Before you apply for a loan at Lending Club or Prosper you should do a little research to ensure you get approved, get the best rate possible and get funded by investors. By spending a few minutes exploring the resources on this page you will vastly improve your chances.
Read these articles first – these two articles will give you some valuable information that will help your chances of getting approved at the best interest rate:
Five Things New P2P Lending Borrowers Should Know – You should know your FICO score and the contents of your credit report before applying for a loan.
How Lending Club and Prosper Set Interest Rates – This article is a little more complex but if you are keen to get the lowest interest rate possible then spending some time here could save you several percentage points on your interest rate.
One of the great things about Lending Club is that they provide a great deal of information to help borrowers if you know where to look. For example by not borrowing a round number of dollars you can save yourself 1% or more. That will be hundreds of dollars in savings over the life of a loan. Makes sure you read this article: How Much Money Should You Borrow at Lending Club?
I have gone through the borrowing process myself so you don’t need to go in blind. If you are just about ready to go then check out this article and watch the short video: What to Expect When Applying for a Personal Loan at Lending Club
Ready to go? Then click here to apply for a loan at Lending Club.
Prosper has a little bit more liberal lending policy than Lending Club. You can apply for a loan if your credit score is 640 or above but if you are considered a higher risk borrower you will pay a higher interest rate.
I have also gone through the borrowing process at Prosper so you can get some idea what to expect. If you have decided you want to take out a loan then check out this article that has an accompanying video as well: What to Expect When Applying for a Personal Loan on Prosper.
Ready to go? Then click here to apply for a loan at Prosper.