Have you heard of Peer lending? Well I personally think it is a wonderful and exciting thing! Prosper.com is a site where you can go get a loan through a bidding process (kind of like e-bay) and the bidders are every day people like you and I. Well let me take that back…they have money to lend! To debt ridden people like me! (Smile)
Now back in 2007, I had some very good luck to stumble across this site. I promptly signed up and worked up a loan request. I put it out for bids, and it took me a couple tries, but by gosh I got a loan. It was the slickest thing I’d ever run across. It was easy and it was fun. And in the end, I ended up with money. Here, three years later, that loan nearly paid off. Whew, one of my minor victories in this wormhole of debt!
Now I wanted to re-loan, and Prosper allows a borrower to have two loans at a time. I put up another loan request and did not have much luck at getting bids. I did get one investor that as interested. He contacted me personally and started asking me questions. As we talked he decided I would be a good investment. He then schooled me at writing up a new loan bid. Then he had me join his group before I placed my bid. I then placed my bid, and he backed me and pitched my loan to his investor friends. Guess what, he is friends with some of the top lenders on Prosper! Wow was I impressed and overcome with joy that I had fallen into this crowd! I was amazed! They bid my loan up to fully funded in no time. They also bid down my interest. It was an amazing process to watch when these lenders started bidding. I got my second loan and it helped me combine a lot of my debt at that time.
If you are interested, I would love to help you do this same thing. I am still in contact with my lenders and they are always happy to get a new borrower vested to bid on. Just look for the link and click on it to get in the Prosper.com game. Or better yet, reply to this post and I can contact you and get you in on the inside track!
Borrow with Prosper!
visit often, stay long, leave happy…thanks for stopping by!pro
Well, it is a beautiful breezy summer evening. I took a walk. I’m feeling pretty down tonight because of my debt load. I need a lot of money this week to pay bills. My check book is empty. I owe at least 10 payday loans already. I don’t know how I am going to make it through the rest of the month.
But, that is not what I wanted to write about. Like I said, I was walking around outside in the beautiful evening setting sunlight. It was warm, but a soft breeze was blowing, keeping the bugs at bay and nipping the heat. Lovely, actually. But as I walked, and looked, I just felt an emptiness inside. This is my home, yes, but there are not really any ties to it. There are no warm fuzzy feelings attached to this place. Some happy memories, yes, but I have spent so much of my time in struggle, internal turmoil, sadness. This isn’t a happy home, and I could walk away from it and not look back. This is quite a revelation to me.
We have a nice home. Three bedrooms, three baths, two extra bonus rooms with lovely living space that we have spent many family gatherings in over the years. But all of that does not make a home. Love makes a home. Sharing, joy. My home lacks that. We have spent almost nine years here together. My children were ten and thirteen when we moved in from a much smaller home. This home gave us a lot of room to grow, and play. We did, some. But mostly we were stagnant. Stunted. Repressed. Oh I could think of many more descriptive words to describe an empty home.
Would I feel differently had I not spent most of those years struggling with debt? Yes, my debt was mounting when we moved here, in fact, debt spans my entire 23 years of marriage. But that is food for another post! I know this post may leave you wondering a lot about my life, my marriage, my relationships. Hopefully that will bring you back for more, as I do have oh so much more to tell.
Until another time then, come back soon, stay long, leave happy!
Yes, that is the root of my debt at present time, Payday Loans. Oh how evil they are. The state in which I reside allows Payday Lenders to register and operate legally. There are as many Payday Loan stores in any given city in my state as there are StarBucks, or McDonalds. It is a crying shame because they do a very thriving business at the expense of people like me, the consumer.
Here is an eye opener for anyone who has not had a Payday Loan. You can go to one lender and get the limit in my state, a loan of $1,000. This is a pay day loan, a draw against your next check. Keep that in mind. Because you can then go to the next lender three doors down, and get another max loan of $1,000! Against that very same pay check! Yep, that is right. These stores have license to lend the max amount without checking your credit and on your good word alone that you can pay them back. I’m sure you can imagine what a mess this could turn out to be. An average consumer can pretty much get a draw way over and beyond what they actually bring home in their net pay. Hey, it really happens too. Sadly enough.
So, ok, you now have two $1,000 loans with terms of a finance fee averaging around $200 each, so payback due for a whopping total amount of $2,400 by next pay day. Yikes, what a mess you are in now. Your option, roll-over. Yes, these companies are allowed to extend you the courtesy of paying the finance fee only, instead of paying back the loan in full. And you can do this three times in my state. Therefore, by re-financing these loans three times, and then paying them off on the fourth month, you would end up paying in total: $3,600!!! Now, if that isn’t a fantastic business deal for the Payday Lenders! And for the consumer, well, they have really taken one in the shorts!
Now, one other option you have when re-financing these loans is to pay additional money toward the principal to buy down the final pay-off. So, say you put $300 toward the loan with the first re-finance. $200 goes to finance fees, $100 reduces the loan. You then owe $900 and have a reduced finance fee the next time, lets say $180. With your next payment, you can pay $280, reduce the principal to $800 with a re-finance fee of $160. Again, the next time, you pay $260, reducing principal to $700 and finance fee of $140. Then when your final payment is due, you owe $840 to pay it off. With this option you end up paying a total of $3,360 for the two loans, you saved a whole $240 overall. Whew.
I think you get the idea of how bad an idea it is to take a payday loan, or two, to get you through a financial crisis. Its a really bad idea! Believe me, I’m in the midst of being way over my head in Payday loans, and I don’t see and end to it in the near future at least. I just keep plugging away, re-financing, re-loaning, getting deeper and deeper into the crunch.
I need a ladder, to climb out of this hole!
Hello, thanks for stopping by my new blog. I would like to spell out my intentions for my blog, my explanation of debtorsdiary.com. I am a debtor. I am severely in debt at this very time in my life and actually have been for as long as I remember. I want to get out of debt. I have just under five years until I can retire, and I vow to lift myself out of debt and be free in five years! That is what my debtors diary will detail. I am going to blog my way through the next five years as I climb my way out of debt.
My intentions are to gather support, build a following that will encourage, share my pains, laugh with me, cry with me. This will be a chronological journey of my climb. I foresee telling my story, painting the past picture of where I have come from and where I want to go. I hope that you will be compelled to follow me along my journey. I know that I am not alone in this climb. There are many out there in this time of economic instability and failure that are in the same condition, and worse, than I am. It is also my intentions to be a support to you also.
I look forward to sharing my journey, please come along for the adventure.