Bitcoin Forum

Anyone here invests in BitLendingClub? Any input on it?

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

To receive larger loan amounts, the BLC community recommends that you join B.I.G (Bitcoin Investment Group) on Facebook. Verifying your identity through www.Ardeva.com will also be highly recommended!

I have joined BitLendingClub few hours ago, will join the facebook group soon.
Would you give a link to B.I.G on facebook?
Thanks  :)

The official BLC Facebook page is
https://www.facebook.com/bitlendingclub

That last guy was promoting his own scam/business.

Wait a second, who are you referring too?

Probably me.  Promoting/scamming? when asking for input on it?

Thanks for the interest. I'm the CEO of BitLendingClub and I'll be more than happy to give you more information on our platform. I would recommend that you check out the feedback we've received from our customers: http://forum.bitlendingclub.com/index.php?threads/we-need-a-little-help-with-marketing.55/

BitLendingClub has the following advantages:

• Lowest fees on the market (currently at 1%).
• Our fees are collected when the borrower posts a payment, rather than when the loan is closed.
• We have the lowest default rate, currently at about 3.5% (compared to BTCJam, which based on their statements is about 10%).
• BLC is the first to integrate merchant integrated loans, which eliminate borrower maleficence and are about 10 times less risky than unsecured loans.
• The interest rates are the most competitive in the market and established users generally get lower APR than on the competing platforms.
• BitLendingClub has the best customer service in the P2P Bitcoin lending industry.
• We work really closely with our investors to identify and prevent scams.

By the way, our investors have been sharing their success stories on the forum too: http://forum.bitlendingclub.com/index.php?threads/show-us-your-investment-success.26/

Feel free to join us at: http://www.bitlendingclub.com
Our brand new forum is really powerful and it helps us immensely with fraud prevention: http://forum.bitlendingclub.com
If you have any questions, you can always get in touch with us via our support e-mail: support@bitlendingclub.com

Please feel to contact me if you have any questions.
Best Regards,
Kiril Gantchev
CEO of BitLendingClub

I don't think ardeva really matter, I'm ardeva verified . last week my loan almost finished funded , and then admin deleted my loan listing suddenly.
"cause lenders think this is reputation loan" the reason doesn't make sense.

I don't recommended BLC for anyone who really need loan, unless if you have money to burn to create more reputation listings before create real loan listing, then go ahead.
also I don;t think reputation is really count, everyone can make that fake reputation.
the real reputation if something going wrong, but the borrowers pay the loan, that is the real reputation.

P.S : my username on BLC and Bitcointalk is same. ( bestincome ) just in case if you wanna a check.

The loan wasn't closed by the admin, but by the investors. The investors believe that you're trying to build reputation with the given loan and they voted to mark it reputation. Note that voting requires a number of investors to agree that this is a reputation loan, then and only then will it be canceled by the system. The first group of investors that agree on whether or not your loan is a reputation will have the determining decision on your loan.

The admin message just explains what the investors did, and I'll quote it here again:
https://bitlendingclub.com/loan/browse/lid/4183/0-5-btc-14-days-3-max

So what's the purpose of reputation loans, you ask? Is it just to take your money? The answer is certainly no, for several reasons:

• You can only have one reputation loan on our system, so once you've taken out one reputation loan you will not be able to create another one.
• Given the previous point, you're only spending your money once. This means that you can't "burn a bunch of money" indefinitely.
• Most reputation loans have a notoriously low interest rate, because investors know that you can't use (withdraw or invest) the funds from the loan and they'll bid each-other down just to get in on a 100% secured loan.
• The reputation loan can be as small as you want it to be, so you can end up paying less than a dollar in order to demonstrate to the lenders that you're can pay off a loan.

There are several reasons why the reputation loan are a good thing to have. The primary reason is to prove to investors that the borrower covers the minimal criteria required to successfully pay off a loan:

• The borrower can create a loan listing with the correct type.
• The borrower can navigate the website properly and repay the loan.
• The borrower has Bitcoin outside of the lending platform, which he/she can use to pay off interest.
• The borrower knows how to transact with Bitcoin. It might seem weird, but some borrowers have never handled Bitcoin before, yet they try to take out loans.
• The borrower proves the above 4 things with absolutely 0 risk to investors. After all, the investors shouldn't risk their money if the borrower is not able to at least meet the minimum criteria.

Why are these things important? Well, if the borrower doesn't understand loan types and descriptions, then he/she may inadvertently mislead the investors with their loan. If the borrower doesn't know how to repay a loan, then it may lead to the loan being late or default. This is the big one: if the borrower can't prove that they have Bitcoin outside of the lending platform, then it automatically puts in question their ability to repay a loan period. Finally, the borrower also proves that they can in fact transact with Bitcoin- you'd be surprised to find out that we've had people who simply have no clue how to work with Bitcoin, yet they want to take out a loan. There is no need for investors to risk their money just to find out if the borrower is able to do those basic things. The borrower only needs to prove that they cover the minimum requirements once, which is why we've limited the reputation loans to 1 per borrower.

