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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.



This post first appeared on Take Charge Of Your Financial Future! | Helpful Information From Addventure Capital, please read the originial post: here

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