I've read here on "ask" that I should join a group before listing requesting on loan of Prosper. Unfortunately I already placed and today and still no responses so should I withdraw loan request in order to join a group and will this make my account look bad? Also, what's best way to go about joining a group? Thanks
2007-03-21 13:43:03 · 3 answers · asked by kathryn319 2 in Business & Finance ➔ Personal Finance
Be careful when deciding to choose a group or not. Most people can fund without them just by doing a little research first. Some groups are good at helping their borrowers but there are others that can actually hinder your loan funding (bad reputation, charge high rewards that lower lender return without providing any value, etc).
Leave your current listing up while you decide. Don't worry if you don't get bids for a few days, that's normal. People like to jump on at the last minute.
If you decide to join a group, ask around on the Prosper forum about the groups you're considering first. Also, contact the group leader before you join and find out what they'll do to help you.
I've provided you a link in the Sources section to a thread on the Prosper forums that lists a lot of tips from lenders and borrowers. As a lender, I recommend you take a look at it.
Good luck!
2007-03-22 10:45:26 · answer #1 · answered by Lightning 2 · 0⤊ 0⤋
Look at the group statistics for loan funding in order to pick a strong group to affiliate with. They are still credit-based loans also. They did a credit pull before you ran your loan request.
2007-03-21 20:47:13 · answer #2 · answered by loanquest 3 · 0⤊ 0⤋
Just go ahead and join a group first read which one would be right for you all my best to you good luck
2007-03-22 03:37:01 · answer #3 · answered by pattibcacl 6 · 0⤊ 0⤋