Steps to getting a loan

Getting a loan through prosper involves doing your best job to make your loan request as marketable as possible.  Follow our step by step process below to have the best chance of getting your loan funded – brown text indicates a link you can click on to open a resource in a separate window.

1. Join our group – group membership is the biggest factor impacting the chances that your loan will be funded.
2. Create a personal budget (and business budget if you are seeking a business loan).  Our excel templates will help you create your budget.  Score.org has some other great templates for small business here.
3. Review our factors in getting funded.  Make sure to follow the tips on what to do and avoid those we say not to do.  These will drive whether or not your loan is funded.
4. Complete your loan listing using our borrower template.
5. Check out the borrower rates and make sure you post a rate that is likely to get funded.  Sometimes the best rate can be obtained by posting a good rate that lenders bid down. 
6. Review the prosper.com borrower guidance and complete your loan request.
7. Let us know when your loan is complete via a message from your account on prosper.  We’ll get on the site and look at your listing, make suggestions and endorse your loan.
8. Sign up for automatic payments.
9. Stick to your budget.

 

Factors impacting whether you’ll get a loan

There are several factors impacting your chances of getting a loan.  Some you can contol, some you can’t.  We’ve listed factors you can control in order of importance.  Please be sure to complete any of the items in the “Do’s” section and avoid those in the “Don’t” section.

Do’s

1. Join a group and ask for leader endorsement of your loan.  Getting an endorsement is the most important factor in getting funded.
2. Have prosper verify your bank account.  This provides lenders with reassurance that you have a bank account and you are not attempting to defraud them.
3. Offer a good rate to lenders – let prosper determine your credit grade and look at the rates page and see what is getting funded.  Offer a rate slightly higher to be sure you get funded (for example offer 10.25% if the average is at 10%).
4. List for 5-10 days.  Longer listings are more likely to get funded.  It also appears listings that end on Thursday have a better chance of being funded.
5. Create a great listing.  Taking the time to do it right makes a big difference.  Include a budget, explain what the loan is for, and include a picture.  Like school, neatness and accuracy counts – be sure to spell check and use simple formatting to make the listing easy to read.
6. Answer questions promptly.  Many lenders will have a question or two to decide on making a loan.  Asking a question indicates they are interested in lending you money.  Answer promptly and honestly, but how much you disclose is up to you.
7. Use the forums.  Prosper forums are a great way to continue to market your loan.  Get out there regularly to make sure you are getting your loan in front of a wide audience.

Don’t

1. Don’t select flash funding – it is a signal that you are desparate.
2. don’t create a super long profile.  Your listing is more important.
3. Set a below average interest rate – lenders are here to make money and will select similar loans with higher rates.
4. Provide false information – while it may improve your chances, this group does not support misleading lenders.  We will remove our endorsement if any part of your listing is found to be false.

 

Prosper Borrower Template

Submission Template for Borrowers The better job you do on your request, the more likely it is that people will fund your loan.  Please take the time to provide complete and accurate information – comments in red should be either replaced or removed prior to posting. 

(Please be sure to spell check your listing – careless errors may put off potential lenders.  Also review your math to make sure it is accurate): 

Explanation of circumstances: Replace this text with details about the circumstances bringing you to Prosper.   

Purpose of Loan: Briefly, explain how you plan to use the money.  Be direct and honest.  Let the potential lenders know if the loan is to repay credit card debt, finance a real estate rehab, cover medical expenses, etc. 

 

Occupation:  List what your current job is (not your employer – I.e. say Sales versus

Circuit
City)Length of employment: How long you’ve been in your current job 

Occupation 2:Length of employment:  

Current debts: 

1) Debt: Amount & current interest rate & status: (Discover: $2,600 at 24.9%, 30 days past due) 

2) Debt: Amount & current interest rate: (Honda: $12,600 at 4.9%, current) 

3) Debt: Amount & current interest rate: 

4) Debt: Amount & current interest rate:           Add additional rows if needed 

 

Present Budget(Put commas in the numbers to make them easier to read  - I.e. $1,200 versus $1200) 

Income 

Pay CheckOther (Indicate source) 

ExpensesLoan PaymentsMortgage/ Rent:Utilities and Gas:Car Notes:Insurance:Credit card1School LoanFoodHousehold/misc:  

Total Expenses:  

Left Over:  

 

Budget after Prosper LoanProsper Payments:Other Loan paymentsMortgage/ Rent:Utilities and Gas :Car Notes:Insurance:Credit card1School LoanFoodHousehold/misc:  

Left over from Income: 

Savings due to Prosper Loan:  

Documents provided for vetting:(YOU CAN POST THESE ON OUR RELATED SITE FOR OTHERS TO SEE)

 

Pick the right group

Addventure Capital was founded by two professionals with 20+ years experience in the financial services industry. We’ll give you an insider’s perspective that the big banks and mortgage brokers don’t want you to know!

Make Sure Your Loan Gets Funded
There are lots of factors that impact the likelihood of your loan getting funded.  Through a careful analysis thousands of loans, we found a handful of factors jump to the top of the list.  By far the most important factor in whether a loan gets funded is a group leader endorsement.  The group leader endorsement was about twice as powerful as any other factor we reviewed.                                      

You’ll Get Our Support
We want to help you get your loan funded.  We will personally endorse your loan request and consider investing in your loan ourselves.  Follow our guidance and you’ll have the best chance of getting your loans funded.  We have clear – mathematically proven – strategies to maximize your chances of getting the money you need.  

Not all prosper.com groups are created equal.  Some groups do a much better job of getting their member’s loan requests funded at the best rate.   Currently on prosper.com, only 32 groups out of 500 with more than 10 loans have an average rate below the average for non-group loans. 

This site is under construction, but keep coming back as we plan on adding a great deal of content to help you navigate a journey towards financial freedom.