Best Regards,
Kiril Gantchev
CEO of BitLendingClub (http://bitlendingclub.com/)

So what's the purpose of reputation loans, you ask? Is it just to take your money? The answer is certainly no, for several reasons:

• You can only have one reputation loan on our system, so once you've taken out one reputation loan you will not be able to create another one.
• Given the previous point, you're only spending your money once. This means that you can't "burn a bunch of money" indefinitely.
• Most reputation loans have a notoriously low interest rate, because investors know that you can't use (withdraw or invest) the funds from the loan and they'll bid each-other down just to get in on a 100% secured loan.
• The reputation loan can be as small as you want it to be, so you can end up paying less than a dollar in order to demonstrate to the lenders that you're can pay off a loan.

There are several reasons why the reputation loan are a good thing to have. The primary reason is to prove to investors that the borrower covers the minimal criteria required to successfully pay off a loan:

• The borrower can create a loan listing with the correct type.
• The borrower can navigate the website properly and repay the loan.
• The borrower has Bitcoin outside of the lending platform, which he/she can use to pay off interest.
• The borrower knows how to transact with Bitcoin. It might seem weird, but some borrowers have never handled Bitcoin before, yet they try to take out loans.
• The borrower proves the above 4 things with absolutely 0 risk to investors. After all, the investors shouldn't risk their money if the borrower is not able to at least meet the minimum criteria.

Why are these things important? Well, if the borrower doesn't understand loan types and descriptions, then he/she may inadvertently mislead the investors with their loan. If the borrower doesn't know how to repay a loan, then it may lead to the loan being late or default. This is the big one: if the borrower can't prove that they have Bitcoin outside of the lending platform, then it automatically puts in question their ability to repay a loan period. Finally, the borrower also proves that they can in fact transact with Bitcoin- you'd be surprised to find out that we've had people who simply have no clue how to work with Bitcoin, yet they want to take out a loan. There is no need for investors to risk their money just to find out if the borrower is able to do those basic things. The borrower only needs to prove that they cover the minimum requirements once, which is why we've limited the reputation loans to 1 per borrower.

Best Regards,
Kiril Gantchev
CEO of BitLendingClub (http://bitlendingclub.com/)
[/quote]

not closed by admin ? by investors ? that mean your system is sucks.
also what the point  reputation loan for ? as long as the borrower pay the lenders is doesn't matter.
you think someone will scam for 0,5 BTC ? risk all ID card, facebook, risk good name , etc ?

also if you looked at my listing, I create a lot listings with small and medium loan nothing funded.
and then after waiting 2 month , my loan for 0,5 BTC get funded then suddenly that listing closed cause your system suck, what do you think I feel ?

also if investor think / vote my listing is reputation loan, why not change my loan category into reputation loan ? instead of deleting the list.

if you just change the listing loan into reputation loan, that's is good, it will be increase my repaid loan in my profile.

but you just deleted that's listing, that's is not good . also what reputation are for ?
there is lot of fake reputation on bitlendingclub. everyone can easy have 200 + reputation on BLC.
also scammers on BLC has lot of reputation points. reputation my ass.

I don't see how that's a problem with the system. The investors fund the loans, so they decide what happens with the loans.

Actually, yes! People have scammed for less.
0.0015 BTC default: https://bitlendingclub.com/loan/browse/lid/1047/small-amount-as-i-ve-come-up-short
0.0145 BTC default: https://bitlendingclub.com/loan/browse/lid/1972/investing

I think you should discuss this with the investors. Nearly 80% of the loans on our system get funded, so there is certainly no problem with funding loans.

You're only allowed to have one reputation loan, so changing the loan type for incorrectly classified loans will open up a loophole in our system. A borrower could ask the investors to vote on the loan and make it reputation, thus getting around the limit of one reputation loan per user. The reputation is there to show that lenders have had good transactions with the borrower.

Not really, you can't easily earn 200+ reputation on the platform, especially now that we have a 1 reputation loan limit. If you want to earn 200+ reputation you have to do it by repaying loans. And your claim is a bit contradictory: if it was so easy for scammers to get high reputation, then I'm not sure why you're having so much trouble.

well, that's mean someone can make closed someone listing, just make investment and then vote for this is rep loan. that's mean sucks.


there is no social account on that list, only stupid investor want to invest on that listing.


discuss of what ? no comment on my listing and that;s why no discuss. the last one my repaid loan is same, I give clearly on description that I need purchasing good.


you clearly not understand my point, what I mean is, instead you delete the list,  why not change category to reputation loan if investor really think this is rep loan. see ???


really ? my previous repaid loan on BLC is not reputation loan, but I got 2 reputation point. I don't have problem at all on BLC as I newbie on this site, the problem is you deleted the listing suddenly without
warning,  also I read the FAQ there is no explanation about this issue, that listing will be deleted automatically if investor think the listing is reputation loan.

don't compared scammer outside with honest members, I don't have trouble at all on BTC jam, you can check my profile at btcjam here : https://btcjam.com/users/24804
2 BTC repaid, and now funding in progress for 3 BTC almost 100%. my trouble with BLC because the BLC system is really amateurs. at least you need to discuss to your BLC members first
before you make improvement.

