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.
Saturday, January 5, 2008
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.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."
Friday, January 4, 2008
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.
"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
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."
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.
Wednesday, January 2, 2008
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%
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%
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%
Monday, December 31, 2007
P2P Lending Predictions for 2008
As we get ready to bring in the new year here are what a few news organizations around the world have to say about P2P lending...
Ten things that will change your future from the Sydney Morning Herald
"PEER-TO-PEER LENDING Whether you're distributing music or books, auctioning off unwanted household items, wanting to bet on a horse race or looking for a soulmate, the internet can put you in touch with someone who is interested in what you have or are.
Kiva takes that idea and applies it to the established concept of microfinance - making small loans to the working poor to help them establish or expand businesses.
So, instead of giving a donation to an organisation such as Oxfam to distribute, peer-to-peer lending lets you invest small amounts directly in a particular entrepreneur - such as Mohamad Marah in Kabala, Sierra Leone. With his $US200 loan, Marah has been able to expand his garment business, buying three extra sewing machines. So far he has repaid half the loan. More than $US15 million has already been lent through Kiva - and the default rate is claimed to be just .23 per cent. http://www.kiva.org"
Many using Web sites to find, help entrepreneurs around the world from the North Jersey Media Group
"...Some philanthropy experts worry that the peer-to-peer lending sites could suck away money from traditional charities such as UNICEF. And microlending has its share of critics..."
Get real: People will want to connect in 2008 from the USA Today
"Eisenbeis says we should expect to see more examples of 'people banding together to help each other out,' whether it's groups picketing home loan companies or individuals starting so-called peer-to-peer lending programs to assist those experiencing foreclosure and personal bankruptcy.
'There's a 'we're all in it together' feeling out there that's only going to grow as more people get affected by issues such as housing and health care,' Eisenbeis says. 'People are going to lean on each other and push those in power to find the necessary solutions.'"
Peer-to-peer lending the 'eBay of loans' from Deleware Online
"The market for the loans is still relatively small but growing fast, according to Celent, a research firm. Celent projects that $5.8 billion in peer-to-peer loans will be made in the U.S. by 2010, an 800 percent leap from the amount this year...
The more established players -- such as Prosper and CircleLending, which sold a majority stake in the company and rebranded itself Virgin Money US this year -- dominate the business. But more rivals are entering the industry at a time when even people with good credit are finding it harder and costlier to borrow from traditional sources.
In December, Zopa opened up shop in the U.S. Also this month, Lending Club, which began as a service for Facebook members, expanded nationwide.
'It seems that the credit crunch is accelerating our growth,' says Renaud Laplanche, CEO of Lending Club."
Ten things that will change your future from the Sydney Morning Herald
"PEER-TO-PEER LENDING Whether you're distributing music or books, auctioning off unwanted household items, wanting to bet on a horse race or looking for a soulmate, the internet can put you in touch with someone who is interested in what you have or are.
Kiva takes that idea and applies it to the established concept of microfinance - making small loans to the working poor to help them establish or expand businesses.
So, instead of giving a donation to an organisation such as Oxfam to distribute, peer-to-peer lending lets you invest small amounts directly in a particular entrepreneur - such as Mohamad Marah in Kabala, Sierra Leone. With his $US200 loan, Marah has been able to expand his garment business, buying three extra sewing machines. So far he has repaid half the loan. More than $US15 million has already been lent through Kiva - and the default rate is claimed to be just .23 per cent. http://www.kiva.org"
Many using Web sites to find, help entrepreneurs around the world from the North Jersey Media Group
"...Some philanthropy experts worry that the peer-to-peer lending sites could suck away money from traditional charities such as UNICEF. And microlending has its share of critics..."
Get real: People will want to connect in 2008 from the USA Today
"Eisenbeis says we should expect to see more examples of 'people banding together to help each other out,' whether it's groups picketing home loan companies or individuals starting so-called peer-to-peer lending programs to assist those experiencing foreclosure and personal bankruptcy.
'There's a 'we're all in it together' feeling out there that's only going to grow as more people get affected by issues such as housing and health care,' Eisenbeis says. 'People are going to lean on each other and push those in power to find the necessary solutions.'"
Peer-to-peer lending the 'eBay of loans' from Deleware Online
"The market for the loans is still relatively small but growing fast, according to Celent, a research firm. Celent projects that $5.8 billion in peer-to-peer loans will be made in the U.S. by 2010, an 800 percent leap from the amount this year...
The more established players -- such as Prosper and CircleLending, which sold a majority stake in the company and rebranded itself Virgin Money US this year -- dominate the business. But more rivals are entering the industry at a time when even people with good credit are finding it harder and costlier to borrow from traditional sources.
In December, Zopa opened up shop in the U.S. Also this month, Lending Club, which began as a service for Facebook members, expanded nationwide.
'It seems that the credit crunch is accelerating our growth,' says Renaud Laplanche, CEO of Lending Club."
Sunday, December 30, 2007
P2P Lending Review: Best of 2007
The P2P lending market has changed significantly in 2007. One year ago the only P2P lending story was Prosper. Time named Prosper the top website of 2006. BusinessWeek predicted that Prosper would be one of the Top Eight Tech Companies to Watch in 2007. A year later, Prosper continues to make headlines but several other p2p lending companies are making news as well. Here are a few highlights from 2007:
Prosper
A Prosper scam: The story of Jessica Wolcott
Prosper: A hands-on education in risk management
How does Prosper compare to other investments?
