Listings Pending Review

What does it mean when a listing is "pending review"?

Listings which have ended with 100% funding from lenders go into a status called "pending review", in which the listing is reviewed by Prosper's Trust and Safety team. During this process, which will last no longer than 7 days, Prosper requests further verification of the identity, address, bank account, employment, and income of a select number of borrowers.

Why does Prosper review listings?

Although costly and sometimes time-consuming, the process of listing review has shown to decrease the incidence of late and defaulted loans on Prosper. Additionally, Prosper does not verify all borrower details while the borrower is creating their listing. For example, Prosper does not verify income when a borrower creates a listing. As a result, income (as expressed in the borrower's debt to income ratio) is verified during the review process by requesting pay stubs and tax forms from borrowers.

What methods does Prosper use to verify borrower information?

Prosper uses a variety of methods to verify stated borrower information. A few examples of information and how it is verified are shown below:

Identity: Verified using the borrower's credit report and by asking credit-specific questions during identity verification.
Address: Verified using the borrower's credit report and also by mailing a postcard to the borrower's address.
Bank account: Verified using deposit and withdrawal verification, asking the borrower to fax a voided check, and calling the borrower's bank to verify that the account is open and in good standing.
Employment: Verified by calling the borrower's employer, as requested at the time of listing.
Income: Verified by requesting pay stubs and Forms W-2, or Social Security benefit letters from the borrower, and confirmed by calling the borrower's employer.

Please note that not all verification steps are taken for all borrowers, although the identity, address, and bank account of every borrower is verified before a loan is issued.

How long does it take to review listings?

Listings are never held for review for more than 7 days.

What if a listing is rejected?

If a borrower does not pass listing review, either for lack of response, incomplete documentation, or incorrect documentation, Prosper will cancel the borrower's listing. When this happens, all winning bids are returned to the lenders who placed them, and a message is sent to winning lenders notifying them that the listing was cancelled.

Additionally, the borrower may be permanently suspended from Prosper.

What happens when the listing is approved?

Once Prosper has received sufficient documentation from the borrower, the hold on the listing is released, and it becomes a loan. Learn more about loan origination.

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