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What is Prosper Etiquette?
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As with any new product or service, it helps to have some common guidelines and conventions established about how to use it and how to interact with others. 

Recognize differences between people using the site

Different people use Prosper in different ways. Recognize and respect these differences, and treat others the way you would like to be treated.

Prosper welcomes borrowers of every financial background and credit grade. As a lender, you don't have to bid on any listing that doesn't appeal to you. Others may choose to bid on their listing, but that is the decision of those lenders. Different lenders have different reasons for placing bids: some bid out of kindness, some bid for profit. Both are acceptable reasons for lenders to bid at Prosper.

Lenders are just people who have a little extra money and are willing to lend it out. Don't assume that they have unlimited resources and can bid on every listing. Don't be offended if they haven't bid on your listing. And don't bug them about it. Also bear in mind that many people bid using standing orders, without personally reviewing the listings.

Group leaders are responsible for their own groups. As such, group leaders may be very particular about who they let into their group. If you don't get accepted, don't take it personally: you might not have fit their criteria. Some group leaders might not respond to your group request at all. Just move on and find another group to join, or start your own!

Act respectfully

Spam is annoying and disrespectful, and may actually work against your objective. Spam is normally defined as "unsolicited commercial email", and includes any message that is both unsolicited (the recipient did not ask to receive it), and commercial in nature (the recipient is asked to buy a product or service). Prosper takes a broader view of what is considered spam—often broader than the definition of spam under federal and state spam laws.

Prosper considers the following to be spam:
  • Borrowers sending messages to lenders saying "Bid on my loan!"
  • Group leaders sending messages to existing borrowers saying "Join my group!"
How can sending such messages work against you? Most lenders who have reported spam on Prosper noted that this kind of message from a borrower, rather than being an enticement, is actually a warning flag against bidding on that listing. So if you spam a lender, you might have actually reduced your chances of receiving a bid from the lender.

If you want to send a short thank you note to your lenders or fellow group members, that's okay. But try to keep unnecessary chatter to a minimum.

Respect the privacy of others on the marketplace. If you happen to know your group leader's name, but that information is not published publicly elsewhere, please do not include "thanks to my group leader Jill Smith" in your listing. This is a violation of your group leader's privacy, and undercuts the effectiveness of the marketplace.

Communicate truthfully

In much the same way that spamming lenders for bids can reduce your chances of getting bids, making false (or improbable) promises in your listing or group description can also work against you.

Use simple forthright language that clearly describes your situation in ordinary words. Keep the promotional language to a minimum. Avoid vulgarities.

Not OK OK
Guaranteed greatest business investment ever!!! Can’t lose!!! I need the loan to buy a commercial espresso machine for my new restaurant.
Our group will never-ever-ever miss a payment!!! That’s right!!! Never!!! We are a group of friends who has known each other for 10 years. We all live in Baltimore.

Lastly, falsifying information on a credit application is a crime. Prosper will end any listing and close any group or account if they suspect fraud.

Don't attempt to collect on late payments

Under no circumstances should you attempt collection on a late payment yourself. Compliance with all state and federal laws while attempting to collect a delinquent loan is not trivial. When necessary, Prosper ensures all collection activity is performed by licensed and professional collection agencies. Lenders who undertake debt collection (even if they are a debt collector by trade) are in violation of Prosper legal agreements and will undermine the collection agency's ability to do their job. Moreover, in doing so you run the real risk of creating a legal liability for yourself. 
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