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1) Loan Amount
Prosper listings with low loan amounts are funded more often than listings with high loan amounts. Perhaps your loan amount is too high and can be lowered to attract more bids from lenders.
2) Interest Rate
Increasing your starting interest rate may:
a) attract more bids from lenders
b) drive your interest rate down, often to a rate lower than you originally planned to pay
Remember, if you start with a higher interest rate than desired and your interest rate does not get bid down to your satisfaction, you may cancel the loan with no fee or penalty.
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3) Public Records and Delinquencies
It is important that you explain your public records and/or delinquencies and how you plan to resolve any now delinquent accounts. Your explanation will make lenders feel more informed and may result in more lender bids on your listing.
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4) Personal Photo
Prosper listings with personal photos are much more likely to fund. Help lenders get to know you by including a personal photo that clearly shows your face in your listing.
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5) Debt to Income (DTI) ratio
If your Debt to Income Ratio (DTI) is greater than 20%, consider adding an explanation of your major monthly expenses to assure lenders that you will be able to make monthly payments on your loan.
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6) Does your listing have any bids?
The first bid is often the most difficult. Encourage a friend or family member to make the first bid on your listing to help attract additional bids from lenders. Invite a friend to join Prosper now.
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7) Do you have endorsements?
Endorsements significantly improve the chances of your listing getting funded. Recruit your friends and family to endorse you on Prosper.
Note: Your endorsements should be from verified Prosper users whose profiles contain a personal photo.
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8) Did you report your income accurately?
Be honest and accurate when reporting your income. If you are unable to document your income as it appears in your listing, your listing will be canceled.
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9) Tell your story and spell check your work!
Include any personal information in your description that will reassure lenders of your ability and willingness to make monthly payments. Include an explanation of why you need the loan and how you plan to use it. If you are consolidating a revolving credit balance, itemize the amount and the interest rate you're currently paying so lenders can see how a Prosper loan will help you pay off your existing balance.
Ensure that your description is spelled correctly. Take a few extra minutes to spell check your listing and have a friend proof read your description before posting it.
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10) Advertise your listing.
Promote your listing by posting links to your listing on your Blog, MySpace and Prosper's Facebook application. You'll be amazed at how your friends will rally to support you.
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11) Answer questions from lenders.
Listings that address lenders' questions promptly and clearly are more likely to be fully funded.
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Create your successful listing now »
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