Prosper Lending Review - the first month
When to bid on Prosper loans
Review: Top Prosper Blogs
What is Loanio?
Borrowing money to lend on Prosper: Wise or Foolish?
Credit Scores on Prosper - Part 1 of 2
Why would a borrower use Prosper instead of a traditional bank?
Equity sharing - Prosper for real estate
Loanio prepares for fall launch
Prosper Lending 101 - webinar review
Prosper CEO: Lenders avoid subprime and 'flight to safety'
Lending Club announces $5000 video contest
The most popular articles are not always the most useful articles. While A Prosper scam: The story of Jessica Wolcott may be interesting reading, it is not going to provide solid actionable investment advice like some of the following articles. If you are about to commit your hard earned money to p2p investments it makes sense to do as much research as you can. Of the 100+ post of the last year I recommend that following ten as required reading for all investors (I'll also note they they were all written by the other co-author of this blog, Matt):
10 Best PLR articles of 2007
How does Prosper compare to other investments?
Prosper: A hands-on education in risk management
Why would a borrower use Prosper instead of a bank?
Borrowing money to lend on Prosper: Wise or Foolish?
Most Prosper lenders do not diversify
Are all Prosper loans within a credit grade created equal?
An analysis of pre-payment risk on Prosper loans
Are non-homeowners a safer lending risk in a declining house market?
Credit Scores on Prosper - Part 1 of 2
When to bid on Prosper loans
We look forward to 2008 and the many changes it will bring to the p2p lending marketplace. Happy New Year!
Prosper
- Named one of the 50 best websites of 2007 by Time
- Passed $100 million in loans (now at $108 million)
- Changed the way they interact with members - after several forum riots and other tense public clashes with some members Prosper deletes their forums without notice and re-opens another more moderated forum; started an official blog; starts a monthly lending market survey; starts webinars to educate new lenders and borrowers
- Registers with SEC to create $500 million secondary market for p2p loans
- Announces plans to spread to Japan
- Receives $20 million in venture capital for a total of $40 million raised
Lending Club
- Launches inside of Facebook and loans $100,000 during the first month (now at $4.5 million)
- Expands to users outside Facebook
- Becomes the first p2p lending platform to loan to borrowers nationwide without state-by-state lending caps
- Hosts popular YouTube video contest
- Receives $10 million in venture capital
- (Disclosure: I recently started blogging for Lending Club. Read my Lending Club posts here.)
Zopa 
- Expands from the U.K. to the U.S.
- They announce a very new P2P lending model comparable to a certificate of deposit at a bank or a termshare certificate at a credit union. You also have the option to reduce the rate to help out borrowers. The loans are federally insured and currently earn 5.1%.
Circle Lending/Virgin Money
- Richard Branson purchases Circle Lending and rebrands it as Virgin Money USA
- Announces they will launch on October 2nd but then delays for "lending licenses and website development"
- This week they just launched a new webpage and appear to be open for institutional lenders and will allow borrowers to sign-up, but individual lenders must wait
Loanio
- Receives some minor attention in the media during the summer and, like GlobeFunder, announces they will launch in the fall but delays
- Currently advertising on homepage that they are "Coming January 2008"
In June we started Prosper Lending Review. It's been fun and we have learned a lot. According to visitors, these are our most popular articles in 2007.
15 Most Popular Articles of 2007A Prosper scam: The story of Jessica Wolcott
Prosper: A hands-on education in risk management
How does Prosper compare to other investments?
Prosper Lending Review - the first month
When to bid on Prosper loans
Review: Top Prosper Blogs
What is Loanio?
Borrowing money to lend on Prosper: Wise or Foolish?
Credit Scores on Prosper - Part 1 of 2
Why would a borrower use Prosper instead of a traditional bank?
Equity sharing - Prosper for real estate
Loanio prepares for fall launch
Prosper Lending 101 - webinar review
Prosper CEO: Lenders avoid subprime and 'flight to safety'
Lending Club announces $5000 video contest
The most popular articles are not always the most useful articles. While A Prosper scam: The story of Jessica Wolcott may be interesting reading, it is not going to provide solid actionable investment advice like some of the following articles. If you are about to commit your hard earned money to p2p investments it makes sense to do as much research as you can. Of the 100+ post of the last year I recommend that following ten as required reading for all investors (I'll also note they they were all written by the other co-author of this blog, Matt):
10 Best PLR articles of 2007
How does Prosper compare to other investments?
Prosper: A hands-on education in risk management
Why would a borrower use Prosper instead of a bank?
Borrowing money to lend on Prosper: Wise or Foolish?
Most Prosper lenders do not diversify
Are all Prosper loans within a credit grade created equal?
An analysis of pre-payment risk on Prosper loans
Are non-homeowners a safer lending risk in a declining house market?
Credit Scores on Prosper - Part 1 of 2
When to bid on Prosper loans
We look forward to 2008 and the many changes it will bring to the p2p lending marketplace. Happy New Year!
Thursday, December 27, 2007
Debt sale on Prosper: 701 loans
701 defaulted loans have been sold to debt buyers for prices ranging from 2.8% to 14.5% of principal. This is the largest debt sale on Prosper with more than twice as many late loans sold as the previous largest debt sale three months ago.
Here are the results of the debt sale as reported by Prosper:
Here are the results of the debt sale as reported by Prosper:
Debt Sale Weighted Average Prices
- Homeowners - 12.5%
- Non-homeowners - 7.3%-9.6% depending on credit grade (NC was 4.8%)
- Texas (all) - 3.5%
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