate credit cards.
9.33%

Payoff personal debt
I am requesting this loan to payoff some personal debt so that I can refinance my home. This debt is in the form of judgements that was place on the property after construction. It is a commission fee of 5% paid to the developer and realtor that was to be paid after the house was appraised upon completion. The home was built year ago and we put all that we had saved up into this house. The house currently is appraised at $619,000. We owe $542,000.
13.43%

personal loan
needing money to move to a new place, and medical and dental expenses.
10.91%

Debt Consolidation Loan
Consolidate 2 credit cards
11.22%

Credit Card Debt
I would like to pay off my credit card debt and pay a lower interest rate.
9.01%

Personal Loan
I am a United States Marines serving my country like the rest of my brothers. I have been recently giving the opportunity to transfer to a different Unit. I am very excited about having to travel, so i would like a loan of $3,000.00 so i can put it for a down payment on an appartment, a car, and furniture. Thank you. Semper Fi
10.59%

Bill Consolidation
pay off several credit cards totaling approximately $15,000.00
9.01%

CREDIT CARD CONSOLIDATION
Im interested in a short term consolidation loan I asked for a 36 month loan, however I will pay the loan in full in about 24 months. thanks
10.59%

Auto loan
The banks seem to only have used auto loans for car years 2001 and newer. I am looking at some older BMW's and don't want to take out a personal loan at the bank for 10% or higher.
8.07%

Personal
I was interested in getting a personal loan in order to pay back existing debts as well as to have a little extra money in case anything goes wrong.
11.22%

Home repair
I recently purchased a home in need of serious repair. I purchased the home in a tax sale and had not seen the property prior to purchase. Upon seeing the home, I discovered that it had been in a fire. I am requesting the loan to repair the house and make it inhabitable.
9.96%

Pay down home equity loan
To pay down my home equity loan.
7.12%

Debt Consolidation
Consolidate monthly bills into one, lower payment
9.96%

aricsloan
consolidate credit cards and loan as one payment
15.01%

Paying down credit cards with high rate
I would like this loan to pay some high rate cards off.
16.28%

Funeral and related expenses.
The death of my Mother has brought about unexpected expenses related not only to the funeral but also to the removal of her furniture and apartment belongings. This is a sudden, one-time expenditure.
10.59%

FIRST
Consolidation of credit bills
11.54%

Eliminate high interest
Its time to get rid of this high interest debt. I have three credit card with high APRs. I am just throwing money away by paying these companies loads of interest. I know that paying off debt is a process and not an overnight miracle, so what I would like to do is tackle one of these at a time, starting with the one with the higher interest. If this works well, then I would most likely return to the site to get another better rate loan. I would much rather pay my fellow hard workers this money than these big time banks. I do have the high interest on the cars because of some credit issues in the past. Mostly stemmed from racking up debt while I was in college. Even with the troubles I have had in the past, I have managed to bring my score to up over 700. I've done that by not missing a payment in about 5 years, including the mortgages I have held. My past does not reflect my habits today, or my goals for tomorrow. I am very serious about getting rid of this debt, so I will not let you down. Sometimes it just makes me sick. If I can answer any questions for you, please do not hesitate. Thanks for considering.
9.64%

Debt Consolidation
I would like to consoladate 2 personal loans and a credit card for a lower interest rate
14.38%

Personal Loan
Paying of the bills from the holidays, and start planning for the family vacation to Disney World in March.
9.33%

Lower interest rate on credit card.
We would like to tear up credit card and pay it off at a lower rate.
14.38%

Implants
I would like a loan of $8,000.00 for the placement of cosmetic surgical implants. I would like to pay it in installments of 36 months without a prepay penalty
7.75%

Credit card loan
A loan to pay off a credit card. It is very high intrest and i need to get it paid off.
11.22%

1 payment
just want to consolidate all my loans and credit cards to one payment
17.22%

pay credit cards/get bus financing
I need to get debt paid off in order to get the best financing for my business loans. I'm needing finances for my home purchases for low to middle income families. As a real estate investor my next step is to start buying homes, I need the best credit score to get the best rate of financing.
10.59%

