Tip: Getting your Prosper loan funded

I am an lender and borrower on prosper.com and I see a lot of bad listings. I have decided to write a post on how to create a good prosper listing to increase your chances of getting funded. There are many factors that go into funding a prosper loan and they should all be addressed by the borrower.

A good prosper listing will include:

• A picture of you. Not your dog or cat. You and maybe your family. Lenders like to put a face with the loan just like a normal bank.
• A thorough explanation of why you need the money and what you will use it for. The more your write the better your chances! "Pay off card" is not enough!
  
• Detailed monthly income and expense data. This needs to be truthful and as accurate as possible. All lenders need you to demonstrate in numbers that you can afford the monthly payment. A bank would require the same thing from you.
• If you are refinancing some debts you need to provide the current interest rate, amount borrowed, and current monthly payments of each balance the loan will replace.
• Make sure the title for your listing is descriptive and not just "buy a car" or "pay off some credit cards." Lenders are looking at hundreds of listings and you need to catch their eye!
• List your loan at the rate that prosper suggests. You may think it is too high but if you attract enough lenders it will be bid lower. If you start it too low (IE the rate you want) then you will get a LOT less bids on your loan and may not get enough to fund it. You always have the option to decline the loan after bidding is over if the rate is too high. No loss to you!
• Be sure to answer any questions from potential lenders. Make the answers public so other lenders can see. A responsive and attentive borrower is a good borrower in their eyes.
  
• If possible get a friend or family member to bid on your loan. Lenders like to see others put faith in your ability to pay and will bid accordingly.

Aside from the above be truthful and forthcoming about your credit history. If you have had trouble in the past be sure to explain it. People make mistakes and lenders know this. If they ask you about it be sure to answer completely and don't be discouraged. They understand that mistakes happen and just want clarification. Honesty is always appreciated.

Finally, remember that people investing in prosper are putting up their own hard earned money. They may seem nosy but you would be too if you are putting your own money on the line! It is a business transaction and you should treat it as such. We, as lenders, do not expect anything that a bank would not expect. Good luck!