I have finally finished paying off a loan and I am very happy with the results. This means I am one step closer to being debt free and achieving financial peace with myself.
I took a loan with Lending Club about one year ago so that I could consolidate my high interest credit card debt at a lower rate. I had credit cards with interest rates of 19% and 21% and got a loan with Lending Club at 8.63% which allowed me to save money in fees and interest payments.
I finally made the last payment in March of 2009, which is one year from the starting date of the loan. Here is the snapshot of the final standings on the account (click to view larger)
As you can see I would have $458 left to pay on the account if I had continued making the minimum payments every month. This is a significant amount of money that I saved just by paying off the loan early and while it means that I have less available income every month, I now have the freedom to use any extra money to pay off other bills.
I am currently a lender at Lending Club because I was so impressed with the service and the opportunity to pay off my debt at a lower rate. If you would like to lend at Lending Club and get some passive income leave me a comment or send a message through the contact form and I will send you an invitation where you can get some bonus cash for signing up.