Manhattan Move
Moving Costs associated with Manhattan Apartment
9.01%

Pay off the IRS and Outstanding Debt
I will use the money from this loan as follows: 1. Pay off an IRS payment plan of 1,900.00 2. Pay off remaining debt on my credit report 1,200.00 3. Use the remaining balance to increase my savings account to gain a safety net for emergency situations.
11.22%

Ambitious start-up ready to grow
About APK Developments: Thank you for taking a look at my loan request. I trust you will find this to be a unique, and quite interesting, so I thank you for your support. My business is APK Developments, LLC, which started in 2002 to develop advanced shift systems for the motorsports market. These are semi-automatic shift systems for motorcycles, race cars which use sequential transmissions. In recent years, this has been a booming market due to advancements in manufacturing techniques which have made sequential transmissions more affordable, increasing their demand, and the demand for shift systems to extract the full potential of a sequential setup. The purpose of this loan is capital for the numerous R&D projects current, file for patents, manufacturing add-ons, and brand building. My current position: I work a day job, so this is done on the side, and has been treated as a hobby so far. This past year I took the next step to make this into something and funded heavily in setting up a place of business, as seen in the above photos. A couple years ago, the MS-100 was developed, which is the fastest air shift system on the market for drag motorcycles. Last year, the MS-120 quick shifter was introduced, which is the only system on the market for motorcycles that automatically adjusts each shift, so that each shift, is at it's optimum. This is one of the things to be patented. Currently, plug and play kits are being developed for popular bikes to provide the customer with a simple installation. Market indications for the MS-120 are great, as there are people waiting for plug and play kits to be available for their bike, however, I can not supply the demand without the needed manufacturing add-ons. Note that a number of these customers have been waiting for months, when they could have gone with the lower priced competitors products. This speaks volumes for my product, which is made to the highest standards. What's in R&D? A market I didn't forsee with these shift systems is that of mobility aids. I regularly get requests for a system to be developed to up and downshift a motorcycle for disabled riders. This niche would allow injured riders (the primary request) to get back on a bike. I have found one company that produces a viable system, however it is primitive, and I have heard of many comments on it's bulkiness. Everyone requesting me to develop a system compliment the quality present in my products, and hope to see the same in a system designed for this niche. This challenge in R&D has resulted in a system in development, that will need a number of patents filed. Secondly, is that of the race car market. With paddle shift systems gaining in popularity, there is a need for more cost effective systems for the middle levels of motorsports. For the lower levels (amatuer), higher quality systems at an affordable price. As for brand building: The website is being completely redesigned (almost done). The company logo has been updated. A marketing plan is in place, and needs to be executed. This is initially done by sponsoring motorcycle racers for the coming season, which is an investment in itself. For more information about APK Developments, and it's products, please visit APK Developments website at www.apk-developments.com Thank you.
9.64%

jgmn
I'm starting up a new Tax preparation/Financial services business in Atlanta,Georgia.The web site is www.novacrom.com (you can find personal information on it).We need $10000 for financing rent,publicity and payroll.
8.70%

debt consildation and invest.
The reason for this loan is that i owe about $10000 to credit cards. The rest of the money i would like to experience(invest) in what lendingclub offers. I work in a dealership as a salesperson and i own my own tow truck which generates about $400 a week. Am a very hard working person and i dont have too much expense.
10.59%

Jared's Debt Consolidation
I would like to consolidate 3 debts as well as improve my credit scores by having a good standing installment account over at least a 2 year period. The debt will pay off a $1700 Credit Card, a $650 Military Overpayment Debt, and a $3250 Personal Loan from a friend. This loan will help improve my quality of life greatly. Thank you.
9.96%

