It only took me about 5 minutes to sign up altogether as a Prosper lender, and my $50 bonus was posted immediately and available for bidding on loans right away.

You basically just need your name and address, bank account information (routing and account number), driver’s license number, and social security number for verification purposes.

Prosper performs a small deposit to your bank account and withdrawal for the same amount in order for you to verify your bank account for future transfers.

You must grant Prosper permission to perform a soft pull of your personal credit profile from Experian in order to join as a lender.

This credit report soft pull is only for verification purposes and does not affect your credit rating or credit score.

Here’s more info from Prosper on how/why they pull your credit report:

Credit Profile Authorization

Why does Prosper access my credit profile?

Prosper uses your credit profile to verify your identity and prevent fraudulent transactions in your name. This is not considered a credit report pull that will affect your credit score (full details below).

How often does Prosper access my credit?

Only once, and only when you give us explicit permission.

Will this inquiry affect my credit report or my credit score?

No. Because we have your permission to obtain your credit report, your credit score will not be affected. This is considered a “soft pull”. Read below for full details.

Although we are making a request for your credit report, we are doing so at your instruction, so no inquiries viewable by subsequent users of your credit report will be placed in your Experian credit profile. That means your credit score won’t be affected. If you ever obtain a loan through Prosper, an inquiry that others can see will be placed in your credit profile at that time.

The entire registration process for lenders on the Prosper peer lending network was quick and easy, plus your $50 bonus is available immediately, so you can start out right away by placing two $25 bids on loans as soon as you sign up, as there is no waiting period.

Take advantage of this $50 Prosper lender bonus while it lasts.