About Us  > Blog

Are You a Loan Ranger?

by Steve McDonald on 08/11/08

Are you a loan ranger?If you are a first time loan seeker, whether for home, auto or any other personal need, what do you need to do or know? What do loan institutions look for when assessing potential borrowers? There are many sectors of your personal finances that you need to delve into before you start your loan search and here are a few good notes…

Know Your FICO

That’s your credit score and that’s where most loan inquiries start. No one can pull the report without your permission, so make sure all information is current/right and all errors corrected. Remember, the number of inquiries (if multiple) can actually make your score go down. So correct it and know it before approaching a loan institution. You can order for free credit report from AnnualCreditReport.com

Show Responsibility for Your Finances

Know your budget, the credit card debt, the monthly payments to other loans and every aspect of your personal finances. Be ready to present this in a one-to-one loan application face-off, as not to discount the human factor in showing preparation and good faith. If a loan officer thinks your application is credible, most likely you can get the loan.

Don’t Let Debts Accumulate

Pay your existing credit card bills and loan repayments ON TIME each month – this will help to show potential lenders that you are in control and more likely to make future payments. Better still, try to pay off any outstanding amounts on credit cards completely. Even in difficult credit card debt situations, there are solutions if you just keep communicating or negotiating with the card providers. Consumers with good credit can go to Prosper.com and post a listing to consolidate their debt and often times receive a more favorable rate than most banks and credit card companies.

And lastly, as with presenting yourself for a job interview, make sure you put your best financial face forward before applying for a loan (and for goshsakes make sure there is no spinach stuck between your financial teeth).

Steve McDonald is a freelance writer and Prosper member since October 2007.

Leave a Comment

Prosper moderates all comments and will approve those that are directly relevant to the post. We do not publish comments that are spam, are offensive or appear to pass you off as another person.

(required) Email will not be published.

Comment Policy


To prove you're a person (not a spam script), type the security word shown in the picture. Click on the picture to hear an audio file of the word.
Click to hear an audio file of the anti-spam word

posted in Borrowers,Personal Finance Education,Prosper News no comments »

Connect with us



Hair Salon Owner Takes Her Business on the Road

By Prosper on 06/30/15   [ 0 ]

Posted by Sarah Cain When blow dry bars started popping up across the country recently, Jennifer Johnson saw a new opportunity and a way to refresh her 17-year hairdressing career. She decided to add a mobile service to her current salon, Pro Do Blow Dry Bar, based in Salt Lake City, Utah. Mobile blow dry [...]

Read More

Getting Back on Track Financially After the “American Dream Gone Wrong”

By Prosper on 05/27/15   [ 0 ]

Posted by Bill Walker When Sarah Thomas, a single mother, wanted to provide her young son with a better life, she decided to pursue a Master’s in nursing. She had high hopes for their future, but she found herself instead in the American Dream gone wrong. “I pursued an education and ended up with a [...]

Read More

Prosper Reports Record First Quarter

By Prosper on 05/21/15   [ 1 ]

Prosper Marketplace just closed out our first quarter and we’re very pleased to report that it was our strongest yet. In the first quarter of 2015, Prosper facilitated a record $595 million in loans through the platform, up 200% from the first quarter a year ago. We attribute this to the increasing awareness of Prosper [...]

Read More

« Older Entries

Monthly Archive

Notice: Blogs and other materials posted on or linked from this page that use the name "Prosper" generally use that name to refer to Prosper Marketplace, Inc. if published before January 31, 2013 and to refer to Prosper Funding LLC if published on or after February 1, 2013.