Prosper Loan and Investing Secrets

Secrets to Getting Your Prosper Loan Funded

For a detailed article on the P2Pwealth blog entitled, Have You Considered a Prosper Loan? click the link.

When you apply for a loan at Prosper they'll run a credit check on you through Experian. You'll receive a credit grade based on your history with AA being the best grade and HR and NC being the worst - indicating "high risk" and "no credit." All loans are for 3 years and can be paid off early with no penalty. You can ask for as much as $25,000.

The lower your credit grade the more interest the lenders will want for your loan. Keep that in mind. Click the link for info on how Prosper grades credit scores.

To apply for a Prosper loan click the button below:

To get an idea of what kind of interest rate you'd be willing to pay for your loan click this link for the latest interest rates on Prosper grouped according to the credit grade and the amount of loan requested by the prospective borrower. If you study the chart you'll notice that if you are a member of a group you'll pay less in interest on average. Also, the more money you ask for the more you'll end up paying in interest on average, as the risk of the loan increases. All factors to take into consideration when seeking a loan on Prosper.

Steps to take to get Your Money

• Join a Prosper group - like P2PWealth.
• Apply for the Prosper loan through this link.
• When going through the funding process give the loan as much time as you can to get funded. The longer time you give it the more others will come across it and the better chance you have of getting funded. And, if it fully funds before your time has elapsed you can even get the interest rate to come down as more and more folks bid on your loan. And, they will bid on a fully funded loan.
• When filling out your loan request include a picture of yourself. Others want to know they are dealing with a real person who is not afraid to advertise the fact.
• Be totally truthful in your application. If you are caught in any lies your loan will be rejected.
• Give as much information on your financial situation as you can: list assets and liabilities as well as current income and expenses. Let the lenders know that you have the resources to repay the loan and that you will repay the loan.
• That last part is very important. Give the lenders your personal guarantee that you intend to make your Prosper loan a PRIORITY and that you will PAY IT. And, then when you get funded do what you say, live up to your word and pay the loan on time.

There are certain secrets to getting your loan funded at Prosper. Follow these guidelines and you'll improve your chances.

The Importance of Joining a Group at Prosper

Why is it important to join a group after joining Prosper? Quite simply you stand a better chance of getting your loan funded and getting a better interest rate. Join our P2PWealth group now at Prosper and improve your chance at getting the loan money that you want.

The following is from the "Join a Group" page at Prosper:

What is a group?

The foundation of Prosper is based on groups of borrowers who share a common interest. A group can be large or small, based on a a community organization or nationality or even a common interest, like muscle cars or knitting. Groups can be religious, ethnic, educational… the options are as varied as the members who form them.

Why should borrowers join a group?

Joining a group can boost your reputation as a borrower and be a gateway to lower interest rates from lenders. Although individual borrowers can and do exist, Prosper thinks lenders will have greater confidence in borrowers who belong to a reputable group. That confidence can translate into lower rates on your loan request and lower monthly payments.

Even though you will still individually request the loan and are solely responsible for its payment, your performance as a borrower has an effect on your group. Because lenders can view the aggregate repayment history of groups, lenders' confidence in you and your group depends on your group's repayment performance. Additionally, group leaders with members who successfully repay their loans may earn more in group leader rewards. A group's reputation is only as strong as its members.

How do I join a group?

Once you find a group you'd like to join, click "Join this group" on their group home page.

If you are not registered with Prosper, you will be asked to fill out a quick registration form. Registration is free.

Once registered, you will send a short note requesting membership to the group's leader. Along with your note, we will include your name, email address, and telephone number, in case the group leader wants to contact you to discuss your request. Share as much as you feel comfortable with. The group leader should get back to you within seven days about the status of your membership request. You can withdraw your request to join a group at any time, and request to join another group instead. Once you are a member of the group, you can create your loan listing as a member of the group.

Do I need to join a group to get a loan?

No. While borrowers aren't required to join a group in order to post listings on Prosper, they are likely to receive more favorable bids as a member of a group with a good reputation. However, if you're not interested in joining a group, you may get a loan on your own. Just sign in and click the "Create a loan listing without joining a group" link on the "Your Account, Get Started" page.

Can I join more than one group at a time?

No. It is important that your reputation be tied to, and in the hands of, one group and one group leader only while your loan is active.

Can I leave my group?

You can leave your group as long as you don't have an active listing or loan. In that case, just go to "Your Account > Group", and click "Leave group".

If you have an active listing or loan, you will not be able to leave your group until the listing is withdrawn or expires (without becoming a loan), or until your loan is paid in full.

Prosper Forums

Prosper has its own forum where members exchange advice. Feel free to visit the Prosper forum and learn about the prosper community.

Prosper Company Announcements

To get the latest info on what is going on at Prosper visit this page of Prosper company announcements.

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