It can't happen by somebody simply closing the listing. The system requires a consensus as a result of voting, so the only reason a loan would get closed is if enough people think the loan should be closed. Furthermore, 80% of the loans get funded, so it's pretty clear that the system works quite well and there is no abuse of the functionality.
It's about 50 cents, so I'm not sure social connections would change the absurdity of how little money people are willing to run away with.

It's not an active listing, there is very little reason for investors to comment there. If you wish to engage people in a discussion about your loan, then I'd recommend using our forum: http://forum.bitlendingclub.com/

I've already explained why we can't do that. If we enable such functionality, then it opens up a loophole around the 1 reputation loan per borrower rule.
It's not a frequently asked question, which is why it's not in the FAQ. You're one of very few people that have asked about it. Most people understand what's happening when they read the comment, which is posted automatically when the loan gets closed.

I'm not sure why you're telling me this, I don't give out loans and I don't delete your loan listings. If you want to convince lenders that you're a good borrower, then you can certainly share that information with them on a loan listing.

With regards to which platform is better: the repayment rate on our system is about 96%, whereas BTCJam is 90%. We've recently taken 35% of the market share in terms of funded loans volume, so we're on our way to beating BTCJam on that front as well. Our customers enjoy a very transparent and open system, for which we frequently receive praise. Our customer service is superior to BTCJam's, again, based on our customers' feedback. BLC definitely works better than BTCJam on just about every level.

yeah right...  ::)

I think the numbers speak for themselves: http://forum.bitlendingclub.com/index.php?threads/bitlendingclub-now-holds-35-of-the-loan-market-volume.180/

BTW, that's from August, the September numbers are even more in our favor.

yeah right , another self proclaimed, not independent source  ::)

Yep, we report our numbers, they report theirs... I'm sure you're just as suspicious of their numbers as you are of ours. Only if there was a way to verify the numbers... oh wait, there is! Here is a list of all the loan URLs which exist on our platform for the month of August: http://pastebin.com/5RbwqNMP

Feel free to be the independent source to verify the loans.

lol, that pastebin link just show BLC loan listings, where is BTCJAM loan listings ?

where this number come from  ???  ?  http://forum.bitlendingclub.com/index.php?threads/bitlendingclub-now-holds-35-of-the-loan-market-volume.180/
very contradiction.

yeah right  , case closed ::)

Like I said, feel free to check each and every listing. That's my proof, if you're asking for BTCJam's proof, then you should ask the operators of BTCJam for their loan listings.

Their numbers come from their statistics page: https://btcjam.com/stats

and who are you ? activity 1, and this is your first post ? hey, creating double account at one site is prohibited.
lol, very strange.

I would check his profile. Date Registered: February 28, 2013, 09:43:02 PM

Seems that you're just throwing around baseless accusations left and right. tisk tisk

yeah right  ::)

I'm sure you have some reliable evidence to back up your claims  ;) ::)

oh one more question, why BLC system said : Amount: Incorrect amount: we do not allow digits after the 4th decimal place.  ??
what this try to steal cent money ? on BTCJAM I can make investment with 0.000001 BTC, digits after 4th decimal is really count.

your system sucks and really amateurs.

copy from my dashboard :
Investments

    Interest Earned: 0.00609900 BTC
    Invested: 0.20830000 BTC
    Repaid: 0.21439900 BTC
    Late: 0.0000 % (0.00000000 BTC)
    Default Rate: 0.0000 % (0.00000000 BTC)

I'm Bitcoin follower and developer for some 3 years but I've not been interested in bitcointalk so far. Thank you

I'm a BLC investor and cannot be happier. 0% defaults until now, and a fantastic community.

And overall, it is the preocupation of their admins to provide a good and transparent service, something that BTCJam lacks.

Of course, that is not good for scammers, so they complain a lot about BLC.

Heya @bestincome

tl;dr to all the stuff in here...

I was one of your investors who voted the loan to be a reputation loan.

Why the heck we're you even not able to answer my simple question on that loan?

And why are you now complaining here instead of contacting us directly? I mean, there is nothing wrong with writing here, but why do we need to hear from it via someone from blc? Out investmentgroup is open for everyone involved with p2p lending, why did you avoid the chance to communicate with us but decide to go somewhere else and complain like some .... i don't know ... small child?