Medical
Hospital bills from an emergency admit as well as an emergency chest and stomach surgery.
18.36%

pay off everything
I am looking to pay off all of my bills. I have good credit, but alot of debt. I have closed all my credit cards but one. I want to pay off another loan that has a high interest rate. I still live at home so I do not pay rent.
17.41%

Investment Funds
Additional Investment Funds for portfolio.
10.14%

Equity building in home
We need to make some improvements in our home including kitchen upgrades, bathroom upgrades, home office improvements and build a workshop for my husband to work in. He is self employed and works with antiques and wood work. He required heart surgery in May of this year and was not able to work for several months. We are currently paying back medical expenses that our insurance did not cover. We are both self employed and my office is in the home. A workshop where my husband could work out of the elements would be very beneficial. He has been working outside on the carport and in the house! Needlessly to say this is diffcult on the house and our quality of life. He has recently been able to start back working and it sure would be easier if we had a place for him to work. I need to improve my office space as well. I have my own business as a marketing and public relations consultant and a professional fundraiser. I have been doing this for over 25 years and decided to start my own business about 5 years ago. The coming year looks very good for me. I have found a niche working with cities and rural areas on finding funds for infrastructure such as water, sewer, community centers, etc. I work with the government a lot to secure funds. I also do a lot of work with nonprofit organizations. Currently, I have 5 regular nonprofit clients and 3 towns as clients as well as other agencies that I do periodic work for. It is rewarding work and I enjoy it. My office is getting cluttered and needs to be reorganized for better work conditions and to be able to have someone come in and help on occassion.
14.25%

Add-ons
Fix minor things around the house I have been putting off.
7.43%

Debt consolidation
I have a Line of credit at Wells Fargo Bank that i would like to pay off. Interest rate was at 9.99% but the jump to 15.25% because i made one late payment. Applied for a HELOC but not enough equity in home. Credit Score is at 690. I am a registered nurse. Just about 9000/month b4 tax. Mortgage at 1800/month Credit/Loans 1000/month
11.72%

cell phone
I am consolidating my credit card debt as well as paying off my cell phone bill.
13.30%

Credit Card Payoff
Want to get out of credit card debt
12.67%

Daughter's Sweet Fifteen
I am looking to secure a loan in order to cover some expenses for my daughter's sweet fifteen party in February. The loan will be repaid by my husband, daughter and myself. Our incomes combined equal about $75,000 a year. Our monthly housing payment is $700 a month. I also have about 3 credit cards with small balances. Thank you kindly for taking the time to review my loan request.
14.25%

Small Debt Consolidation Loan
I would like to use this loan to consolidate credit card debt (1 @ 19% and 1 @ 15.99%). Also, remaining funds will be used to make repairs to my vehicle.
13.62%

Debt Consolidation
I would like to have one solid monthly payment that would be more affordable to me. I am a single mom and I receive no child support or any other income besides my work for that matter. Because of my divorce, I ended up in a lot of debt going from credit cards to loans with Credit Union. Borrowing money at a fixed monthly payment would the answer to my prayers.
13.30%

Loan to reduce debt
I am asking for a loan to help out my wife. A year ago we decided to use a debt consolidation service for her debts to try to have the interest rates reduced. While it worked in this regard, we also must pay a high monthly payment, plus a monthly charge. I believe we can save money by getting a lower interest loan and using this money to pay off all of these creditors once and for all. We have definitely learned our lesson about responsible credit. I ask you to help us out so that we can become debt free again and then be able to continue to save to that we may afford to buy a house some day.
8.38%

Consolidate and get out of debt!
I need this short term loan to help me pay off some bills. I am able and willing to to repay this loan and have over the last 4 years earned a good credit rating. Thank you for processing this request. God Bless, Brian
9.83%

Better habits and New Start for 2008
I have about 7500 dollars of credit card debt at an average rate of 20%. I'd like pay off these debts immediately, then allow the fine lenders at the LENDING CLUB to profit a more reasonable amount of interest from me.
9.83%

