Group RateLadder Membership and Listing Requirements 

Borrower Membership Requirements: 

  • Complete your member profile.  Keep in mind this is the Internet and Google sees all, so please no data or information that should remain private.  Your Prosper screen name will protect you, never put information that could be used to obtain credit (social security number, mother’s maiden name, etc.). That being said make it personal…
    • Provide personal or professional pictures.  Lenders like to see who to whom they are lending.
    • If you have a website please include a link.
    • Describe why you are using Prosper for a loan.
    • If you know you have poor credit, describe positive steps you are taking to improve your credit.
  • Join the RateLadder Group:
    Join my group on Prosper, people-to-people lending

Listing Requirements:

  • Income and Expenses
    • Declare net monthly income and explain any discrepancy with your Prosper verified income
    • If income is from multiple sources please outline the details of the source and amount of the income
    • Declare net monthly expenses along with the source and detail in all categories
      • Mortgage/rent
      • Insurance
      • Car expenses
      • Utilities
      • Phone, cable, Internet
      • Food, entertainment
      • Clothing, household expenses
      • Credit cards and other loan payments
      • Other expenses
  • TIPS:
    • Tell your story: In your own words, why are you here and how will you use the money?
    • Use Images and Links to supporting documentation: Links to businesses, maps to destinations, scans of business cards or menus….all of these things lend an air of credibility to a listing.
    • Photos add personality: There are no hard rules here, but any photo is better than none.  All RateLadder listings require a photo.  Without a photo you will never be considered by Prosper for merchandising (front page featured listings and emails).
    • Stick to the facts.
  • Don’t use Autofunding  
    • You rate cannot be bid down if you use autofunding. 
    • Even if you need the money immediately, you can always close the bidding early. 
    • Many lenders (not me) will not lend to autofunding because they feel it shows lack of savvy and desperation.  As I said before, you can always close the bidding early.
  • Set Starting Rate Much Higher Than Average Interest Rate Your Credit Grade
    • Attracts lenders to your listing for obvious reasons.
    • Best Strategy for Reaching 100% Funded.  Rates aren’t bid down until 100% funded is reached.  The sooner 100% funded is reached the longer your listing can be bid down the rate ladder.
    • All RateLadder Listings are required to set the following starting rates (ending rates are at market price, but they can be significantly lower).  The fully funded % is the of listings with a starting rate as stated that reach 100% funded.
      Credit Grade Interest Rate Fully Funding %
      AA 14% 90%
      A 17% 90%
      B 22% 85%
      C 25% 80%
      D 29% 80%
      E 29% 75%
      HR 29% 50%
    • If desired, the starting rate can be set 2% higher than the suggestions above.  Any higher and lenders might avoid your listing as suspicious.
  • Relisting
    • Add “RELIST:” to the listing title
    • Explain why you needed to relist and why you will fund this time.
  • Q&A
    • Any reasonable question asked by a lender will receive a prompt, accurate, and truthful response. All responses are available for all lenders to see, so follow the same rules as above (Google sees all.)
    • If you have any question as to what should be answered or what a question means I am always available for my borrowers. Please ask!
  • Verify Bank Account
    • As soon as your listing reaches 5% you will be allowed to verify your account.  DO SO IMMIDIEATELY.
    • Many lenders only bid on verified account.  This is a critical step to reaching 100% funded so that you rate can be bid down.

 

  • Proofread and spell-check

 

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