Sorry, but your activities makes you even more suspicious.

I'm done on that, there are a lot of borrowers who focus on doing what they need instead of going somewhere and telling crap about where they had no success...................

@hackbyte, what question ? i didn't see any comment from my listing.

We did a total of 13 Loans on BitLendingClub. Only lending to users with 100-300+ positive feedback.

Thus far of the 13..... 7 have defaulted and not repaid.

Would not recommend.

Strato

Hello, can you link to those listings? Thank you!

The late+default rate on our platform is 7.24% as of writing this post and we're working hard to reduce it. Please provide us with a link to your public profile and we will look into the situation, as it's certainly not representative of what other investors are experiencing.

Same results for me.  Terrible experience would not recommend at all.

EDIT: I just found your profile: https://bitlendingclub.com/user/investments/id/4479/superbit

I'm sorry for your experience. I see that 3 out of your 5 investments are in default. One being the top user on the site, Leon Stafford, who has been communicating and working to make payments. We're working to improve the site, but again, I would like to highlight that the overall default rate on the platform is 7.24%. BitLendingClub only collects its fees from repayments, so it's in our best interest to lower the default rate. We take defaults seriously on our platform.
Best Regards,
The BitLendingClub Team

I had many successful investment, and defaults. One default can wipe out gains from 10 investments.

This isn't my profile. I'll msg you my profile.

However, I posted my original complaint over 3 months ago- and it is only now being addressed.

When I first joined the site and made investments; I was under the impression that a certain minimum level of due diligence was being done in terms of the background checks and "required" documentation in order to post and take out a loan. I then received the attached document via email regarding one of my defaulted loans.

This document; to me says one thing:  It is VERY easy to get approved to request a loan on this site.

The borrower on this document supplied a "Drivers License". No Expiration Date. No Date of Birth. No Country of Issue.  This "Lender" agreement / Loan Application is a joke.

I think any users considering investing or joining BitLendingClub should take a good look at this document and ask themselves if the site/owner is actually fulfilling their end of the agreement in terms of providing at least the minimum "promised" level of protection it advertises to it's lenders.

Lastly; the other loans which defaulted - I never received any such document nor has this information been posted on the site on my dashboard.  I assume this basically means the information was never collected nor recorded by the site administrators as promised.

Strato

http://s27.postimg.org/pdonl4ihf/blb_default.jpg (http://postimg.org/image/h86lmyu8f/full/)
image hosting 5mb (http://postimage.org/)

Hi Strato,
I usually try to search for posts related to BitLendingClub, but given all the work we're doing and the fact that we don't get notifications, I end up missing some of them.

The document you've received is from an older profile. In the early days we didn't require the user to enter all of the data at the time it was provided. We also can no longer just "hand over" the documents of the users, because it poses legal issues. However, now we require a lot more information to be entered and we're going through an overhaul of the system. Our initial assumption is that the lenders will perform a lot more of the due diligence on their own, as the tough questions, etc. As we've been building the system we've found out that lenders do very little due diligence, so we've had to progressively add more due diligence steps. It's a slow process, but we're making progress. Of course, I understand that you're probably not going to be investing into the platform anytime soon again, but I just wanted to address the issues at hand. We're certainly taking note of the problems and we're working to resolve them.
Best Regards,
Kiril Gantchev
Connect with us:
Twitter: @BitLendingClub
Facebook: https://www.facebook.com/bitlendingclub
Google+: https://plus.google.com/+BitLendingClub

This is probably the 1st time hearing of the site, because usually most people mention btcjam instead.

And I ended up going there. Plus it seems like the community over there is a bit stronger in my view.

While I appreciate your response. Perhaps you could explain better your business plan; as well as how your terms of service will work under a system where BLC act's as the agent; and the lender is expected to deal directly with the borrower - yet not be provided with any of the "fact checked" information they provide upon registration.

- You mentioned you can no longer simply hand over personal information like you have done in the past. I don't see how your user agreement couldn't cover this in terms of a release agreement with the borrowers. It's a TOS issue. Borrowers consent that in the event of default the information they submitted shall be provided in whole or in part to the lenders in order for the lenders to collect on the debt. It's as simple as that. If you arent going to hand it over, why even collect it?

- Either your site is going to back and guarantee and handle the collection of bad debts - covering the legal expenses to boot - or your site will be one where your borrows guarantee themselves and the lenders must handle all disputes and defaults. It's one or the other.

- Since you have stated that your standard operating procedure moving forward will not include providing contact and personal information about the borrowers in the event of default; I don't see how lenders will have any recourse whatsoever. Please explain what how BLC will in any way aid recourse options to lenders in the event one of their loans enters into a default situation.

- Under your new TOS how will disputes be settled?

