Debt consolidation

Borrower Member Loan 509814 | Lending Club Prospectus

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Amount Requested
Loan Purpose Debt consolidation
Loan Grade B5
Interest Rate 11.36%
Loan Length 3 years (36 payments)
Monthly Payment $197.47 / month
Funding Received $6,000 (100.00% funded)
Investors 139 people funded this loan
Note issued on 5/4/10 1:15 AM
Note Status Fully Paid
Loan Submitted on 4/29/10 1:53 PM

Borrower Profile

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Loan Description

Borrower added on 04/30/10 > To be used for Consolidating my remaining Credit Card Debt left over from College.
Borrower added on 04/30/10 > Been working here for about 6 years first as a student and then as a full time employee.

Just seeking to move everything in to one lower payment so I can start to plan as well as build up a larger savings for the future.

Questions & Answers

Q: What is your position at University of Massachusetts Dartmouth and what do you do in that role?
A: (04/30/2010-02:56) - I work in IT. I handle the 2nd level tech support calls for Faculty and Staff as well as doing other duties like scripting, and managing the student staff.

Q: Hello. Please include the balance(s), interest rate(s), required minimum monthly payment(s) and your normal monthly payment(s) for the debt you will be paying off with this loan. Thank you
A: (04/30/2010-14:13) - 4 Main accounts. Dell 500 29% $10 min NewEgg 500 25% $10 min Capital One 2k 14% 50 min Discover 1k 15% 40 min. I am paying off about 400-500 a month on a single card with minimums on the others. So Dell would be closed this month, NewEgg next regardless of the loan getting fully funded or not.

Q: Can you explain your delinquency from 31 months ago - what is was for and why it happened?
A: (04/30/2010-09:57) - I over extended myself in school and didn't pay attention to my credit card payments like I should have.

Q: Can you explain the discrepancy between your revolving credit balance ($4264 as reported by credit bureau on 4/28) and the amount requested ($6000)?
A: (04/30/2010-10:12) - Was going to use the extra money as a short term emergency fund. I've been using most of me extra money the past year to pay down debt. So by entering a structured payment schedule I will be able to save more money and as I am able to build my own savings. I have been paying about $500 a month in to my credit card debt monthly.

Q: What are your projected $ monthly costs (rent, car, utilities, student loans, insurance, phone, internet, food, gym, childcare costs as applicable)? Thanks for your answer to this Q
A: (05/02/2010-15:10) - 1200-1400 for all those combined per month.

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"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."