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Lending Process
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There were 37 questions found in this category:
 How are the final lender rates determined?
Here's how it works: Lender rate = Borrower rate - Group reward (the group reward is the group leader's share of the rewards x payment reward rate) Take a look at the chart below to see how the various reward-sharing levels translate into payment reward rates: For example, if a C-grade borrow ...
- Can I cancel my bid?
No. Bids cannot be cancelled at any time.
- Can I create a standing order before I have funds available in my account?
Yes. If you are waiting for funds to transfer into your Prosper account from an external account, you can create a standing order ahead of time for any amount. When the external funds hit your Prosper account, the standing order will take note of the funds and start placing bids on listings that ...
- Can I have my loan repayments automatically bid out again?
Yes. By allocating an amount to lend on one of your standing orders which is higher than your current account balance, your standing order will wait for repayments to come back to your account, and will place more bids as soon as enough money has accumulated.
- Can I leave my group?
You can leave your group as long as you don't have an active listing or loan. In that case, just go to "Your Account > Group", and click "Leave group". If you have an active listing or loan, you will not be able to leave your group until the listing is withdrawn or expires (without becoming a ...
- Can I prevent my standing order from bidding on certain listings?
Yes. You can set your account preferences to block standing orders from bidding on specific groups and borrowers.
- Can I still bid on a listing that one of my standing orders has bid on?
Yes, you can always add more bids to a listing, even if you have already bid in the past. Each of your bids will be judged separately, so it is possible that you will win some and lose some.
- Can I stop a standing order from placing bids?
Yes. Go to the "Your Account > Lending" section and click "View standing orders". Then click "Pause" or "Cancel" for the standing order that you would like to stop from placing bids. Pausing a standing order will stop it from creating new bids, but will keep it visible. Canceling a standing o ...
- Do I need to be licensed to lend at Prosper?
You do not need to be licensed to be a lender on Prosper. Although they refer to you and other individuals as "lenders", the loans are being made by Prosper and then sold to you, making you a loan purchaser. So you don't need a lending license because you're not making any loans, you're buying t ...
- How are winning bids determined?
Once there are enough bids to fund a loan, the interest rate is determined by the number of lenders bidding and the rates they've bid. In the example below, you can see there were four bids at the end of the auction:Bids are sorted by the rate offered (favoring lower rates) and the time the bid ...
- How can I find out whether I'm winning or losing?
If you are signed in, the status of your bid on a particular listing can be found by going to the listing page itself. A message at the top of that page will indicate whether you are winning or not. Don't take it too hard if you're losing—just bid again! You can see the status of all your ...
- How can I make changes to a standing order?
Go to the "Your Account > Lending" section and click "View standing orders". Then click "Edit" for the standing order that you would like to make changes to. Note: The changes you make will not apply to standing order bids that have already been placed or matched with listings.
- How do I decide whom to lend to?
As a lender, it is your responsibility to follow some basic lending guidelines when making decisions about whom to lend your money to: Diversify: If you place many small bids among many borrowers, the risk that you will lose all of your money on one borrower is much lower than if you place one l ...
- How do I get started bidding on loans?
Before you get into it, view a tutorial on lending money. Just go through the lender account setup to get started. To become a lender, you must be registered with Prosper. If you are not registered, you will be asked to fill out a quick registration form. Registration is free. Once registered ...
- How do I join a group?
Once you find a group you'd like to join, click "Join this group" on their group home page. If you are not registered with Prosper, you will be asked to fill out a quick registration form. Registration is free. Once registered, you will send a short note requesting membership to the group's lead ...
- How do I place a manual bid?
To bid on loan listings, you must be a registered lender, and you must transfer funds to Prosper before you can start bidding. Once your account has funds for bidding, you are ready to go! Simply go to the "Lend" tab and search for a loan listing that you would be interested in bidding on and cl ...
- How do I read the bid history?
Before bidding on a listing, you should look at the bid history to understand how many lenders are bidding on a loan, and how much money each one has offered to put up for the loan. The bid history shows three types of lenders: Winning: Winning lenders have a bid that is at or below the current ...
- How much money can someone lend?
Because Prosper allows lenders to bid on all or parts of loans, lenders can fund as little as $50 and as much as $25,000 on any particular loan listing.
- If my bid is partially winning, can I use the non-winning amount to bid again?
Yes, you can use the remaining available bid funds to make a new bid on any listing.
- Is anyone guaranteeing these loans?
No one guarantees the loans at Prosper. This is real life, and in real life, sometimes people default on their loans. If a borrower is more than one month late on a payment, Prosper engages a collection agency on the lender's behalf.
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