- Your explanation is that you are "overhauling" because you've realized it's the lenders lack the ability or didn't do their own due diligence in terms of the burden to background check the borrowers - which is impossible based on the fact that no information is given prior to the loan other than profile links, doesn't add up. Your site clearly states that information is required from those who borrow; yet the document provided even under the old system shows major flaws in your system... as in the information isn't even there. The document I was provided; can you comment on the gaping holes it contains? I'd love to see a scan of the Driver's License. Blur out the information - but what was actually collected?

- Personally I'm not going to waste my time trying to track down someone halfway across the world to recoup a few bitcoins. But I think your explanation of "We're overhauling the system and are making progress" sounds like you really haven't done anything and don't have a clear plan of action moving forward. This poses a risk to anyone considering joining your site.

- As a hypothetical; (and I stress this as a hypothetical and in no way an accusation of wrongdoing by BitLendingClub) - But you have to admit:  There is no way for lenders to know if the profiles created as borrowers are not merely BitLendingClub acting as real people (you; yes you); this of course - hypothetically speaking - in a scheme to fraud investors out of their funds. I stress: this scenario is not an accusation by any means; but if you are not going to provide the information of the borrower to the lender; not back the loans at least with a trust fund which limits loss; then how are users to ever know what to believe?  How will this new system better provide accurate credit ratings on their users? What fail safes are you planning on implementing into the system in order to mitigate losses on the lenders end?  How will you; in this global virtual currency ecosystem - realistically confirm the information borrowers provide as their "documentation" are not merely fake profiles purchased here or on Reddit; with some photo shopped documents?

The Bitcoin community as a whole has been plagued by scams and fraud since inception.

I simply don't buy your response- or if that is your response; this site lacks any real form of protection and should not in any way be branded an "INVESTMENT" site. It should clearly state: Loan Money to Strangers. I think your Business Plan and PR Plan really need some work.  

Lastly; I am curious. You mention an overall default rate of 7%. Can you please break that down:  Number of Loans; Number of Loans Current; Paid; Past Due; Deafult - and then as a separate column provide the same stats for BTC/FIAT in Paid; Current; Past Due or in Default. I'm not sure what the 7% represents - number of loans; or amount of funds. Are you including past due figures? I have loans on my profile that are MONTHS past due and not marked as in default.

Strato

EU driving licences have no expiration date. It's always funny watching US police officers looking for it. :D
Not sure about the license number, Austrian driving licenses have 8 digits for example. Maybe Irish licences have 6 digits only, I don't know.
Country of issue is clearly visible in the upper right corner on every EU driving license + district authority in the middle.

Well I googled Ireland Driving License - EU - and a number of images came up - they all look like this. Appears to me there is an expiration date. 2022. Unless the 2022 is simply something else?

The images online also have 8 digit codes next to the expiration date. And an alpha numeric code as well which is longer. 6 digits... that only allows for 1 million licenses. Not possible.

http://s8.postimg.org/fnxrznfut/driving_licence.jpg (http://postimage.org/)

Also according to Wikipedia EU Drivers Licenses are either 10 or 15 years depending on the issuing country; and must be renewed for all classes. Class C and above require a medical exam pass before renewing.

Images confirm this as well.

Ah sorry, since 2013 there is also an expiration date on Austrian driving licenses. Mine is a few years older without expiration date. It's valid till I'm not clearly identifiable on the picture or year 2033 as a maximum. Now we have 15 years.
To sum this up: There are still a lot of people out there without expiration date on their driving license.

Our default notices now contain all of the information which was missing in yours. The reason is that we currently ask the user to enter that information and our support staff verifies it against the documents they've submitted, this is automatically populated in the notice of default. At the time your borrowers filled out the loans, they didn't have to enter that information manually. We do have the IDs and the other verification documents of the lender, so if you send us an e-mail at support we will manually issue the missing information: support@bitlendingclub.com

There are legal restrictions for storing and disseminating people's documents. We collect the information in order to guarantee that people don't create multiple accounts, they are who they say they are, and so we can populate the notice of default, whenever one arises.
That's ultimately the goal, we would like to get there and we've been trying to see if we can aid the collection of a couple of loans. However, going after the borrowers is quite expensive, so it generally makes more sense to focus on prevention in the short term and collection in the long term. One of the changes we're making is to change the income requirements. Up until now we allowed people with 0 income to get loans, this was because many in the Bitcoin community were miners, sellers on local bitcoins or people undertaking speculative ventures in order to cover the high interest rates. That's about to change very soon, we're now going to be more strict with the income verification and we'll be increasing the quality of borrowers on our platform.

I should note that when I said "personal information" I mean that we wouldn't be sending out a copy of the verification documents. We will still send the notice of default, which have all of the information which was provided by the borrower and verified by our support staff. So dispute resolutions should be done with the notices of default. I'm going to explain what we're doing in order to help with that too (see below).

