RateLadder reported that Prosper is going now covering the whole country – minus Texas and South Dakota – with the ability to fund a loan at a rate of up to 36%. This is great news for those of us who were restricted in some states, which had interest rate ceilings. For instance, in Virginia there was a 12% interest cap. This made it difficult, if not impossible, to fund a sizable loan. There are a bunch of other new items of interest that will impact all members of Prosper – check out this blog post on the Prosper blog – Thanks Prosper!

All you Prosper Gurus out there – I want to try for a Prosper loan. Okay, so I have credit card debt I want to consolidate. I would like to go for $25,000. Should I set the interest rate at 36% and let the market bid it down using the auction? I just checked my credit via Prosper and I am sitting at a “B”. What would a good strategy be?

RateLadder wrote about a $25,000 loan funding at 22% — C Credit — DTI 28%. I am a B Credit with about 20%-25% DTI. What do you think? Can I make it happen for around 20%? I like the idea of letting the market adjust the rate to the most appropriate level.