Car Repair
New motor for my Jeep + labor, plus a possible new clutch
10.78%

jump starting advertising and marketing!
I currently have a real estate investment business that I want to begin to market very aggressively. My business is beginning to expand and I am looking to advertise and market my business in other regions.
13.93%

Supporting My Education
Full time student -- need some extra money to help with expenses: books, computer, etc. My credit card company charges 30% interest and I'm hoping to get a better rate. I plan to have this loan paid off in two years.
8.38%

Eliminate high rate credit cards
I want to eliminate high rate cards that don't want to work with me to lower rates. Also will use some of loan to do some roof repairs
13.30%

dvd vending machine
I am requesting loan to finance a business that I was trying to start. It's a dvd vending machine that I can put to other business premises.
9.64%

Purchase of plow
To purchase a snow plow for business
9.20%

Jared Beiswenger
I would like to consolidate my credit card debt and my student loan debt, which totals around 7,000, and use the remaining 1,000 for a first and last month's rent payment on the place Im moving into January 1, 2008. The place is already fully furnished so all I have to worry about is the upfront costs.
9.83%

Convert wkshp into apt for daughter
Seeking funds to complete conversion of my workshop into an apartment for my daughter and her family to live in while she attends school and her husband recovers from a back injury. Most of the actual work has already been payed for and completed, but I need additional funds to pay for the permits and inspections prior to occupancy. Thanks.
11.09%

Loan Investment
I am using the proceeds of the loan to re lend to other Lending Club members.
7.43%

Just honorably discharged from military
Just honorably discharged from military service and receiving benefits
11.41%

Pay off bills
I need a loan for 7500 dollars to pay off my bills. I want one monthly payment for everything. This way I can cancel credit cards and not be so far behind each month.
12.99%

Refinance
Refinance credit cards on better interest rates
12.36%

personal
I am interested in consolidating my debt to lower monthly payments and interest rates.
15.20%

consolidate debt
I WICHT TO PAY OLD DEBTS WITH THIS MONEY
18.36%

Looking to Consolidate!
I have a personal loan and credit cards that I would like to consolidate. My credit is bad and I hope this will help me turn everything around. I have a steady job and am a good person who really has learned from my mistakes. I'm just looking for an honest way to get my life back on track.
15.83%

School tuition
I would like to attend CT school of Broadcasting and I have already secured $5,000.00 and need $7,440.00 more. My previous college education has been payed for by grants and myself/parents. This is my first loan for school that I am trying to obtain. I have previously paid off a car loan and now feel I am resonable enough and financially stable to obtain a loan for school. I have a full-time job as well as my real estate license for extra income and I also do PT internet sales. This may sound like alot but I know what I want (CT School of Broadcasting) and don't mind taking the extra steps to get it. I do seek financial assistance in pursuing my goal of attending school this spring. Thanks.
13.30%

Loan for Debt Consolidation
Loan request for Debt Consolidation due to Christmas over-spending. Loan will go toward paying off credit cards and other bills.
12.36%

Cosolidate debt
I have a one month old baby and my wife is on maternity leave and I would like a loan to consolidate my credit cards and my car payment into one payment a month.
10.14%

Stop Look Loan
The proceeds of this loan will be used to invest in a business opportunity with my brother. We have had a dream for some time to start a family business and now is the right time.
13.62%

Reducing current car loan APR
Unfortunately, due to the economic situation of my parents, I was forced to take up a car loan as soon as I turned 18 in order to secure transportation for school and work. I finally moved out and now hold a full time job while still attending school. This loan would enable me to pay off my car and get a better rate while having a similar monthly payment. Plus, I would reduce the payment period for up to one year. I've been engaged for more than a year and plan to marry this August. This loan would definitely reduce the amount of stress which my car loan has inflicted upon me already, especially in the future considering I'll be juggling the wedding along with my graduation at the same time. Ask me any questions, and I'll reply as soon as possible. Thanks for looking!
9.64%