As I said earlier, the documents are automatically generated from fields which are filled out by the borrowers. The information is available on the verification documents submitted, but we have't gone back and manually entered the information so we can re-generate the notices of default. You can contact support and we'll do that on a case by case basis, until we're done with the manual data entry. All of the information is available to us, it's just a matter of time before we can go through all of the documents and perform the data entry.

Given that we have a total of 10 people working for our company, including myself, it's going to be pretty difficult for us to do that too. I've already contacted several collection agencies, but they don't seem to be interested in collecting such small amounts. I'm still looking for a collection agency that can help us, at least within the US. We've also taken a couple of loans which borrowers have defaulted on and we've contacted the lenders: we asked if any of them could take point in the collection process, given that they're geographically close enough to the borrower. Out of nearly 140 lenders contacted, only a couple expressed interest in taking point and they were quite far from the borrower. They weren't able to follow through in getting a sheriff to serve the court papers, going to court, waiting for a judgement, filing for wage garnishment/property lien, and keeping everybody up to date.

While I understand your concern, there is very little chance that we can realistically do that. If that was the case, then you would see massive discrepancies:

• The majority of the information provided by the borrowers will not match the social connections, trusted connections and public communications.
• We would have to find fake/stolen IDs, which we pass onto Jumio (since we verify the documents both manually and through Jumio).
• We would have to acquire a large number of phone numbers, from multiple countries (I don't even know how one would do that).
• We would have to acquire a large number of social profiles and matching accounts from Amazon, eBay, PayPal, LocalBitcoins etc.
• Our company of 10 will be tasked with managing and maintaining fake communications for over 900 profiles (this is the number of verified customers we have).
• When we release the notice of default, the information would not match any of the factors above.

And that's just for starters... if this is a real concern with BitLendingClub, then I guess that's a concern that would exist with any lending marketplace, even with Lending Club and Prosper. However, a company that is legally registered and has VC backing is not going to take a risk of defrauding its customers or investors. I would be liable if I or any of my staff lied to investors and customers. And trust me, we've dealt with so many lawyers and signed so much paperwork in the past year, that it would make very little sense for us to even think about taking that kind of risk. BitLendingClub is a registered business in the state of Illinois, we also have LAUNCHub invested in us and we're now a part of Boost VC's accelerator program (founded by Adam Draper). The long-term potential for growth within our company greatly outweighs the potential for short-term from scamming people.

We saw a problem, which was the need to have a lending marketplace for Bitcoin and we built the platform. I've personally invested well over $200K in building this site and I'm quite far from getting a return on my investment. However, I understand that if I want to recoup any of my $200K+, our website would have to turn profit for the lenders. We can't possibly guarantee returns, because that would simply be a lie, so we've been doing everything we can to improve our platform. Quite frankly, it's not as easy as it looks, but we do make a concentrated effort to work with the lenders as much as we can. We have limited resources, so we have to rely on the community a lot more than we'd like to.
Our new filters allow you to inspect all of the loans.

If you filers for loans which are late and default, you will see that there are about 322 of them (USD and BTC): https://bitlendingclub.com/loan/index/filters/1/filterName//statuses/2/amount/0.00000000%3B0.00000000/reputation/-2000%3B2000/timeLeft/0%3B0/paymentStatuses/2%2C3/btc/true/usd/true/invested/true/notInvested/true/funded/0%3B0/ratio/0%3B0/perPage/250/show_filter/

If you filter for loans which are funded or repaid, you will see that there are over 4000 (USD and BTC): https://bitlendingclub.com/loan/index/filters/1/filterName//statuses/2%2C3/amount/0.00000000%3B0.00000000/reputation/-2000%3B2000/timeLeft/0%3B0/paymentStatuses/1%2C4/btc/true/usd/true/invested/true/notInvested/true/funded/0%3B0/ratio/0%3B0/perPage/100/show_filter/

Your support people are funny.

I upload a scan of my last phone bill for adress verification.
your support comment: "Screenshots are not acceptable."

lol?  ???

How shall I bring the bill else on my computer? Take a picture with my phone?
For what i own a scanner?  ;D

Otherwise, all my data is verified. Have also uploaded my ID.
My address is on it. Also on the bill.

This is a bit confusing and slightly annoying.

Hi, please keep communicating with support, they will guide you through the process.

Quick response and satisfactory solution.
It's all right now. Thank You :)

I've been using this service for a month now and am 100% satisfied.  Strictly as a lender.  Only 1 loan was late with a payment and only by 2 days.  You just have to be smart about who u lend to.  Fully verified and high rep score.  And do micro loans so u don't get burned bad if one does default.  I also like to fund loans that are already 100% funded and undercut somebody's interest rate.

