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 How does Prosper make money?
Prosper charges a 1% transaction fee each time a loan is matched. This
fee is paid by the borrower at the time a loan begins. In addition,
Prosper charges lenders an annual loan servicing fee of ...
- Do groups guarantee their members' loans?
No. Groups do not guarantee their members' loans in any way—borrowers are fully responsible for their loan obligations.
- Can I sell my loans to others?
Not yet. Prosper hopes to allow lenders to sell their already-owned loans to other lenders in the future.
- What if Prosper were to go out of business?
In short, no new loans would be created, all lender funds not actively
associated with a loan would be returned to the individual lenders
immediately, and all existing loans will be serviced to ...
- Does LoanBack support secured and unsecured loans?
Yes.LoanBack supports both types of loans. If
you want to secure your loan with collateral, LoanBack allows you to
input information about the collateral so that it gets included in your
Note. ...
- What do the loan criteria fields mean?
To narrow the scope of your research, you can adjust the origination
date of the loans measured and the observation date of the data you are
viewing.
Origination date: Choose the range of
orig ...
- 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, ...
- What are shared group leader rewards?
Some group leaders may choose to share payment rewards with borrowers
in their group. If payment rewards are shared, the group leader will
receive only a portion, or in the case of 100% sharing, ...
- What is a debt-to-income ratio?
Part of a borrower's credit profile is a debt-to-income ratio.
Debt-to-income ratio (or DTI) is a measurement of the borrower's
ability to take on additional debt. This number takes into
consid ...
- What are "payments in transit" and "payments in transit not applied to current balances"?
The designations for loans with "payments in transit" (designated with
the dagger symbol: †) and loans with "payments in transit not applied
to current balances" (designated with the doubl ...
- How can I prevent defaults?
You can't pick your relatives, and you can't prevent defaults. You can,
however, know that you are assuming some risk when you make a loan, and
take steps to reduce that risk. Here are a few tec ...
- Are group leaders compensated?
Yes, if they want to be. Because Prosper's group model helps keep loan
defaults low, their presence creates value in the marketplace. This
value allows groups to be compensated. Prosper compensa ...
- So what is LoanBack anyway?
LoanBack is committed to helping you be more successful when
you borrow or lend money from someone you know. By successful, they mean that the loan gets paid back in full,
on time, and m ...
- What do all the numbers mean in the results of the performance pages?
Both tables display data in volume ($ value of loans) and units (#
of loans). In each table, the top row represents 100% of the data
displayed, and the rows beneath the top row represent percent ...
- What are group leader rewards?
Group leader rewards are cash incentives earned by groups and group
leaders when a new loan gets fully funded or an on-time monthly payment
is made.
There are two types of group leader reward ...
- 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.
- Why should I care about my group's listing and loan activity?
Ultimately, your group's payment history, loan listings, and member
pages will all have an impact on your ability to attract lenders and
additional members to your group.
If you have delinquen ...
- What should a borrower look for in a group?
Some borrowers will receive an invitation to join a group, while others
will need to find a group to join on their own. Take a look in the
different group categories and see if there's a group w ...
- Can I recruit existing borrowers who don't have groups?
How friendly you are! But unfortunately at this time you cannot recruit
existing borrowers. Since a borrower's interest rate is often tied to
the existence (or absence) of a group, it is Prosper ...
- 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 re ...
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