Consolidation of Credit Cards
I would like to consolidate some of my credit cards into one payment, as well as help with some of the higher interest rates. My wife and I are currently looking at homes and it would be in our best interests for me to knock out my credit card balances. My financial situation: I work as a healthcare attorney and have a very stable position. I have no delinquent accounts and have had just one late payment over the past 5 years. I had one collection back around 2002, it has been paid in full, but lists as "Paid Charge Off." All derogatories come from this card, and have not one one late payment (30 day or otherwise) in 5 years. Monthly net income: $ 3574.71 Monthly expenses: $ Housing: $ 600 (split $1200 rent with wife). Insurance: $ 100 (car insurance) Car expenses: $150 (approx) for gas. I do not have a car payment. Utilities: $ 120 (Electric, Gas Combined) Phone, cable, internet: $ 250 Food, entertainment: $ 500 Clothing, household expenses $ 200 Credit cards and other loans: - Student Loans: $400 a month - Juniper Card : $175 a month - $5000 balance (some of this card would be paid off. - Discover Card: $90 a month (this card would be paid off with this loan.) - $2587 balance - Capital One Card: $15 a month - $400 balance - Direct Merchants Bank: $67 a month ( most of this card would be paid off with this loan.) - $2543 balance - Best Buy Card: $51 a month - $1500 balance - Kay Jewelers: $100 a month - $1100 balance This comes to approximately $2698 per month in expenses (please note that I have been making more than the minimum payments on several of these cards. After my monthly expenses and prosper loan I would put the rest toward lowering my other debt (cards). Thank you very much for your consideration, Mike
10.78%

Lending Club
My credit cards have an average APR that is higher than I want. I am considering different debt payment solutions.
8.07%

Better Rate
My intentions are to lower interest on charge cards to accelerate pay down and to improve cash flow. I am conservative and stay focused on my business.
18.36%

Ford Explore
Paying off Explore
13.62%

personal
personal
10.46%

Reducing my Credit Card APR
I have high interest credit cards. I would like to reduce the overall average APR by getting a better rate by LendingClub
15.83%

credit card consolidation
looking to consolidate credit cards and get out of debt.
13.62%


need a place to live
i need money to buy a Taylor on the oak wood homes lot they told me $4000 to deliver it and set it up. willing to pay up to 15% apr
11.72%

DVD Rental Machine Purchase
I want to buy a DVD rental kiosk. Vending is a long-time successful business and the DVD kiosk business is a ground floor opportunity exploding right now. MCDonald's has invested heavily in this concept (bought their supplier) and my target market are people who do not regularly go to McDonalds, but do rent movies.
12.36%

Debt consolidation
Last spring my wife was diagnosed with an acute leukemia which required 6 months of intense treatment and ongoing maintenance. During this time, she has been unable to work, and we have incurred additional debt and some medical expenses. At this time, we would like to consolidate and eliminate our high interest credit card debts. We seek a reasonable term with a reasonable interest rate. We have a solid history of paying our obligations on time and will continue to do so, happier in knowing that more of the payment is actually going toward the principal, and there is an end in sight. Thank you.
10.14%

$20,000 Loan Request
Requesting a loan for $20,000 for major purchase.
10.78%

Need loan to expand my constructbusiness
hi, i own a small construction business and like to expand in coming spring. for that reason i need some money to make down payment for a new pickup truck. plus i need some cash for over head expenses.
12.67%

PURCHASE MULTI FAMILY APARTMENT
I AM ACTIVE REAL ESTATE INVESTOR WHO OWN AND MANAGE MULTI FAMILY APARTMENTS BUILDING IN DIFFERENT LOCATIONS AND FEW MORE ARE UNDER PURCHASE & SALE CONTRACT. THIS LOAN IS TO HELP ME FOR THE DOWN PAYMENTS. I WOULD LIKE TO THANK ANYONE IN ADVENCE WHO PLACE THIER INVESTMENT IN MY INCOME PRODUCING PROPERTIES. YOUR INVESTMENT IS VERY SECURED. I KEPT AA SCORE GRADE. ALWAYS PAY ON TIME AND NEVER HAD ANY DELIQUENCY. CURRENTLY OWN: ______________ 2 UNITS APARTMENT = $1700. X 12 = $20,400. YR 5 UNITS APARTMENT = $4300. X 12 = $51,600. YR MORTGAGES/TAX/INS= $4650. X 12 = $55,800. YR NET INCOME = $16,200 YR UNDER CONTRACT: $775,000.00 _________________________ 27 UNITS RENTALS = $215,000. YR MORTAGE/TAX/INS = $132,000. YR NET INCOME = $ 83,000. YR
13.62%