The particular user provided an Ireland Age Card, which is a valid form of ID in Ireland. This is also the reason is why the document has no expiration date and the card number is short, compared to what a DL number would be. Here is a sample of what the Ireland Age Card looks like:

http://www.agecard.ie/images/security_features.jpg

Please note that we have one group for ID/Driver's License and we accept both types of documents: when we issue the notice of default the document type is ID/Driver's License. I think you're right that we could do better, but we certainly try to do our best to protect the lenders. There is no way we can have a sustainable business if we don't do that, as we don't make any money from people that default. In addition, we didn't misrepresent our service: it's quite difficult to build a peer-to-peer lending platform which services people from every single country in the world. The fact that you lost money means that we lost money, so in no way are we indifferent to the loss. It's a process which takes time and we know that we'll incur loss, until we get all the tools in place. We're also using Jumio as an ID verification service, which adds additional safeguards against users who attempt to defraud the system.

With regards to your negative rating on our profile: I understand your position, I simply would like to point out that we didn't make money from your loss. On the contrary, we lost revenue and resources (which cost us money) in order to service those loans. Again, I apologize you had such a bad experience and we'll continue to work on improving our platform.

Are there any plans of introducing collateral loans? Some other services are about to implement this.

What types of collateral are we talking about? We've looked into various collateral options, but we didn't find anything that works particularly well here.

Wow, i see a person in bitlending stacking a loans of 20btc. It seems pretty fishy to me

https://bitlendingclub.com/loan/browse/lid/11242/buying-scrypt-miners



this is a scammer so beware

Hi Guys,
I wanted to update you on our efforts to lower defaults and to get a better credit rating system in place. We released new underwriting rules in the beginning of March and it's already had an amazing impact: we've brought down the default rate by over 50% (from 16.97% to 7.9%)!
https://i.imgur.com/kHxm9iX.png

It's quite reasonable to suggest that 2 months is not sufficient to determine the default rate, but please note that we count late loans as default. So 100% of the loans reach maturity within 30 days: the average loan term is 30 days and the maximum payment frequency is 30 days.

Furthermore, we've released a new credit rating system and it's performing quite well. You can see the detailed statistics on the defaults per loan grade and a number of other statistics on our stats page: https://bitlendingclub.com/stats

Best Regards,
Kiril Gantchev
CEO of BitLendingClub
Twitter: @kgantchev

Connect with us:
Twitter: @BitLendingClub
Facebook: https://www.facebook.com/bitlendingclub
Google+: https://plus.google.com/+BitLendingClub

BLC is a good lending platform but very slow at getting funded .  and everything is set to manual . thats the only downside .  and they also have a horrible rating system .

There is a lot of room for improvement in terms of making lending more automated and increasing the speed of funding loans. The credit rating system was recently improved, we are extremely transparent about the performance and everybody can take a look at how good/bad it's working on our statistics page: https://bitlendingclub.com/stats

Here is the default rate by credit rating:
https://i.imgur.com/fukxeI2.png

We always welcome the community's feedback and we're constantly working to deliver the best product on the market.

I've seem to have bad choices with regards to loans I invest in these days, most of the name in my calendar looks red.

Is it just me?

rating system is as bad as jam .  miss one payment and you are an E1 rating

Overall how would you compare BTCJam to LBC? Or others (which one)?

Currently I'm only on jam. Should I also consider LBC?

well if you wanna get funded go with jam. but they have absurd rates .  blc is ok if someone invests in you. but blc screws people over who are retired. so you cant verify income with screenshots.  btcpop to me is the best platform.

We appreciate the feedback. We've known that verifying your income is a bit tough, so we've improved our income verification panel to accommodate our borrowers better.

We now allow users to add multiple sources of income: Employed, Self-Employed, Student, Retired, and Coinbase/eBay/LocalBitcoins merchant transactions.
https://i.imgur.com/H4MT3X2.png

Specifically for retired users, we have the "Retired" option:
https://i.imgur.com/VvZEsfM.png

This has provided a lot more flexibility in the income verification process.

you dont take screenshot so how are people going to verify retirement ?

Unfortunately, screenshots are not accepted as a policy. The accepted ways to submit your proof of income are by providing scanned copy or high resolution picture of the documents. We require that you submit proof that you are receiving the retirement funds. You can submit multiple documents at the same time via the upload form.

The following documents are accepted:

• Bank statement, showing the retirement deposit.
• Payment stubs from your retirement checks
• Other official documents which show your retirement income

yup dont get any of those . its all done electronically .

Do your retirement benefits get deposited directly into your bank account?

For what it's worth, I first starting BTC lending with BTCJam and in the last month or two have transitioned slowly toward BLC.

