Whats best way to get business loan on Prosper.com

**youngmarketplace** · 05-19-2008 06:06 PM

Do you need to be part of a group to get money on Prosper?
I am needing to raise about 7-10,000 to use as our cashflow for the month of June and July. I have guartenteed contacts that can be secured against the loan from prosper. Can anyone help me learn the best way to get a loan on Personal Loans at Great Rates! Get a Personal Loan at the P2P Lending Marketplace - Prosper . Do I need to join a club to get better exposure. Would anyone be willing to help me join their club or hear what I am needing on propser.

My email is jorelcuomo@yahoo.com

I have 15 employies in 12 locations around Colorado, strong company, and contracts but need money by June 5th.

Thank you

**jasaunders** · 05-20-2008 07:35 AM

Depends on your Scorex Credit Score. If you are rated as an AA or A, you don't need a group and groups will often lower the effective interest rate that you get. If your credit is much worse, in the E, D or C range, joining a REPUTABLE group can help you. The keyword is reputable. Joining any random group will not help you and will actually hurt your chances of getting funded.

So to answer your question fully, I would need to know, what's youre credit grade on Prosper?
If you don't know, you can check for free on Prosper in about 5 minutes by going through the steps to get a loan and then exiting out after you get your rating before you list your loan.

**entrepresooner** · 05-20-2008 12:10 PM

Propser.com is probably the coolest idea I have seen lately...

**Upperz** · 05-20-2008 03:38 PM

We have in Holland also such a ptp bank called Boober. And they only look at the credit rating. I don't see what a groups influence would be.

**jasaunders** · 05-20-2008 07:27 PM

Low credit borrowers are obviously high risk. Being a part of a good group allows the group leader to thoroughly vet the borrower beyond what Prosper looks at, such as verifying employment and income, checking bank statements, and taking other factors into consideration. If you have a low credit grade and get a good group leader to get behind you, the regular lenders will see this and possibly invest.