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I got a Prosper loan a few months ago with an admittedly hideous interest rate in order to get CC debt of mine off a family member's account which I couldn't afford to pay off anytime soon. And while I'm grateful and relieved that I was given the opportunity to remedy that situation, now I'm trying to figure out how to get rid of this debt once and for all. I was under the impression there weren't any penalties or fees associated with prepayments, but I just made an extra $1500 payment, and I was charged about $140 in interest, which sucks, but it still a huge improvement over my monthly payments (paying $374.57 and $217.01 is going to interest with $157.56 going toward the principal). I know ultimately I have to throw whatever I can at this loan until it's gone, but it's so ridiculous I'm actually beginning to wonder if the improvement in my credit might be enough to either secure a new loan or CC to refinance this. I have about 13k left, and according to Credit Karma -- which I realize isn't totally accurate -- my scores are about 720-725, and my utilization is at 1% now. I also have a BK that's almost two years old. I was able to get my first CC since the BK earlier this year, but the limit's about 3k (using it and paying it off each month).
Any suggestions? I know my past credit problems make things more difficult, which is why I agreed to the terms of this loan to begin with, but I got a new position in February, and I'll be able to make extra payments each month. I'd just rather not see the majority of that money getting thrown away.
Thanks for your time.
Total CL: $321.7k | UTL: 2% | AAoA: 7.0yrs | Baddies: 0 | Other: Lease, Loan, *No Mortgage, All Inq's from Jun '20 Car Shopping |