For whatever reason, BTCJam has gone noticeably downhill in the last several weeks. People seem to be defaulting left and right, so what few 'good' loans are left get snatched up almost immediately. I don't know what changed, but I can definitely say that BLC is a better platform as it stands now for the following reasons:

1) Quality of loans
There's quite simply fewer defaults, at least in my personal experience.

2) Shorter terms
Most loans at BLC are about 30 days, whereas more and more loans on BTCJ are 365 days, and I just don't want to go that far out, especially with the volatility of the cryptocurrency market.

3) The rates
I think this also relates to their superior rating system. I feel as though the suggested (but not mandatory) rates are more closely related to the amount of risk you're taking with any given loan. Plus, the fact that you can offer whatever rate you'd like to a buyer is a big plus since you can adjust up or down depending on what you think is fair, and the buyer can either accept your offer or wait for a better one to come along (at least to my understanding).

4) The social identity verification
I can do my due diligence by perusing someone's Facebook page, for example - a few of which look obviously fake and set off red flags, so I stay away. This simply isn't possible at BTCJ, which makes it a less desirable lending platform.

I will say though that, if someone prefers loans that are tied to the value of USD instead of strictly BTC, regardless of how the value fluctuates throughout the loan, there are generally more of those loans at BTCJ. Although USD loans do exist at BLC, they just aren't very common. I'm okay with this, especially since the loans are better all around, but it's something to consider if you're looking for that kind of security. Again though, since most loans are 30 days, I really doubt this is going to be much of a factor.

Loan notes might be a feature to consider adding to BLC. Sometimes people get freaked out about someone being late, and I like being able to buy them out at an even larger profit (or a larger loss if it doesn't work out).

Oh! I might also add that there's been an influx of crap loans at BLC that mostly seem to be originating from Venezuala and sometimes other South American countries. Apparently, they're getting fake documents to create these accounts, but the pattern I'm seeing so far goes something like this:

1) Rep loan, 7-day term, something small like .01BTC
2) Second loan, usually 7-14-day term, something slightly bigger like .5BTC
3) Third loan, 14-30-day term, usually 1-1.5BTC and usually defaulting

I've been burnt 3 or 4 times by these guys, and have decided to just filter out all loans from Venezuala for this reason. There are some legitimate borrowers from that country, but it just takes too much time to sift through all the crap loans from there to be worth the effort. It'd be nice if BLC could look into how these loans are getting through so that you can potentially resolve the issue.

Also, I thought it was odd that one person commented about this exact thing in the comments of the loans that were suspect, and admins deleted the comment. Sure enough though, the loans defaulted. I don't think this is necessarily shady of the admins, but I don't see why the comment was deleted, especially when it has turned out to be a genuine issue.

Anyway, I can't speak to the efficacy of BTC Pop, as I've never used the platform, but I'll have to give it a go and see if it's any better or worse.

yup no pay stubs . havent had a pay stub for 13 years . nor a bank statement . all done on a new technology called the internet . 

BTCjam has been messing with peoples account and not letting them pay as well .  crappy service

So far i had a good experience with BLC. They are superior to BTCJam IMHO. Yeah, you have your typical scammer, but you have to sort through the shit to find the good people who can give you a good interest rate.

yeah but this 300$ cap is BS

Im registered bitlending club, but not easy to found legit people :3
i think better give LOAN at bitcointalk with "bitcointalk account" for collateral
and a good profit

That is seriously bullshit ,why would they limit that ..
i mean they are acting like banks. But the capital on JAM is 100x more than blc.lol

any 1 know how to get verification with coinbase wallet ?
my coinbase has been rejected
http://prntscr.com/89sht8

I know of a lot of legit borrowers . myself being one of them .  I dont like to take high interest 1 month loans . my max is always 8 percent a month

When you tried to verify with Coinbase, the platform provided you with an rejection reason. The most likely reason for rejection is either the account is not old enough or you don't have a sufficient number of merchant transactions. Please note that we're specifically checking for merchant transactions (at least 20 with at least 20 customers in the past 2 months), and not wallet transactions. We don't verify your wallet activity, but your merchant activity.

Our lenders have requested that we do more to protect them, i.e. to act like a bank. Part of that effort is to do basic risk analysis: we try to determine if a borrower is willing to repay their loan and do they have the means to. If somebody is asking for a $750 loan for 30 days and their income is $200 a month (some emerging market countries), then the person is probably going to run into some trouble paying off the loan.

Hello everyone, I propose to invest in my new quick loan for trade.
https://bitlendingclub.com/loan/browse/lid/18931/quick-localbitcoins-trading-4
 Return guaranteed. Thanks

I am member of bitlendingclub and i am happy on there.

Invested once or twice in there. At first I got repaid but then the next one never repaid back. He got his loan defaulted and there is nothing we can do but to shit that scammers thread in there. Never invest in such lending site if the listing is not monitored. I regret loosing that 0.2 btc, should've just bought something from it rather than loosing it to someone I don't know.