Has anyone ever gotten a loan through prosper.com with bad credit, and if so did the bidding start late?
Answers:
If you have had no bids so far and your offer is live, then maybe your rate is not attractive enough.
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.
Yes, I have a loan currently with Prosper, and it did not fulfill until the last hour on the last day it was available. You must have joined a group though. Your loan willl not fund at all if you have not joined a group. Plus, by joining the group, the group leader will help you write a listing that will get funded.
Good Luck
I'm a lender on Prosper. You do NOT have to join a group to get funded. The fundamentals of your listing and credit history are much more important. An attractive interest rate also helps, but make sure you can afford that rate in case it isn't bid down. Many lenders bid at the end of a listing so their money will start earning interest sooner.
If you do join a group, choose wisely. There are good groups, but some groups have bad reputations and/or charge high fees w/o providing much assistance to their borrowers.
Read this thread on the Prosper forums for more info on writing a good listing:
http://forums.prosper.com/index.php?show...
Best of luck on your listing...
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