LOE for Short-Term Loan

[Anonymous]

Hello! 

I received conditional approval for my home loan but I need to provide an LOE for a LendUp loan I took out in August. They saw the payment reflected in my September statement. 

I took the (small) loan out in August because we had a lot of outgoing expenses beyond our normal expenses (good faith deposit on the lot, preschool tuition, paying off debts requested from the loan company, etc.) and I wanted to make sure that we had extra money available in case of emergency. I know the LOE should be short, so I don't want to create additional questions. 

Thank you! 

[JVille]

Is this loan now Paid Off?? 

[Anonymous]

@JVille - yes, it's fully paid off. 

[JVille]

Well that's extremely good news! Did you pay it off with a check so you can show a cancelled check? And you had this loan for how long? 45, 60 days???? 
I would ask you loan officer exactly how they suggest you craft this LOE. It should be very short and you probably should not mention anything about using those funds for home buying as unsecured borrowed funds from is not permitted.