Major purchase


Borrower Member Loan 423311 | Lending Club Prospectus

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Amount Requested
$11,800
Loan Purpose Major purchase
Loan Grade B1
Interest Rate 10.95%
Loan Length 3 years (36 payments)
Monthly Payment $386.03 / month
Funding Received $11,800 (100.00% funded)
Investors 244 people funded this loan
Loan Status Fully Paid
Loan Submitted on 7/7/09 4:39 PM

Borrower Profile

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Loan Description

I am hoping to purchase this house-to-go: http://www.lodge-on-wheels.com/ This house-on-the-go is intended to fill the role of an RV. According to the originator, this unit is "built better than most RV's. They fully expect these houses to be around 50 years from now, looking better than ever." The unit includes a dual-braking sustem, that fully integrates with the truck's braking system. Safety is the prime concern. I have excellent credit, with a score around 770. I have a secure full time job, making around $35,000 each year and have an excellent record of paying bills on time. I just recently finished paying off a $26,000 vehicle loan a year prior to the end of the loan period. I know I would be an excellent candidate for receiving a loan such as this. Thank you very much for your time and consideration. I very much look forward to working with you. Kristen :)
   

Questions & Answers

Q: I am concerned about your making a $500 payment with a $3000/month gross income. What other expenses are you having each month? And can you verify your income?
A: (07/08/2009-07:44) - I was previously making a $400/month payment on a car payment, that was just recently paid off. And I was still able to save a significant amount during that time. Currently, I split a $925 rent payment with my fiancé, and have a minimum payment of approx $60/month for my credit cards. That's about it. How could I verify my income? Could you call my employer? The phone number for Classic Elite Yarns is 978-453-2837 In addition to my full-time job, I work as a part-time freelance technical editor, which I make $25/hour, and a knitwear designer, averaging around $400 per design submitted to magazines. The opportunity to make more money is always available to me through these means, whenever necessary. You may see this work on my website: http://www.kristentendyke.com Thank you for your inquiry. ~Kristen~

Q: Hello there, Your credit report is in excellent condition. You can help this process out by verifing your income to Leading Club. I am so concerned about you making your monthly payments if you get this loan. Thank you.
A: (07/12/2009-16:13) - I am more than confident that I will comfortably be able to make these payments. However, I'd love to verify my income. I've searched all over the Lending Club website and cannot find out how to do so. Do you have any advice for how to verify my income through Lending Club?

Q: Kristen, your information is very thorough. I had a few questions. These seem to cost about $30,000- how much is the unit you are purchasing? Are you planning on living in the unit or is it just for recreation usage? Having just purchased a travel trailer, we learned how important weight for towing was - How much does the unit weigh? Is the yarn company doing well- is your position secure? thanks!
A: (07/12/2009-16:13) - The unit we're hoping to purchase is their floor model. Which Julie is asking $26,900. We have a significant amount of the cost available to us through my fiance's accident settlement, we just need this loan to complete the total cost. We are hoping to live in the trailer, so during the time I would be paying off the loan, the amount I currently pay for rent each month would not be a monthly bill. This trailer has 2 heavy duty axles rated for 7,000 lbs each—the house weighs approx 8,500 lbs. Yes, the yarn company is indeed doing well. During a recession period many people lean toward a comforting craft that can bring in additional income to themselves as well as useful finished products—knittins. So yarn sales have not decreased much with the declining economy. I am also, currently very valued in the company.

Q: Hello There, At any time during this two week process, Lending club may ask you for additional info to further verified your ID, income or employment or you can contact General Member Support: Toll free (866) 754-4094. You can provide them with your Employer ID Number located on your most resent W2 Form. Thank you.
A: (07/15/2009-10:34) - Thanks! I just faxed some pay stubs, so hopefully it will be verified soon.

Q: Do you already have a site in mind where you can live in this house, and is there a rent for that site? Have you arranged for water and power to the house? When do you plan to stop renting and live in this?
A: (07/15/2009-09:07) - Yes! My fiance's parents have offered to let us stay on their property with connections to their water and electricity. We're not required to pay them any rent for this. They live close to where we currently live, so my fiance and I will both be able to keep our current jobs and rate of pay. Our goal is August 31, 2009.

Q: Please indicate how much you have saved in liquid assets (bank accounts/investment accts) and the market value of any retirement/401k accounts
A: (07/18/2009-03:47) - My employer does not offer 401k I have a Roth IRA with about $3000 in it. I put about $100 a month into it. I have about $3500 in an ING Direct savings account.

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