Friday, April 4, 2008

LoanChimp's Lending Tips

LoanChimp has provided a handy set of Prosper lender tips (in 8 parts, thus far) that are good advice to any new (and existing) Prosper lender. However, going through all the posts is quite tedious, so here's my quick crib sheet:

  1. You don't know everything. Just admit it. It'll make things easier.
  2. You're here to make money, not provide handouts.
  3. This isn't gambling. Don't take chances.
  4. Don't be impulsive. Take time to think about the listing.
  5. Understand what the borrower mean, not just what they say.
  6. Ask questions. It makes #4 and #5 easier.
  7. But be nice when you ask questions.
  8. Loans do go late. Learn to live with it.
  9. Don't get mad. Just like the Godfather says, "This isn't personal. It's business."
I'll tack on more when they come in. So many early mistakes could've been avoided. Nothing like the school of hard knocks to catch your attention.

1 comment:

bhargava said...
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