In my first blog post last week I talked about how I often share the learnings of successful lenders, as well as the teachings of the marketplace results. My job at Prosper is to show lenders how to use Prosper and its various bidding tools.  Here are a couple of other learnings to consider.

I (and the successful lenders I speak with) don’t make marginal bidding decisions. If everything looks great in a listing except that the bankcard utilization is just a tad bit higher than you’re comfortable with, or the loan amount seems too high – pass on the listing. There will undoubtedly be another listing around the corner that does meet your criteria.

How to “price” bids is another topic I frequently discuss with new (and many existing) lenders. The most common challenge lenders face initially is being outbid. This is usually due to bidding the “current rate” which in many cases isn’t competitive.

Lenders can avoid the time and frustration of being outbid by bidding an amount they are comfortable with from the beginning. That way, if they’re outbid they know that they gave it their best shot. The smart ones don’t get hooked into bidding again because it looks like a “hot” listing that everyone else is bidding on.

We have a wealth of information available in the Help section under the Lending topic.

Last, but not least, spend some time on the 3rd party applications:
             

These sites have an amazing amount of information and will certainly assist in your success on Prosper.

You can always call or email us questions. We’re here to help you.