I have had several bloggers ask for advice on their listings or potential listings… One of them even joined my group and successfully received a $25K loan at an interest rate he was happy with…
As a blogger the reputation of your blog has meaning for you both in terms of your persona, but also in real financial terms… I have said privately, that I would lend to any blogger of 1 year duration or longer that placed their blog reputation on the line in the listing…
My offer to any blogger that has asked has been the same… Write a listing and mention your blog and url and I will endorse and bid on your listing and offer all the tips and assistance I know how to provide in order to get your loan funded and the rate as low as possible…
While I am still making that offer to any blogger, I thought I would share my tips for creating the best possible listing that anyone can use on prosper to get a loan.
- There are some credit statistics that are factual and out of your control (current inquires, current delinquencies, etc.). These are simple related to your circumstance and are difficult to adjust for your benefit by definition… There are others that you can control namely loan amount and the related DTI. If at all possible with your statistics that are our of your control, adjust your loan amount and there by your DTI to conform to a portfolio plan slice. These slices are updating frequently and they can be a moving target (ask deep market… his listing went live at 3 in the afternoon and the slices were adjust that evening.) Why? because the default portfolio plans have a lot of purchasing power… (My own listing might have gotten as much as $12K+ in portfolio plan bids in 4 days.)
- End your listing around 5pm est… For whatever reason that seems to be the time when more bids are placed. This leads me to believe this is a time of peak lender activity.
- End you listing on Thursday (assuming normal weekend and not a holiday)… This may no longer hold the same power as it once did (due to the $50 instant transfer for Facebook users), but the theory goes… Any lender transfer of money occurring between 11:01am est Friday and 11:00am Monday will result in the money being available for bidding on Thursday due to the time it takes for the transactions to clear the bank… Not everyone is a facebook user or has the Prosper facebook application installed and therefore I would still use this tip.
- Tell you story. Be truthful and honest and put as much detail into the story as you feel comfortable with… An expenses breakdown and a list of income amount and sources might help with a lower interest rate. But only provide what you are comfortable sharing. Your listing should make sense financially, else why are you getting the loan?
- Use a relevant picture… Do not you use a picture of someone else’s house or someone else’s blond girlfriend (hat tip to Freakonomics who says that young blond women out sell all other demographics in America).
- Choose the right starting interest rate… Prosper now provides interest rate guidance. Use the rate with the best chance of funding. You cannot get a loan if you listing does not reach 100% funded… The listing will only begin to be bid lower after it reaches 100% funded.
- Get endorsements from friends and get bids from friends who have endorsed your listing. I had 14+ endorsements (maybe a bit of overkill) and 11 bids from Prosper friends. I also have a number of bids from friends that are not confirmed Friends on Prosper. Try to get at least 3 friends to endorse and bid on your listing.
- Answer questions. If a lender takes an interest in your listing enough to ask a question, they deserve an answer. I answered all the questions asked. Even the question that involved details of my financial life that I am not comfortable sharing. I intentionally left out an income and budget breakdown from my listing. I do not recommend this if you are trying for your lowest possible interest rate. But I simply did not feel comfortable sharing that information (perhaps to my interest rate detriment). But even then I answer the question politely decline to answer and stating my reasons.
Related Posts -
RateLadder Requests Prosper Loan I am requesting a Prosper Loan. I am a AA, homeowner, verified bank account, Prosper lender with an 11K+ lending portfolio. This is my 1st foray into borrowing on a p2p website. I believe in p2p lending and with this loan I will gain a borrower's perspective. My loan matches the...... -
Prosper Interest Rates On the Rise Prosper interest rates are on the rise -- in case you where wondering this is a good thing for lenders! The release of the lender bidding guidance (general announcement, secondary analysis) seems to line up with a rise in near prime and sub prime interest rates. Similarly, the graph that...... -
My Lowest Interest Rate Loan is a Payoff in Progress I have to laugh... Early in my use of standing orders I had my best rate for low amt, low DTI, AA borrowers set at 9.40%. (I didn't have any rhyme or reason for 9.4% it just seemed "right".) Sure enough, the very first loan found by my standing order...... - Capacity is Not a Problem with Prosper.com -- Invest 10K in 1.5 Months on Nothing but Great Loans. I have often wondered if the large lenders have any capacity problems. That is, do they ever find it hard to find loans. I asked pensioner that very question at Prosper Days and his response was, "I moved $750,000 into Prosper in a month and a half, so I would......
-
Fed Cuts Interest Rates -- Now is the Time to Buy a Zopa CD For the regular reads this may be a bit of a rehash (Fed Cuts Rate 75 Basis Points â I bought a Zopa US CD at 5.1%), but the fed cut rates again today... If you have been considering buying a CD now is the time a Zopa is the......
- Comfortable Benches Benches, Chairs & Lounges Patio & Garden Furniture Yard, Garden & Outdoor Living
- Midge & Same-Size Friends Friends & Family Barbie Contemporary (1973-Now) Dolls Dolls & Bears
- Friends & Family Barbie Contemporary (1973-Now) Dolls Dolls & Bears
- Portfolio 3 Light Lanterns, Strings Outdoor Lighting Yard, Garden & Outdoor Living Nursery
- Francie, Casey & Twiggy Friends & Family Barbie Vintage (Pre-1973) Dolls Dolls & Bears
