Learn the Rules
Just like the traditional lending system, Prosper.com has rules and conventions. You're more likely to be successful if you understand how things work before asking for a loan. Read the FAQs, tutorials, and forums. You'll get a feel for how lenders work, what they expect, and what they don't like. Take your time -- if you rush into things you might not get a loan (or you might pay more in interest than you need to).
Think Like a Lender
Lenders are interested in earning interest and getting their money back. Your goal is to convince them that this will happen. Your listing should highlight why you are a good risk, and you should keep everything else to a minimum.
Tell the Truth
It's easier to be upfront about any skeletons in your closet than to react to criticisms. These lenders know that many borrowers at Prosper.com have less than perfect credit. Instead of hiding anything, discuss what happened and what you learned from it.
Be Descriptive
In addition to addressing negative items in your past, describe your vision for the future. Account for your income and spending, as well as loan repayment. Explain exactly what the loan will be used for. Avoid general pleas such as "I'm desperate" or "please read my listing".
Be Realistic
While Prosper.com gives you a chance to borrow money, it doesn't guarantee you anything. You may find that your loan never gets funded. Ask for an amount that you can reasonably pay off, and be willing to pay a reasonable rate (APR) given your credit risk.
Be Grammatically Correct
Think of your listing as a sales pitch. It should be easy to read and inspire confidence. Use a traditional and conservative writing style -- including multiple paragraphs, capitalization, and fully spelled out words. Use a spell checker and read your listing several times before posting.
Answer Questions
Lenders may request additional information from you after they view your listing. This is a good sign (it means they’re interested). Respond to their inquiries courteously and in a timely matter. Resist getting frustrated or angry with these inquiries -- you can ruin your chances if you get nasty. Of course, use your judgment on how much personal information you reveal.
Consider a Group
Prosper.com groups have their pros and cons. If you are high risk borrower, you can probably improve your chances of getting a loan by working with a group. Do plenty of research before joining.
Consider Getting Vetted
High risk borrowers may also benefit from getting vetted. This means that you allow somebody else in the Prosper.com community to learn more about you. You might share the details of your identity or your employment, and ask the better to communicate their findings to the wider community of lenders. You don't have to do this to get a loan -- it's just an additional technique to improve your chances. Be very careful about who you reveal information to.
Publicize Wisely
Once you've created your listing, create a new thread in the "Read My Listing" forum. After that, stop publicizing. Simply respond to inquiries as noted above.
Return to About.com's Prosper Resource Page.
