Create a Loan Listing

Who can borrow money on Prosper?

A Prosper borrower is any person who is a U.S. resident with a credit score of 520 or higher, a bank account, and a Social Security number. Borrowers must first be approved by Prosper's anti-fraud and identity verification systems before they can post a loan listing. Approved borrowers can request unsecured loans from $1,000 to $25,000 at rates they select.

What kinds of loans are available on Prosper?

Borrowers can request 3-year, fully amortized, unsecured loans up to $25,000. In other words, you will have three years to pay off the loan in full with set monthly payments. You don't have to offer any collateral, like a car or your house, to guarantee the loan. There are no penalties for paying off your loan early or for making partial prepayments.

How quickly will I get my money?

If a borrower's listing ends with enough bids to create a loan for the amount requested, Prosper reviews the borrower's request and may require additional documentation before the loan is issued. Once a loan is issued, however, borrowers receive their loan funds within 2 to 4 business days. Learn more about borrower listing review.

How do I create a listing?

Borrower listing tour

Take a quick tour of creating a listing for a loan.

To create a loan listing, you must be a member of Prosper. Membership is free: Join now.

When you are ready to create your listing, click here.

First, you will be asked to provide your Social Security number, date of birth, bank account information, and employment details. Prosper uses this information to verify your identity and pull your credit score. There is no fee to you for pulling your credit score, which we use to categorize your credit score into one of seven credit grades. If your credit score is 520 or higher, you will be able to proceed to create a listing.

This won't affect your credit score. Although we are making a request for your credit score, we're doing so at your instruction so no inquiries viewable by subsequent users of your credit report will be placed in your credit file. That means your credit score won't be affected when you register or post a listing. Only if you obtain a loan through Prosper will an inquiry that others can see be placed in your credit file.

What should I put in my listing?

Your loan listing is what will inspire lenders to bid against each other to make you a loan. Your listing communicates very important details to lenders about you and your loan. Your listing will include what you need the loan for, how much, your credit grade, and additional data from your credit report which helps determine your grade. You can request a loan from $1,000 - $25,000, and you can also specify the maximum interest rate you want to pay. You decide how long you want your listing to be posted for bidding. You can add as much or as little personal information as you'd like, such as pictures or web links to a current project, like the independent film you're working on. You can review the details of your listing, including the estimated Annual Percentage Rate (APR), monthly payment, disclosures, and other legal terms.

Once your listing has been created, be sure to invite your friends to endorse your listing. Endorsements have been shown to boost loan funding dramatically. Learn more about getting endorsements from friends.

Once your listing is active and posted on the Prosper marketplace, you'll be able to see it and track it on the "My Account > Borrowing" page. You can easily monitor the bids you are receiving by clicking on the listing title and scrolling down to see the bid history. Learn more about bidding.

What interest rate should I choose?

When you create a listing, you specify the maximum interest rate that you are willing to pay, and lenders bid the interest rate down, unlike some other auctions where the price is bid up.

If you're not sure what interest rate to choose, don't worry—we'll help you pick a starting rate that will attract lots of bids from lenders. You should set a high starting rate because a high starting rate will attract lots of bidders, increasing the chances that your loan rate gets bid down quite low.

And remember, you're always free to withdraw your listing before the bidding ends if your interest rate isn't bid down to your satisfaction.

What is the difference between "Auction" and "No auction"?

There are two different listing formats on Prosper:

Auction: If you want would rather give lenders the chance to bid your rate down, choose the "Auction" format, and your listing will last the full duration specified, from three to ten days. The more days the listing is up, the greater possibility you have of lenders bidding the rate down, and you getting a lower monthly payment.
No auction: If you would rather get your money quickly and don't want to wait for lenders to bid during the full length of the listing (three to ten days), you can choose the "No auction" listing format, also known as an "automatic funding" listing, which will be marked with the lightning bolt icon . This format is for borrowers who just need the money quickly and are less interested in attaining the most desirable interest rate. In the case of automatic funding, as soon your requested loan amount is met by bidders, the listing will close and funds will be transferred into your bank account. In most cases, your loan will fund at the maximum rate specified.

What is the difference between a personal and business loan?

In certain states, only loans for business or commercial uses are available, or the rate limits on such loans are higher than the rate limits for personal-use loans.

The primary purpose for which the loan proceeds are to be used determines whether the loan is a loan for business or commercial purposes. Most of the loan proceeds must be used for business or commercial purposes; if only half of the loan proceeds are used for business purposes, Prosper considers the loan to be a personal-use loan (i.e., a loan for personal, family or household purposes) and not a business or commercial loan.

You, the borrower, must make a true statement as to the primary purpose for which the loan is to be used, so that Prosper can determine whether, or at what rate, a loan may be available. A false statement as to the purpose for which your loan is to be used is a violation of your agreements with Prosper, and may be grounds for declaring your loan in default, or for cancellation of your registration with Prosper.

Examples of business-use loans include:

A loan to expand a business.
A loan to improve a principal residence by putting in a business office.
A business account used occasionally for personal purposes.

Examples of personal-use loans include:

A loan to consolidate personal credit card debt.
A loan to pay a child's tuition.
A personal loan used occasionally for business purposes.

What is a bank draft?

When you are confirming your listing, you will have two options for making your monthly payment. The first option is electronic funds transfer, which is free. The second option is bank draft, which will result in an interest rate increase of 1.00%. Rates shown on listing and bid pages assume that the borrower will choose to use the free electronic payment service and will receive a discount of 1.00% from the interest rate that the lender charges to borrowers who do not agree to electronic payments. Borrowers who choose not to use the free electronic payment service will not receive the 1.00% discount. We expect that most borrowers will choose the free electronic funds transfers which are secure and convenient.

If you select electronic funds transfer, Prosper will electronically deduct your monthly payment from your bank account on the due date. If you select bank draft as your method of payment, you are authorizing Prosper to write a check on a monthly basis on your behalf to cover your payment each month. This option has a fee because of the additional processing costs associated with it.

Note: If you choose the bank draft payment method, the additional interest will not be paid to lenders. It is a fee that will be paid to Prosper for processing bank draft payments. Do not choose bank draft as a method of offering higher interest to lenders.

What does it cost to borrow money on Prosper?

There is a simple fee for obtaining a loan through Prosper, which depends on your credit grade:

AA - B: 2% of your loan amount
C - HR: 3% of your loan amount
... or $75, whichever is greater

The fee is deducted from the amount of your loan at origination. For example, if you have a credit grade of B and asked for a $5,000 loan, the 2% closing fee would be $100, and the total amount you would receive at loan closing would be $4,900.

After your loan is funded you will, of course, have to pay interest on your loan. As long as you make timely loan payments, you will not have to pay any other fees. Learn about fees and charges.

What's next?

Get tips on creating a successful listing.
Get your friends to endorse your listing. Learn about getting endorsements from friends.
Want to withdraw your listing? Learn about withdrawing your listing.

Borrowing help

Getting started

Manage your listing

Listings become loans

Manage your loan

Late payments and default

Other resources

Other resources

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