I've recently applied for a $7,500USD loan on prosper.com. I have bad credit(classified by them as HR-high risk) and a high debt to income ratio(42%-again classified by them). I make about $75,000 a year. Is there anyone out there who's had similar credentials and received a successful loan from this site? I heard it's legit, I just don't know if someone with my "stats" can get a loan from them. Also, if you were successful in getting a loan, how did you do it? Did you join a group?Relist many times?Ask for smaller amount? Thanks for your suggestions/comments.
Answers:
I use prosper.com but as a lender, not a borrower. As someone on the other side of the equation, I can give you these pointers:
1. Join a group immediately. Lenders feel more comfortable, especially with higher risk borrowers, if they are part of a group.
2. Specify any and all deliquencies fully. Maybe you've fallen behind due to medical bills or you were laid off. Lenders can then make more educated decisions if they can understand your story and not just read the numbers.
3. List your loan at a higher interest rate. You may not end up paying that rate but it will attract more lenders cthat could possibly bid your loan down. This will increase your odds of getting a successful loan.
If your debt to income ratio is that high you need to stop borrowing money instead of searching for someone else to give you more. Its time to re-adjust your spending habits and your life style to match your income.
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