Home Mortgage and Taxes
My wife and I split up. She lived in the house we purchased together and I moved into a condo. She was in the real estate field and when that went down she had no income and had trouble finding a job and making the payments. She talked me into getting a second mortgage so she would have a cushion and to pay back income taxes. That money went fast. We worked it out that I would move back into the house and she would move out. I would make the payment on the first and all the property taxes and half the back taxes and she would pay the second and the other half of the back taxes. She lost her job and I have been making all the payments. We thought about selling, but the house would be a short sell and we would get nothing out of it. I have our kids with me and with her not making payments, my credit score has went down and refinancing is impossible. I just want to catch up the mortgage and pay the taxes. I plan to sell the house when the market gets better. I can manage once I am caught up. I just need a little help.
14.25%

Looking to pay off credit cards
Rebuilding my credit, and looking to pay off my low limit credit cards (sub primers) and use that FICO boost to gain higher credit limits with prime lenders and then close out these low limit cards which i no longer need.
12.04%

Card loan
Paying off an old credit card
12.36%

changing cars
I am currently a student in Rhode Island. While attending school for an undergrad in business, I have also been working on a food delivery service. The car I have right now is not good enough on gas. The loan will help me acquire a hybrid.
9.83%

Consolidation Loan
The purpose of this loan is consolidate 3 higher interest credit cards. Thank You.
11.41%

Would rather pay you my interest!
Hello, I am interested in getting a better rate for my credit card balance. I am 39, have been happily married 15 years, have a great job with a university where I have worked for over four years, just received my third promotion in two years, and have excellent credit. I have NEVER defaulted or paid late on a loan. I have a very good interest rate already, 9.9%, but with my stability and good record I am interested in something better and would prefer to work with folks in the community than my big credit card company.
8.38%

Finally pay off ankle surgery expenses
Hello people...just found out about this website thru creditboards.com and I wanted to try it out. The purpose of this loan is too consolidate my med bills due to an ankle injury I suffered earlier this year (word of advice...never run down the stairs to catch a train!) The payment would go toward surgeon costs and to pay off the rest of my 6 day hospital stay. I'm currently at war with my insurance carrier because they refused to cover the cost of my second surgery to remove a screw from my ankle. So I want to take care of this bill now so that my credit stays intact and I will be able to negogiate a better mortgage rate for when I purchase my new house. Thanks!
12.99%

Bathrooms and Kitchen
My kitchen and bathrooms are in need of some serious work. I would like to take a loan out to pay for these repairs and also to add this to my credit portfolio. I have good credit and have never been late nor missed a payment. Thank you
10.78%

glebxx
loan is needed for paying tuition
10.46%

Help me get debt free
I am attempting to get this loan to consolidate my credit card debt, pay off whats left on my car and clean up a few issues on my credit report. We will be using about $3,000 of our savings as well as the loan to make this happen. My wife and I are wanting to apply for a house loan next year and this will help improve our credit score and get our debts paid much quicker because we will be able to pay more to the principle. Our debt that will be paid is as follows: WAMU- $688 (min pmt $15) Bank of America - 2400 (min pmt $65) car loan cap1- (about) $3000 (pmt $266) We also have about $2000 in old medical bills we'd like to pay. My total payments now are $346 / month on these debts. This loan with save me on interest and I will be able to pay them off much quicker. My income is $2150/ month Wife's income $1500/ month rent $800/ month Food $350/month Utilities $175/month Car(gas etc) $180/month School loans etc (including what's listed above) $660/ month Other exp (kids, entertainment, insurance etc) $400 Total income - $3650 net/ month Total bills - $2565 / month (including bills that will be paid with this loan)
13.93%

