Forums: Discussions for entrepreneurs and small business.

HI,

I am wondering if anyone here has had any success getting a loan through Prosper.com?  If so were you in a group or did you go it alone?

Thanks

Cole

I`ve just put up a listing yesterday as a member of the Startup Nation group.
It`s my first time listing so I don`t know, but it doesn`t look optimistic. If it
turns for the better I`ll post here.

I applied for a $2000 dollar loan and only got three bids for $50 dollars each.

I will try one more listing, and if I still get nothing then I`ll go the traditional route.

while attempting to work with Prosper Months ago, all i got was Lipp service.  they complained about Everything from my poor Eyesight and my manner of Speach being a tad Differant than their`s, Oh yes:

they Also accused me of un-named felonies, simply because i couldn`t provide them with info they requested.

Before you go off in the wrong Direction, the Info they Asked of me, was a Drivers licence .

Normaly an Easy thing you say ? what if You don`t have one because You don`t drive ?

would That make it as foolish a reason for Your being kicked around as it was for Me ?

Or are things Easy, only when asked of someone Else ?

Propsper ?  in name Only !           ;           ;           ;           ; 

I`ve tried four times now, the first three unsuccessful and the fourth is still in progress. "They" say the site is supposed to be designed to help people who can`t normally get funded elsewhere, but it seems to me that they are just as stringent as a bank or other lending place.

They have a forum from which you can learn a whole ton--way more than you can learn on the Prosper site alone. Check it out before you even bother to list a loan request, because chances are your first efforts won`t be good enough to be successful unless you have impeccable credit already.

Also, if your state has a low rate cap and your credit isn`t so hot, it would appear that your chances of being funded are nil.

Here is a helpful link:

http://prosper.spreebb.com/index.php?showtopic=4852

Here`s an interesting update.

My first listing was for $1900. to pay for starup costs. This listing was
never funded.

My second listing was for $1000 to pay for car repairs (this is true, but
not as urgent as I imply in my listing). This listing was funded in two
days.

I seriously thought that my second listing was a long shot. If lenders
wont help you improve your life, why would they lend you money for
things that only serve to put you further in debt?

Right now I can`t tell you why my second listing funded. I thought, are
the Prosper lenders people who want to hear a sob story? The better your
story the better your chances are to get funded? I don`t know. I am truly
confused.

I do know that my own family will lend me money for things like paying
bills or repairs, but not lend me money to start my own business unless I
give them a thirty minute marketing speech. Maybe it`s the same for
Prosper lenders?

Hi everyone,

Thanks for the great replies. I think LisaB hit the nail on the head as far as my experiences have been so far with Prosper.  My experience with groups is so so. I am not sure I  feel safe with just regular people requesting some of the information they do in order to see if they want to bid on my loan.  That is what is turning me off.

I did wwant to say that the forums have been helpful. So thanks again LisaB for that advice.

Thanks everyone for the input!

Cole

While I have no personal experience with Prosper - I do think the important point is that whatever your purpose for wanting to borrow -

Your message has to be compelling to get results.

From experience, we know this to be true in equity world, so Iwould expect it to apply here as well.

 

Robert Johnson

 

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com

Wow!!!!!!! I`m really surprised. I`ve spent a lot of time on the Prosper forums trying to figure out why my requests for startup costs aren`t funded and they make it PAINFULLY clear that they aren`t interested in your story. They want bottom line: high interest rate, good credit record.

Gee, maybe I should post a request for money to go to Disneyland instead of to start up my business! Then I can get my business off the ground and go to Disneyland with the money I make!

Lisa,

Who is the "they" you refer to that isn`t interested in your story?

-------------------------

Business Growth Masters, LLC -
Capital Catalysts for Entrepreneurs
Home of the Scalable Business Plan and QuikStart Capital Programs
http://www.bizgrowthmasters.com
info@bizgrowthmasters.com