Some examples of typical loans:
• Pay off credit card debts • Leverage your investments • New Plasma TV • Fund the first year of school • Make a downpayment on a car • Pay for your wedding• Start a new business • Pay for a much needed surgery • Vacation for your spouse • Buy an engagement ring • Reloan the money at a higher rate • The examples are endless
Where to start?
Find a positive username
Check your credit reports for errors! Request your free credit reports.
Find a group to join!
Create your member profile and add 3 pictures of yourself, business or interests.
Unhide your location and real name in user profile (credibility)
Read all of the listings that are funding.
Read the Prosper message board.
Explain why you need the loan.
How you intend to repay it.
What the loan will be used for.
Include pictures of yourself, stock, business ECT.
Use all three pictures.
Links to your ID or website.
A short history or Bio
A video with audio of yourself linked in your listing is a great idea also! A good place to host your video for FREE is www.putfile.com or www.dropshots.com Most digital cameras made in the last two years will make a short video with audio.
Longer 14 day listings = exposure = Lower rates
*I* feel, that Sunday evening or Monday high noon is the best time to start a 14 day listing :-) I'll even venture further and say that the first two weeks of the month are the best time to list.
Create an eye-catching title with relevant keywords.
Save your listing text in Notepad, Word or send it in an email to yourself!
Ask anyone you know to bid on your loan.
How lenders can contact you if they have questions? e-mail address or phone number.
When lenders bid on your listing, send them a sincere thank you note! It may induce extra bidding.
*Starting Interest rate*, I think it's best to raise your rate to the point that you have about 20% funded in standing orders. Most borrowers make the mistake of starting their interest too low and not making lenders compete for their loan. Remember, the market WILL only lend to you at what they are willing to pay, Lenders competing will drive that rate to the lowest possible point.
Need help? 1-800-208-0103 9 AM-6 PM Pacific time, Mon-Fri
Message board http://prosper.spreebb.com/
A credit report contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Consumer Reporting Agencies (CRAs) gather this information and sell it to creditors, employers, insurers, and others. The most common type of CRA is the credit bureau. The three major national credit bureaus are:
As of September 1, 2005, all consumers are eligible to receive a free annual credit report from each of the three major CRAs.
To order your report, you must go through www.annualcreditreport.com or call 1-877-322-8228. The information in your credit report is used to calculate your FICO credit score—a number generally between 300 and 850 that rates how risky a borrower you are. The higher your score, the less risk you pose to creditors. Your FICO score is available from www.myfico.com for a fee. Free credit reports do not contain your credit score.
