When you're working with peer-to-peer personal loans, you're asking financial backers to put faith in you. They see your listing and decide you're a risk worth taking. Once you have the financial backing in place, you get the money you need transferred to your bank. Writing a successful loan request is a crucial step in this form of personal loan, so you need to take these steps to make your listing stand out.
Honesty goes far in life and loan requests. If you need money to pay off debt, explain what led to that debt. Lenders are going to be far more understanding to those who are honest about having an unexpected home repair or medical issue that drove up credit card debt. They may not be as willing to lend money to the person who lives beyond their means and suddenly needs the money for a new hot tub and in-ground pool.
Don't Ask For More Than You Need
Ask for just as much as you need. With peer-to-peer unsecured personal loans, lower loan amounts tend to get more notice than large loans. You also have the choice to set up partial funding, which means that even if the full amount you need isn't raised, you can borrow the amount you were able to raise.
Proofread Your Listing
Make sure you proofread your listing. If you fail to check over your submission, you could mistakenly find yourself asking for $10,000 instead of $20,000. You now are $10,000 short in your intended goal. Also, proofread the description about you and your needs. A listing with proper spelling, punctuation, and grammar looks better than one with loads of errors.
Submit All Documentation When Asked
When posting your unsecured personal loan listing, make sure you include the necessary paperwork. If you are self-employed, a copy of your tax forms are necessary for loan verification. You may be asked to provide copies of bank statements, photo IDs, or tax bills. Make sure you monitor your request regularly, and if additional documentation is requested, submit it as soon as you can. Making financial backers wait will make them hesitant to put their faith in your abilities to meet deadlines.
Don't rely on the peer-to-peer lending site to advertise for you. Once you've created your listing, post it to social networking sites to help spread the word.
By following these steps, you are more likely to get a positive reaction to your peer-to-peer loan request. The happier you keep your potential lenders, the higher your odds of getting all of the money you need to pay off debt, finance a purchase, or receive the start-up cash for your new business.