Title: BitLendingClub Post by: leevalle on August 14, 2014, 01:50:00 AM Anyone here invests in BitLendingClub? Any input on it?
Title: Re: BitLendingClub Post by: ivanv on August 16, 2014, 02:23:06 PM I'm curious to hear about BitLendingClub too, so let's keep in touch mate
Title: Re: BitLendingClub Post by: Buybtc4PP on August 19, 2014, 04:18:55 AM 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! Title: Re: BitLendingClub Post by: Traffic4u on August 19, 2014, 04:37:14 AM 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 :) Title: Re: BitLendingClub Post by: Vod on August 19, 2014, 04:52:40 AM 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. Title: Re: BitLendingClub Post by: Buybtc4PP on August 19, 2014, 05:02:23 AM 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. Title: Re: BitLendingClub Post by: leevalle on August 20, 2014, 01:46:33 AM 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. Probably me. Promoting/scamming? when asking for input on it? Title: Re: BitLendingClub Post by: BitLendingClub on August 21, 2014, 11:21:13 AM 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:
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 Title: Re: BitLendingClub Post by: bestincome on October 07, 2014, 10:13:46 PM 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. Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 06:02:32 AM 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. 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."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 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 Quote This loan has been closed because the lenders think it's a Reputation loan and it hasn't been properly marked as a reputation loan when the borrower chose the loan type. We encourage the borrower to provide a better description and to conduct more discussions with the lenders in the comment section in order to prevent future loan cancellations. If the loan was incorrectly closed or if lenders are abusing the voting system, then please report to BLC staff via the Contact Us page. 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:
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:
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/) Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 05:44:57 PM Quote 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 This loan has been closed because the lenders think it's a Reputation loan and it hasn't been properly marked as a reputation loan when the borrower chose the loan type. We encourage the borrower to provide a better description and to conduct more discussions with the lenders in the comment section in order to prevent future loan cancellations. If the loan was incorrectly closed or if lenders are abusing the voting system, then please report to BLC staff via the Contact Us page. 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:
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:
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. Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 06:00:46 PM not closed by admin ? by investors ? that mean your system is sucks. 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.Quote also what the point reputation loan for ? as long as the borrower pay the lenders is doesn't matter. Actually, yes! People have scammed for less.you think someone will scam for 0,5 BTC ? risk all ID card, facebook, risk good name , etc ? 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 Quote also if you looked at my listing, I create a lot listings with small and medium loan nothing funded. 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.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 ? Quote also if investor think / vote my listing is reputation loan, why not change my loan category into reputation loan ? instead of deleting the list. 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.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 ? Quote there is lot of fake reputation on bitlendingclub. everyone can easy have 200 + reputation on BLC. 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.also scammers on BLC has lot of reputation points. reputation my ass. Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 07:01:22 PM Quote 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. 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. Quote 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 there is no social account on that list, only stupid investor want to invest on that listing. Quote 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. 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. Quote 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. 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 ??? Quote 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. 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. Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 07:28:51 PM Quote 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. 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. Quote Quote 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 there is no social account on that list, only stupid investor want to invest on that listing. Quote 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. Quote Quote 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. 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 ??? Quote Quote 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. 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. Quote 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 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. 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. 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. Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 07:46:45 PM yeah right... ::)
Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 07:51:41 PM 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. Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 08:16:27 PM yeah right , another self proclaimed, not independent source ::)
Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 08:35:08 PM 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/5RbwqNMPFeel free to be the independent source to verify the loans. Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 09:00:08 PM 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 ::) Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 09:03:30 PM lol, that pastebin link just show BLC loan listings, where is BTCJAM loan listings ? 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.Quote where this number come from ??? ? http://forum.bitlendingclub.com/index.php?threads/bitlendingclub-now-holds-35-of-the-loan-market-volume.180/ Their numbers come from their statistics page: https://btcjam.com/statsvery contradiction. yeah right , case closed ::) Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 09:52:51 PM At least Bitlendingclub is transparent with respect to their archives! That makes it easily verifiable. yeah right , another self proclaimed, not independent source ::) If you dig a bit in BTCjam's archives, you will notice it's a real horror. Really. They *never* ever reach a rate of 90%. Maybe this is the number of loans paid, inclusively small reputation funds, but the amounts lost during fraud (which are different to the *number* of loans) are immensely high. Believe me. Usually, what a scammer does is post 5 reputation loans and 1 real loan (= 83% success rate according to BTCjam). That's the explanation of their numbers. Edit: technically, it's possible to crawl BTCjam loans and compile the "real" statistics from it. If anyone interested, I'm in. and who are you ? activity 1, and this is your first post ? hey, creating double account at one site is prohibited. lol, very strange. Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 10:34:11 PM and who are you ? activity 1, and this is your first post ? hey, creating double account at one site is prohibited. I would check his profile. Date Registered: February 28, 2013, 09:43:02 PMlol, very strange. Seems that you're just throwing around baseless accusations left and right. tisk tisk Title: Re: BitLendingClub Post by: bestincome on October 08, 2014, 10:53:50 PM and who are you ? activity 1, and this is your first post ? hey, creating double account at one site is prohibited. I would check his profile. Date Registered: February 28, 2013, 09:43:02 PMlol, very strange. Seems that you're just throwing around baseless accusations left and right. tisk tisk yeah right ::) Title: Re: BitLendingClub Post by: BitLendingClub on October 08, 2014, 10:56:43 PM yeah right ::) I'm sure you have some reliable evidence to back up your claims ;) ::) Title: Re: BitLendingClub Post by: bestincome on October 09, 2014, 02:58:03 AM 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) Title: Re: BitLendingClub Post by: daluege on October 09, 2014, 10:49:46 AM 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'm Bitcoin follower and developer for some 3 years but I've not been interested in bitcointalk so far. Thank you Title: Re: BitLendingClub Post by: liberman on October 12, 2014, 06:04:15 PM 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. Title: Re: BitLendingClub Post by: hackbyte on October 13, 2014, 02:17:51 PM 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................... Title: Re: BitLendingClub Post by: bestincome on October 13, 2014, 07:07:44 PM @hackbyte, what question ? i didn't see any comment from my listing.
