Get Financed :: Create a Winning Request

What are you doing?

Describe the purpose of the Prosper loan in detail - consider what the loan is for specifically. For example if you are using it to purchase something, describe what it is and why you need it, and what it will be used for. If you are paying of debt such as credit cards, list each card by name in a list with the amount owed and the interest rate the card is charging. The key to your description is to engage your lenders and compel them to desire helping you out. By utilizing the Prosper community your loan is an opportunity for you to improve your life in some manner. Let your lenders know how important your loan is to you and how it will make a positive difference in your life.

How are you going to pay them back?

Describe your income, job and work history in detail. It is important to describe any and all sources of your net monthly income amounts. Remember this amount is your take home pay on a monthly basis after taxes, insurance and any other deductions have been taken out of your paycheck. Please note that you do not need to tell lenders where you work, but describing your job and how long you have been working there will help create confidence in your ability to repay your Prosper loan. If the income of your spouse is applicable, it is important to add this information to your description as well.

Let them see right through you.

If your credit history contains any deliquencies, present or past, please explain in detail what the deliquency is and what is being done or has been done to resolve them. By becoming transparent about your past mistakes and how you have overcome those mistakes, you make it easier and faster for the lender to make a decision. If you had any defaults or bankrupcies, it is also important to mention them and explain the situation. If you choose not to do this up front, you will be asked about them at some point anyway.

Make the request feel secure.

Even though your Prosper loan is unsecured, it is important that you describe any assets that may help in paying off your loan request. For example if you own your home and have built up equity, list the amount of equity in your description. It helps to also list any insurance coverage you currently have. If lenders know their money can be recovered through liquidation of an asset or by insurance payments they will feel more comfortable bidding on your listing.

Can you make the payments?

It is critical that you show lenders a detailed monthly expense breakdown. The purpose of detailing your monthly expenses is to help lenders determine your ability to successfully make your monthly loan payment without any complications. Doing so will also make them feel more comfortable that you have a good sense of your current financial situation. You can group items together, for example all your insurance payments do not necessarily have to be broken out, and can be listed as a single line, just make sure you add them all up. Finally, if your Prosper loan is being used to pay off several credit cards, you should still list the total amount. Please use the following guide to create your expense breakdown:

Winning Request Checklist

Before continuing on to the next step, make sure you have completed the following checklist:

1. You have detailed the purpose of the loan
2. You have detailed your work history and ability to repay your loan
3. Explain any delinquencies and public record reports
4. Detailed assets or insurance policies
5. You have included a detailed budget/expense breakdown
6. Consolidating debts? Detail each debt by name and amount to be consolidated.
7. You did not select automatic funding. By not selecting automatic funding, you will likely end up with a better interest rate.
8. Attract bidders by starting your listing at a minimal percentage above the average winning rate for your credit grade and your loan size. Remember, you do not have to accept the loan when bidding is completed.
9. Your listing does not end at an odd hour, weekend, or holiday. You want to maximize the opportunity for people to see your loan
10. Your personality shines through your listing. Get real with your lenders.

Ready For The Final Step

1. Line up your friends, family and co-workers - tell them what you are up to and gather their support. Make certain you have all of their current email addresses. You will be inviting everyone you know to participate in your loan request.