Let the bidding begin...

Once your listing is live on the Prosper marketplace, lenders will be able to view your listing and bid on it.

When you first look at your live listing, it's possible that some bids may have already been placed! These are the result of portfolio plans, which lenders set up to bid automatically on listings from borrowers with certain criteria.

If you click on the number of bids, you can see the bid history for your listing, which shows the lenders who are bidding, the amounts they are bidding, and (over time) may show your interest rate dropping as more bids come in.

Bidding on Prosper is done in a Dutch auction format, which means that multiple lenders can get a piece of the same loan in varying amounts. . Your loan will be made at one interest rate, and all winning lenders will receive a yield based on that interest rate.

If you are not happy with the way the bidding is going. You can withdraw your listing with no penalty before its time runs out. Then, you can create a new listing. When you do, consider making adjustments to your listing such as lowering the amount you are asking to borrow or raising the interest rate.