First Time Airplane Purchase
Loan Purpose My husband is a new Private Pilot and we are now looking to buy our first airplane. We�d like your help to buy an airplane for two reasons. First of all my husband would like to progress towards more advanced pilot ratings with an eye towards a future career change. Acquiring an airplane will allow him to train for those advanced ratings in a more economical fashion. Secondly we live in the Alaskan bush during the winters. This means that all of our supplies come in to us via aircraft and this acquisition will allow us to more readily access larger towns. We are considering the purchase of only airplane types that historically have held their value well such as the Cessna and Piper aircraft companies offerings. As it is with many others, it has been a lifelong dream of ours to own our own airplane � we�d be honored if you helped us to actualize that dream! Borrower Background / Explanation of high DTI I have been a public school teacher for around 13 years and my husband has been steadily employed by the National Park Service and now Chugachmiut, both incomes will be used for the purposes of loan repayment. We are both in our mid 30�s and own our own home and do not have any children, so other than a car payment this would be our only major expense. I earn $ 2,650/mo. net as a teacher, and my husband makes $1,500/mo. net for a combined monthly net of $ 4,150. We could only claim income from one of us, hence the high DTI. Monthly Expenses Before LC Loan: $ 2,145 Housing: $650 (only 8 months of the year, during the summers we live rent free in our summer house which is paid for.) Insurance: $80 Car expenses: $540 Utilities: $130 Food: $400 Loan payments : $220 Student Loan: $125 Monthly Expenses After LC Loan: $3,033. Bottom Line We always keep our promises - as is reflected in our credit history with no late or missed payments. Thanks for considering us as a possible investment. I know that if you choose to do business with us you won�t be disappointed!
12.67%

up keeps
To help purchase items and things for my family so we can live better after a rough year.
13.30%

Need to Consolidate 2 Card Cards
I have 2 Cards (13K and 6K). I would like to get a loan to payoff and close out these cards.
10.14%

college money
loan to pat for college expenses
12.36%

Medical/Payday Loan Vicious Circle!
Hello, and thank you for looking at my request. Due to unforseen medical expenses built on top of my usual bills, I borrowed on payday loans--doing this put me into a hole that I'm having a hard time getting out of, although I make good money. Unfortunately, most of my paycheck goes to pay down on these loans. I would like to use my Lending Club loan to completely pay off the payday loans and the remainder of my medical expenses so my paychecks will be free and clear again! Any help would be sincerely appreciated! Thank you!
13.62%

Clearing the table
Several of my credit cards recently reset to 24%+. A debt consolidation loan with a nominally better rate will allow me to reduce this debt much faster and ultimately allow me to attain much more favorable rate at which to refinance my mortgage by raising my credit score.
18.04%

Personal Loan
Need to pay off overdraft and finance a vehicle.
7.12%

Pay off High Interest cards
I graduated college in august and had no job...so naturally I payed for everything with credit and now I need to pay it off. Now that I have a decent steady job I am paying the cards off, but I would rather give my interest money to people who need it instead of the greedy card companies.
10.78%

refinancing a loan/planning a wedding
Seeking to refinance a current loan for a lower interest rate and upcoming wedding expenses. I greatly appreciate your assistance!
13.93%

new life awaits
lets see, I guess i would try to put a down payment down on house, cause i rent know,small investments,pay bills, and it be great not to be living pay check to pay check. finally get ahead for a change. Sean D Olds thank you
12.36%

Please help me pay off my MBA debt!
Would like to pay off my school debt for my MBA. I graduated last year but now my credit card interest for it is rising. Please help! Actually, lets help each other by letting me get you a nice return on your money!
9.83%