How to create a successful listing on Prosper.com

How do I create a successful listing on Prosper?

Published by knix on October 19, 2007 09:00 pm under prosper

In order to get a good idea of what you should do for your listing, you should first read the post on Lending Tips so that you can get in the mindset of what lender’s are looking for. With that being said, here is a list of criteria that many lenders look for in a listing…

Information - The more information there is, the better. Try to give explanations if you have a delinquencies or public records. It would also be good to make your questions and answers public because if one lender has that question, I am sure there will be others that are thinking the same thing. Some lenders also do not have the time to be asking all the questions that he or she has so they just might skip to the next listing. It is much better to see an honest answer than to see nothing at all.
Forums - There is a wealth of information in the Borrowers Forum at Prosper.com. Finding the forums is a bit tricky: you have to click on the Community tab and then click on Forums. Feel free to browse through all the tips that are already there and if you cannot find what you are looking for, do not hesitate to create a new post with your question(s).
Honesty - It is always best to be honest. Prosper goes through a rigorous verification process and they will be asking for proof in what is stated in the listing. Although I do not have actual numbers, I do find many listings getting rejected even after it was fully funded because the borrower was not able to back up the information given in the listing.
Credit score - This is equivalent to the SAT scores needed to apply for college: the higher, the better. If you have some extra time before creating your listing, you might want to look into how you can improve your credit score.
Spelling and Grammar - You must think of this as a job application or a resume. I’m sure you’ve heard of this before but if a potential lender has 2 identical listings except that one of them has a couple of typos in it, guess which one he is going to pick?
Endorsements - Endorsements can make a huge impact especially if they bid on your listing. It is very similar to the References section of a resume except that lenders cannot call them to talk to them in person. That is why the bid is very important as it adds credibility on the endorsers behalf. They are backing up what they say by placing that bid.
Timing - To maximize the probability of your listing being 100% funded, try to end the listing on a Wednesday or Thursday between the times of 2:00pm - 8pm PST. These are the times when bidders are most active and if your listing is almost ending at this time, you will receive more exposure in the lending listings page.