How to Borrow money from people online

ties

2011-12-03T14:47:00.000-08:00

100 Million loaned, 480,000 members

2007-11-02T17:02:00.000-07:00

Prosper.com is a website where ordinary people are lending money to ordinary people. So far, there are over 480,000 members on this site and over 100 Million lent.
Check out these videos about the phenomenal people to people lending web site, Prosper.com.

These videos are experiences of lenders and borrowers as reported on ABC, NBC and and CBS.

How to apply video

Loan listing format

2007-03-16T06:45:00.000-07:00

(Copy this format and use it to create your new listing)

Explanation of circumstances:

Purpose of Loan:

Occupation:
Length of employment:
Occupation 2:
Length of employment:

Current debts:

1) Account: Amount Current interest rate:

2) Account: Amount Current interest rate:

3) Account: Amount Current interest rate:

4) Account: Amount Current interest rate:

5) Account: Amount Current interest rate:

Delinquencies

1) Account: Amount Action taken:

2) Account: Amount Action taken

3) Account: Amount Action taken

5) Account: Amount Action taken

Present Budget

Income

Pay Check

Expenses
Loan Payments
Mortgage/ Rent:
Utilities and Gas:
Car Notes:
Insurance:
Credit card1
School Loan
Food
Household/misc:

Total Expenses:

Left Over:

Budget after Prosper Loan
Prosper Payments:
Other Loan payments
Mortgage/ Rent:
Utilities and Gas :
Car Notes:
Insurance:
Credit card1
School Loan
Food
Household/misc:

Left over from Income:

Savings due to Prosper Loan:

Documents provided for vetting:

Guidelines for Making a good loan listing

2007-02-19T12:55:00.000-08:00

Important TIPS to follow when you create your loan listing.

1. Tell your story: In your own words, why are you here and how will you use the money?

2. Say how much money you make right now

3. State how much bills you have every month (itemize the list and put a total)

4. Show the balance left available to you after all bills are paid

5. Have your loan vetted by your group leader by providing any documentation that will help your loan to be funded. See how here

6. If the funds are for a business, mention how much money you expect to make a month, and when you expect this money to start flowing

7. If it will increase your earning potential, for example a course, or a car, explain how.

8. If you have extra funds coming from a spouse, mention this

9. Do not borrow more than you can afford to payback. Remember many people are here because the banks will not give them a loan or a reasonable loan. So messing up this opportunity could be you destroying your last chance

10. Use the online calculator to see how much your monthly payment will be. Click here

11. Do not request an unreasonably high amount. It will scare off lenders, and also will be hard for you to pay back.

12. Use Images and Links to supporting documentation:

13. When you write your listing, the objective should be for lenders to trust that you can pay, not to feel sorry for you. They are not giving you a hand out. They are giving you a loan, and are more interested in seeing that you can pay back. not necessarily because you are seeking for sympathy.

14. Choose a reasonable interest rate based on your credit grade. For example, If you are a HR borrower, it will be hard to get your loan funded when you list it for 3.75%. Click here to see a reasonable interest rate for your credit rating

15. Use the Longest listing period available to give lenders enough time to make a decision to bid.

16. And please, ask someone to proofread your listing and use spell-check!

17. If your credit grade is an E or below, make your listing period 10 days

Criteria for joining the craigslisters

2006-10-20T12:57:00.000-07:00

* Must have a DTI ratio of maximum 30% or a D credit grade

* Must be committed to improving their credit score by reducing debt

* Must be willing to adopt a thriftier life style to get out of debt

* Must maintain a complete profile with Picture and Location included

* Must be committed to meeting all their financial obligations through prosper

* Must be employed

* Must be willing to adopt the Craigslisters standard for creating loan listing, including their Profession, income, monthly debts, disposable income into their loan listings

Philosophy

2006-10-19T12:59:00.000-07:00

We urge members to cut their costs of by living within their means; looking for a good bargain, thereby reducing debts, cutting out the greedy middle men and having direct mutually beneficial transactions with lenders.

Our members are are money smart and need help to meet up with those short term cash flow problems.

* We keep it real by cutting out the things in life we cannot afford, until we can do so without unmanageable debts.

* Craigslisters aim to obtain the most competitive loans by improving the credit grades of all its members.
* Our lenders Know what a good deal is,

This group aims to service our Craigslist friends in every town that Craigslist®exists!

Have your loans vetted before you you list

2006-10-18T05:14:00.000-07:00

If you ever took out a bank loan, your bank or loan officer definitely asked you for some documents to support your loan application. With the prosper process, most of your lenders cannot verify all this documentation therefore will not bid on your listing.
Vetting is the process where borrowers send supporting documents to their group leader, so that he can vouch or them by endorsing their loan, citing what documents s/he has reviewed.
This can really facilitate your loan being funded.
If you will like to have your loan to be vetted, please send me whatever supporting documentation you would like to go with your loan listing. You can either fax it to
801-640-1331
or email it to tmunji@gmail.com

Put the right Interest rate

2006-10-16T10:23:00.000-07:00

Your listed interest rate is one of the biggest determinants of whether your loan gets funded or not.
Before you list your loan, check here for the average interest rate for people with a similar loan requirement and credit grade like you.
Check your interest rate here

How to promote your listing

2006-10-15T07:46:00.000-07:00

In order to get people to fund your loan, you must first of all get them to see it. You can get more lendrs to view your loan by joining prosper forums.
Here you can advertise your listing under the review my listing section.

Make sure you ask questions that people can answer.
Generate as much conversation as possible on your listing.
Visit the forums as much as you can and reply to all questions or issues raised about your listing.
Use the forums to thank everyone who is bidding on your listing. You can post just to thank every time someone bids.
Make sure you post a link to your listing in your posting.

NB: If there is very little conversation on your posting, it is going to be pushed to the back and lenders will not see it. So try to post somethin on there every day. Even if it is just an extra explanation of your loan need.

What to include in the Forums to advertise your listing

2006-06-07T14:35:00.000-07:00

What to include in the Forums to advertise your listing

Detail current come $_____.___

Current budget
1)
2)
3) etc.
Net monthly available cash after expenses $____.___

Items paid with Prosper loan
1)
2)
3) etc

Post (projected budget after consolidation)
1) Prosper payment $
2) Retained consumer debt
3) Household expenses...etc.
Projected net monthly available cash after expenses $____.___

Link to listing