With Prosper you can borrow money via unsecured personal loans, up to $25,000 and depending on you credit at rates as low as 8% (lower in some cases).

Yesterday I made the case to borrow money on Prosper with unsecured debt.  I talked about the 2 most important things to getting a loan and getting funded: enticingly high rate for lenders and a great listing.  I left out several important tips for all borrowers and a tip for borrowers with bad credit.

If you would like to borrow money be sure to register on Prosper. 

The additional tips for getting a great rate on an unsecured personal loan…

Use a picture in your listing.  With a picture you listing can be included on the front page in the featured listings section.  Without a picture only lenders searching for loan will find you. Manual lenders like to see the person behind the listing.

Verify your bank account as soon as possible.  Some lenders see verifying your bank account as a sign of commitment.

If you credit is flawed (D-HR) be sure to explain why and what you are doing/have done to fix it.  Also ask for the minimum amount possible.  It is very unlikely that an HR can borrow 25K, but 3K is quite possible.

 

Related posts:

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• New Loan Funded — Consolidate Personal Credit — $20,000 at 18.00% — C Credit — DTI 22% A new loan funded (Consolidate Personal Credit — $20,000 at 18.00%).  I participated via my standing order: Mid DTI — NAF.  Which is this loan...
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• Carnival of Personal Finance #87 I submitted my post about using Prosper.com Lenders Unite: Where is our Interest? Thanks to 2 Million for Hosting. Here is a link to the Carnival: http://www.bloggingawaydebt.com/2007/02/presenting-the-74th-carnival-of-debt-reduction/...
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