Frequently asked questions
When borrowing, there are often questions that come up repeatadly. This page contains a list of questions and answers. Most probably, your question will be in here, too. If not, feel free to ask us, using the form provided at the bottom of the page.
Please pick the category your question is in:
Creating a listing
During the bidding process
Once the loan has been funded
Creating a listing
Why can't I enter a higher interest rate?
Most probably, a state lending limit is the cause. Prosper is only licensed in a few states, so far. As regulation for lending outfits is strict, new states can only be added slowly. For a complete list of state lending limits, look here
During the bidding process
Why can't I modify my listing after I've posted it?
Your loan listing is an important document for both you and the lenders. As it effectively forms a contract between you and the lenders who bid, it cannot be modified after you've posted it. If you really want to change your listing, you can withdraw the listing. However, you will lose any bids you have received so far.Can I invite lenders to bid on my loan?
No. In general, it is not acceptable for you to contact lenders and ask them to bid on your loan. Do not do anything that might be misunderstood as such.
There is one single exception to the rule: If you are posting a listing after a previous listing expired, or was withdrawn by you, it is acceptable to ask those lenders who bid on the previous loan requestion to bid again. Note, however, that it is still unacceptable to contact lenders that did not bid on the previous listing.
Once your loan has been funded
My listing is funded. Now what?
Some loans on Prosper undergo an additional verification to ascertain that no fraud is occurring. This both protects you and the lenders from identity theft. Even though Prosper will inform you if such a check is neccessary, it is wise to call them as soon as your loan is funded, and initiate the verification process yourself. You'll get your money faster, and your lenders will love you for it.Where do I send my monthly payments?
On Prosper, payments are made automatically using ACH withdrawls. Your monthly payment will be taken electronically out of your checking account on its due date -- So there is no need to send a check, and no chance you'll forget the payment!