Credit card refinancing


Borrower Member Loan 357884 | Lending Club Prospectus

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Amount Requested
$7,500
Loan Purpose Credit card refinancing
Loan Grade B3
Interest Rate 10.83%
Loan Length 3 years (36 payments)
Monthly Payment $244.94 / month
Funding Received $7,500 (100.00% funded)
Investors 97 people funded this loan
Note issued on 10/20/08 1:50 AM
Note Status Fully Paid
Loan Submitted on 10/14/08 1:55 AM
Note: This loan was relisted

Borrower Profile

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Loan Description

trying to refinance a store credit card at a better rate. Bought wedding ring at 22%! ouch! this is my second try - love lending club, however i missed out on my chance to accept funding. I was almost fully funded and missed the deadline to accept the funding. Now I know more about how this works and will try again. . .
   

Questions & Answers

Q: Please explain the $120k revolving credit balance. Also, what kind of mortgage do you have?
A: (10/15/2008-08:00) - Good question - 100,000 of the revolving balance is a Home equity line of credit that was used to purchase my home via an 80/20 mortgage. the remainder is credit cards, hence the purpose of the loan. My mortgage is a 30 yr fixed on the 80% and a adjustable rate on the HELOC.

Q: Go Spartans! I'm worried you may be overextending yourself. Are you sure you can cover the HELOC, Mortgage and this loan? What percentage of your stated income will the sum of those 3 payments be?
A: (10/16/2008-09:27) - I take home 5300 per month, so the mtg, Heloc and this loan represent about 50% of my take home pay. In addition I am married with a working spouse (bank mgr.) whose income is not listed for the purpose of this loan.

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Andy

"The interest rate on my loan through Lending Club is a third less than what I was paying before, and it’s very satisfying to know that there is an end date for being done with my debt."