Prosper leads the P2P Marketplace
There is a very popular lending trend that has been going on for the past six or seven years that has become known as Peer to Peer lending. Others like to call it person to person lending, P2P lending, or social network lending. If you have considered getting a peer to peer loan, there are a few different companies that you can choose from but to me there is no better P2P loan website as good as Prosper. Prosper is one of the oldest and largest P2P loan sites out there and in my opinion the most successful one. On Prosper you can get a loan anywhere from 1K to 25K depending on how good your credit is. For those with good credit, you can get a loan with much lower interest rates than what a traditional bank would. Those with not so good credit have no chance of getting any type loan from a traditional bank but will actually have an opportunity to get a loan on Prosper.
What are the qualifications to get a Prosper loan?
Must be a U.S. resident and reside in a state that is open to borrow on Prosper
To get a Prosper Marketplace loan you will need to be a U.S. resident and must reside in one of the states that Prosper offers loans. Chances are that you do reside in one of those states but there are a few states that do not allow the residence of that particular state to get a Prosper loan. The three states that currently do not offer Prosper loans are Iowa, Maine, and North Dakota. I do not now why loans are not available in these states but hopefully that will change in the future. I'm sure Prosper would like to offer loans to residence of those states but can not because of some kind of laws of the state or something like that. I'm surely no expert on that subject but never the less, I'm pretty confident that this will change in the future.
Must have a bank account
In order to get a Prosper loan you will need to have a bank account. Once your loan is fully funded and verification is done, Prosper will direct deposit your loan straight into your bank account. When your monthly payment is due Prosper will also automatically debit your monthly payment from your checking account. This done not mean that you can not make payments yourself when ever you want through the Prosper website but you will of course have a due amount on a certain day of each month and Prosper makes it easy for you by automatically debiting your bank account.
Must have a social security number
Prosper will ask you for your social security number which should not be a problem for most people. We all know that when we do business with lenders or any other important business deals that we do that we will be asked for our social security number. Prosper will need this number to make sure that you are who you say you are. They will also need it for when they run a credit check on you.
Must have a minimum credit score of 640
What does your credit score need to be to get a Prosper loan? 640 is the magic number! In Prospers first couple of years there was no credit score criteria but as of this writing these changes are correct. The higher your credit score is the better interest rate you will get on your loan. Prosper has their own in house system that they mix up with the credit bureaus credit score and you will be rated either as AA, A, B, C, D, E, or HR. Your credit score is also used to decide what the maximum amount of loan you can get.
Here we have covered some of the basics requirements that you will need to be eligible to get your Prosper loan. If you meet all the criteria that we have covered here then you will want to go the Prosper Marketplace website and register. Your next step will then be to create your Prosper listing so that lenders can start loaning you money. Your listing is very important as not all Prosper borrowers get their loan fully funded. You will want to make sure that your listing is written very neat and clear. To get some tips on how to write a Prosper listing you may want to take a look at how to get your Prosper Marketplace loan funded.