I remember the Prosper loan descriptions that had a long column of the borrower's estimated monthly expenses: rent, utilities, car payment, credit cards, medical, food etc. I don't know if that was a form they had to fill out or a suggested format for the loan description. I think it was easy for them to fill in the monthly payments such as rent or mortgage that are the same every month, but harder for some other expenses. Most people have a hard time tracking exactly how much they spend on variable expenses like food (groceries and eat out) unless they have carefully tracked it before. I used to laugh at the loans where the borrower estimated they spent $50 a month on food. Could be true if they are still living with parents. So I can see how borrowers might be put off trying to supply all these estimates if they don't already have then within easy reach.
Here is a loan description from one of my Prosper loans made in August 2008 (by the way, my favorite Prosper loan whose borrower made all 36 timely payments on the loan at interest rate of 26.75%. So I made a profit of $23.34 on a $50 note.)
Purpose of loan:
This loan will be used to pay for Medical Expenses not covered by Medical Insurance.
My financial situation:
I am a good candidate for this loan because my job is solid during this uncertain time with the economy. I have very little debt. My car is paid for. I also, have a large amount ($1,638) of disposable income left over each month after all bills and expenses have been paid.
Ran into a little financial difficulty during 2002 and 2003 when my airline job was eliminated after the events of 911. Have been financailly solid for the last several years.
Monthly net income: $3,149 (Monthly gross income $4,333)
Monthly expenses: $1,511
Rent: $959
Electric: $25
Gas: $6
Cable: $24
Cell Phone: $62
Food: $250
Auto Insurance $39
Auto Gas: $40
Credit Card: $28
Health Insurance: $78
MONTHLY LEFT OVER INCOME $1,638
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