How to Create a Successful Borrower Listing
Borrower listings that carefully and personally address your loan amount and reasons for wanting a loan have a greater likelihood of receiving enough investment to result in a loan. It also helps to continually improve your Verification Stage—which tells potential investors how your loan application is progressing in the verification process—by submitting requested documents as soon as possible. Here is our guide to what we have found works based on Prosper data:
- Loan Amount - Prosper borrower listings with low loan amounts are funded more often than listings with high loan amounts.
- Answer questions from Prosper/BACF - Prosper may occasionally ask you a question about your loan. Answering questions promptly and completely increases the likelihood of lenders funding your loan.
- Advertise your listing - Promote your listing on your blog, Facebook, Twitter, and other social networking sites. You'll be amazed at how your friends will rally to support you.
- Partial funding - Borrowers can choose to partially fund their listing if it is at least 70% funded at the end of the listing period.
- Monitor your Verification Stage closely - Check your Verification Stage frequently to see how quickly your loan application is progressing. You can improve your Verification Stage by submitting information and documents as quickly as possible. The higher your Verification Stage, the more attractive your loan is to investors!
- Tell your story and spell check your work - Include any personal information in your description that will assure lenders of your ability and willingness to make monthly payments. Include an explanation of how you plan to use the loan. If you have public records, delinquencies, or a high revolving credit balance, explaining these will make lenders feel more informed and may result in more lender investments in your listing.