Group RateLadder Membership and Listing Requirements | P2P Lending, Peer to Peer Lending, People to People Lending

Borrower Membership Requirements:

Listing Requirements:

  • Income and Expenses
    • Declare net monthly income and explain any discrepancy with your Prosper verified income
    • If income is from multiple sources please outline the details of the source and amount of the income
    • Declare net monthly expenses along with the source and detail in all categories
      • Mortgage/rent
      • Insurance
      • Car expenses
      • Utilities
      • Phone, cable, Internet
      • Food, entertainment
      • Clothing, household expenses
      • Credit cards and other loan payments
      • Other expenses
  • TIPS:
    • Tell your story: In your own words, why are you here and how will you use the money?
    • Use Images and Links to supporting documentation: Links to businesses, maps to destinations, scans of business cards or menus….all of these things lend an air of credibility to a listing.
    • Photos add personality: There are no hard rules here, but any photo is better than none. All RateLadder listings require a photo. Without a photo you will never be considered by Prosper for merchandising (front page featured listings and emails).
    • Stick to the facts.
  • Don’t use Autofunding
    • You rate cannot be bid down if you use autofunding.
    • Even if you need the money immediately, you can always close the bidding early.
    • Many lenders (not me) will not lend to autofunding because they feel it shows lack of savvy and desperation. As I said before, you can always close the bidding early.
  • Set Starting Rate Much Higher Than Average Interest Rate Your Credit Grade
    • Attracts lenders to your listing for obvious reasons.
    • Best Strategy for Reaching 100% Funded. Rates aren’t bid down until 100% funded is reached. The sooner 100% funded is reached the longer your listing can be bid down the rate ladder.
    • All RateLadder Listings are required to set the following starting rates (ending rates are at market price, but they can be significantly lower). The fully funded % is the of listings with a starting rate as stated that reach 100% funded.Credit GradeInterest RateFully Funding %AA14%90%A17%90%B22%85%C25%80%D29%80%E29%75%HR29%50%
    • If desired, the starting rate can be set 2% higher than the suggestions above. Any higher and lenders might avoid your listing as suspicious.
  • Relisting
    • Add “RELIST:” to the listing title
    • Explain why you needed to relist and why you will fund this time.
  • Q&A
    • Any reasonable question asked by a lender will receive a prompt, accurate, and truthful response. All responses are available for all lenders to see, so follow the same rules as above (Google sees all.)
    • If you have any question as to what should be answered or what a question means I am always available for my borrowers. Please ask!
  • Verify Bank Account
    • As soon as your listing reaches 5% you will be allowed to verify your account. DO SO IMMIDIEATELY.
    • Many lenders only bid on verified account. This is a critical step to reaching 100% funded so that you rate can be bid down.
  • Proofread and spell-check

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