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:
- You don't know everything. Just admit it. It'll make things easier.
- You're here to make money, not provide handouts.
- This isn't gambling. Don't take chances.
- Don't be impulsive. Take time to think about the listing.
- Understand what the borrower mean, not just what they say.
- Ask questions. It makes #4 and #5 easier.
- But be nice when you ask questions.
- Loans do go late. Learn to live with it.
- Don't get mad. Just like the Godfather says, "This isn't personal. It's business."