When you’re looking to get a loan on Lending Club or Prosper as a borrower, you have to create a loan listing and clearly communicate what your needs are for a loan so that it can get fully funded. Many loans do get fully funded, but there are always a percentage of loans that don’t get funded and then the loan is never made, because the borrower has either failed to properly communicate their need for a loan or for their ability to repay their loan.
If you are looking to get a loan from Prosper or Lending Club, there are a few things that you can do to ensure that your loan gets fully funded by peer-to-peer lending investors.
The first thing that you want to do is verify your income. Whether or not a person actually makes what they say they make is generally a big question that lenders have. By verifying your employment and income, you are making the loan less risky for the lenders that fund your loan.
Your initial loan listing is another area that you need to focus on. Make sure to clearly specify why you need the amount of money that you are hoping to take out and make sure to communicate where the money is going to come from to repay the loan. It’s also a good idea to proof your loan listing and make sure that you are using proper spelling and grammar so that lenders know you are taking the borrowing process seriously.
There will always be some percentage of loans that never get fully funded by lenders, but if you can communicate effectively what your needs are for a loan and your ability to repay your loan on a timely basis, you have a much better chance of your loan making it through the funding process.
