Sometime late afternoon on Wednesday (1/30/08) my loan reached 100% funding. This is a critical first step in getting a Prosper loan. Without reaching 100% funded you cannot get a Prosper loan. Reaching 100% funded should be the 1st goal of an Prosper borrower and the tools for reaching 100% should be employed to their fullest.
- Choose the right interest rate. Prosper now suggests rates (borrower rate guidance) when you make the listing. Choose the best chance of funding.
- Include a picture. People like to know who they are dealing with.
- Layout why your loan request makes sense financially. Lenders want to know that you understand and control your situation.
- Get endorsements from friends preferably that have bid on your loan. I have 11 endorsements (maybe a bit of overkill) and 11 bids from Prosper friends. I also have a number of bids from friends that are not confirmed Friends on Prosper. Thank you all!
- Answer questions. If a lender takes an interest in your loan enough to ask a question, they deserve an answer. I have answered all but one question asked. The question involved details of my financial life that I am just not comfortable sharing. I intentionally left out an income and budget breakdown from my listing. I do not recommend this if you are trying for your lowest possible interest rate. But I simply did not feel comfortable sharing that information (perhaps to my interest rate detriment). I think my hesitation stems from my position in the community — I am not a stranger posting these facts. In fact, I think I will answer the lenders question in this same statement.
Being open about your financial needs is hard. Scary even. But if your loan makes financial sense and your are honest Prosper Lenders will give you a great rate.
Once you reach 100% funding the real fun begins. Lenders compete for your loan. Each future bid brings a potential loan rate reduction. At the time of writing this blog post (10:36 pm pst on 1/30/08) my loan had been bid down from my starting rate of 12.23% down to 12.08%. There is still 6+ full days of bidding to go. How low can it go?
$25 Bonus For New Lenders
How to Use Prosper Listing Widget for MySpace, Blog, Website, or OtherRelated Posts
- Prosper Discontinues Group Payment RewardsHallelujah! Hallelujah! Hallelujah! I never placed much stock in Groups.Â Decoupling Groups from money turns them into what they should be… social networking. Here is the announcement email which I received because I am the group leader of Group RateLadder… Dear Kevin, At Prosper, we have been listening to your……
- 3 Standing Order Features Prosper Needs — Time Remaining Criteria and moreI fund loans exclusively through standing orders. (At the moment very tight standing orders.) I like the options and flow of the current standing orders configuration, BUT there are 3 things that Prosper needs to add/change. First and foremost, there needs to be a way to only bid on loans……
- Analyze a Loan Using Crystal Report and Data ExportSince starting this blog I have reviewedÂ several loans.Â Since then I have developed a basicÂ crystal report to analyzeÂ a loan (DTI, Amount, Credit, and Lender Rate) in the context of all loansÂ on Prosper.com.Â The report takes as import the credit grade and theÂ debt to income ratio.Â It then filters the loans……
- What Kinds of Prosper Loans Should a Newbie Lender Invest One of the things I am most proud of in my lender experience on Prosper was my initial fear.Â I feared losing the money I was lending.Â As a result, I thought I was being extremely cautious as to which loans I invested.Â My Portfolio is very much AA-C (I……
- RateLadder Lauches Prosper Group Focussed on Borrower SuccessAs a dedicated and fanatical lender I have been trying to climb up the RateLadder. Put my experience to work for you, allowing you to climb down the RateLadder and obtain the best possible loan rate for your listing. Membership and Listing Requirements How dedicated? How fanatical?Â Â I have been……
Related WebsitesOnline StoresIf you liked this article, vote for it on del.icio.us and stumbleupon.