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| How do I place a manual bid? |
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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 click on that listing's title.
When you get to the listing page, you can view some information about that listing:
- Requested: This is the dollar amount that the borrower is interested in borrowing.
- Lender rate:
This is the current interest rate that lenders have to bid at, or
below. If the loan is fully funded (there are enough bids to meet the
loan amount requested by the borrower), lenders will have to bid less
than the current listed interest rate to participate in this loan.
- Automatic funding: If displayed, this icon
indicates that the borrower has selected an "immediate funding"
listing—it has nothing to do with any superhero powers the borrower may
have. Immediate funding means that the listing will close as soon as
the requested amount is funded. This scenario can happen when the
borrower is less interested in getting the absolute lowest interest
rate, and is more interested in getting a loan quickly. - Funded: This shows how much of the amount the
borrower is requesting that has been funded by bids. If the full amount
requested is funded, a "100%" icon
![[funded icon]](http://prosper.com/images/icons/funded.gif) is displayed next to the amount funded.
- Bids:
This shows how many bids have been placed on this particular listing.
Clicking on the number of bids will display the bid history (learn more
below).
- Time left: This is how much time remains before the listing ends. Tick tock.
- Borrower rate:
This is the current interest rate that the borrower must pay on their
loan if their loan listing is matched. In some cases, the borrower rate
shown on a listing may be higher than the lender rate (see above). This
can happen when group leaders choose not to fully share group leader
rewards.
- Borrower APR:
The borrower Annual Percentage Rate (APR) is the cost of your credit as
a yearly rate. It is different from the borrower rate (or "note rate")
because the APR factors in both the interest rate and the one-time fee
Prosper collects at the time of loan funding.
- Monthly payment
The
monthly payment is the amount that the borrower will pay for the
requested amount at the current borrower interest rate. If the listing
receives enough bids to drive the interest rate down, the monthly
payment will also go down.
To begin placing a bid, click the "Place Bid" button.
You will then be asked to enter the following information:
- Amount: Enter the amount you
wish to bid on this listing. You may bid as little as $50 and as much
as the entire amount requested in the listing.
- Minimum rate: Enter the minimum interest rate that
you would be willing to receive on the loan if you are a winning
bidder. Unlike some auctions where the price is bid up, Prosper bids on your behalf down
to your minimum rate. So if you are a winning bidder, there's a chance
that the interest rate you receive on this loan will be higher than
your minimum rate. How's that for a nice surprise? One other important
note: your minimum rate is kept confidential from other bidders and the
borrower—only you know what it is. When choosing a minimum rate, you
can use the "Experian historical default rates" chart at the right of
the bid page to help you determine the rate you should offer.
- Collection agency: You may select a different
collection agency for each of your bids. The collection agency that you
selected during lender account setup will be displayed here
automatically.
- Support this group: If you would like this group's name to appear on your member page under "Groups I support," click this checkbox.
After clicking continue, you will be shown the bid data you specified
on the previous page, and asked to confirm your bid. A few very
important things to note about bidding before you click that "confirm
bid" button:
- When you place a bid, funds are immediately set aside in your account for that bid.
- By placing a bid, you are committing and promising to fund and purchase the loan should your bid be matched.
- If
you are a winning bidder, funds will be automatically transferred from
your account to the borrower's account when the listing closes.
- If you are not a winning bidder, funds will be immediately made available for you to bid again elsewhere.
- Bids cannot be withdrawn at any time.
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