Prosper Marketplace, Inc. is a peer-to-peer (p2p) lending marketplace that facilitates 3 year fully amortized loans between lenders and a borrower. A borrower wants to borrow money and lenders want to earn better than average returns.
The most typical reasons for loans on Prosper are credit card debt consolidation, small business loans, and home repairs. Although, a growing and obvious reason for seeking a Prosper loan is purchase a used car that costs less than $6,000. Cars worth less than $6,000 cannot be used as collateral in a typical used car loan forcing the use of unsecured debt. These are all excellent reasons to borrower money via unsecured debt.
How does it work? In the simplest steps: a borrower registers, creates a listing, lenders bid on the listing, the loan is funded, the borrower pays the monthly payments, and the loan is paid off.
The key to getting a great rate is to have lenders find and bid on your listing. Once your listing reaches 100% funded the more lenders bid the lower your rate becomes. To that end it is important to chose a rate high enough to attract lenders. 4%-6% over the average for your credit grade and loan size is adequate and usually results in your loan being bid down to a point below the average your your credit grade and loan size.
The second most important step in getting the best rate possible is to create a great listing. A listing should include only information that you want Google to find as the listing page will be accessible on the Internet. The basic information you should include is your income, your expenses, your budget, your website (if you have one), your business name (if you have one), your reason for borrowing the loan, and an acknowledgement that this is a personal loan for which the individual is responsible regardless of the loan’s purpose.
Prosper Marketplace is the leader in peer-to-peer (p2p) lending. Borrowers get access to great loans at great rates. The only loser is the bank.
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