Double Interest - the first 11% up front at Prosper
Let’s make this interesting. I have a loan listing on Prosper. It is capped at 11% because of a state cap in Virginia. 11% is not competitive, so there is a high probability that the loan will NOT be funded. How can we get this funded? How about a double interest incentive:
- Every lender who bids at least $200 on the above loan will receive 11% of their bid after the loan has been funded
- Payment via PayPal only
- Any lender that bids at least $200 will contact me via the messaging system on Prosper to provide me with PayPal payment information
- After the loan has been funded, any lender that has bid at least $200 will receive 11% of their bid up front via PayPal
For instance:
Lender A bids $300. The loan is funded. I will send the lender a 11% reward payment via PayPal, which would be $33.
Hopefully this will increase the reward side of the Risk/Reward equation and make the loan funding more possible.
Is this against the Prosper TOS? I will let you be the judge. If you are worried about risking your Prosper account, then I would recommend not taking this offer. I will also reserve the right to rescind this offer before the loan has been fully funded in case there are any legal ramifications - so, consider that also when thinking about this offer. Hey - it is all about balancing risk and reward.
I just bid 50 bucks on your loan. I didn’t know about this deal, but it would not have made any difference as I only had about 75 dollars in my cash account.
I think this is a good deal, and would not think Prosper would have any jurisdiction over an “outside” deal.
Give Kevin at Rateladder some credit for making your loan a bit more public
Good Luck - Mark
Hey Mark! Thanks for the vote of confidence. Maybe we can turn the loan around in the last day of bidding. Kevin has been very helpful with brining attention to the loan - I doubt it would have gotten more than one bid without him!