Title: Re: BitLendingClub Post by: Stratobitz on October 22, 2014, 10:10:00 AM 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 Title: Re: BitLendingClub Post by: librab103 on November 26, 2014, 05:32:33 PM 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! Title: Re: BitLendingClub Post by: BitLendingClub on March 01, 2015, 07:19:36 PM We did a total of 13 Loans on BitLendingClub. Only lending to users with 100-300+ positive feedback. 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.Thus far of the 13..... 7 have defaulted and not repaid. Would not recommend. Strato Title: Re: BitLendingClub Post by: superbit on March 02, 2015, 02:32:03 AM 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 Same results for me. Terrible experience would not recommend at all. Title: Re: BitLendingClub Post by: BitLendingClub on March 02, 2015, 02:33:47 AM 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 Same results for me. Terrible experience would not recommend at all. 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 Title: Re: BitLendingClub Post by: mkc on March 02, 2015, 04:18:53 AM I had many successful investment, and defaults. One default can wipe out gains from 10 investments.
Title: Re: BitLendingClub Post by: Stratobitz on March 02, 2015, 06:30:02 AM 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 Same results for me. Terrible experience would not recommend at all. 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 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/) Title: Re: BitLendingClub Post by: BitLendingClub on March 02, 2015, 07:19:26 AM 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 Same results for me. Terrible experience would not recommend at all. 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 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/) 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 Title: Re: BitLendingClub Post by: techgeek on March 02, 2015, 07:20:52 AM 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. Title: Re: BitLendingClub Post by: Stratobitz on March 02, 2015, 11:35:56 AM 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 Same results for me. Terrible experience would not recommend at all. 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 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/) 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 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 Title: Re: BitLendingClub Post by: eneloop on March 02, 2015, 05:11:03 PM 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. Title: Re: BitLendingClub Post by: Stratobitz on March 02, 2015, 05:15:55 PM EU driving licences have no experation 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/) Title: Re: BitLendingClub Post by: Stratobitz on March 02, 2015, 05:19:21 PM 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. 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. Title: Re: BitLendingClub Post by: eneloop on March 02, 2015, 05:23:43 PM 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. Title: Re: BitLendingClub Post by: BitLendingClub on March 02, 2015, 06:33:24 PM 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. 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.comQuote - 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? 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.Quote - 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. 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.Quote - 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. 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).- Under your new TOS how will disputes be settled? Quote - 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? 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.Quote - 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. 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.Quote - 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? 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:
Quote The Bitcoin community as a whole has been plagued by scams and fraud since inception. 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.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. Quote 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. Our new filters allow you to inspect all of the loans.Strato 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/ Title: Re: BitLendingClub Post by: Roquene on March 04, 2015, 03:00:41 PM 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. Title: Re: BitLendingClub Post by: BitLendingClub on March 04, 2015, 04:51:04 PM Your support people are funny. Hi, please keep communicating with support, they will guide you through the process.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. Title: Re: BitLendingClub Post by: Roquene on March 05, 2015, 02:01:50 PM 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 :) Title: Re: BitLendingClub Post by: Alley on March 22, 2015, 03:24:24 PM 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.
Title: Re: BitLendingClub Post by: BitLendingClub on March 30, 2015, 06:52:45 PM EU driving licences have no experation 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/) 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. Title: Re: BitLendingClub Post by: Minerjoe on March 30, 2015, 08:27:16 PM Are there any plans of introducing collateral loans? Some other services are about to implement this.
Title: Re: BitLendingClub Post by: BitLendingClub on March 30, 2015, 09:52:53 PM 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.Title: Re: BitLendingClub Post by: waterpile on March 30, 2015, 10:10:47 PM Wow, i see a person in bitlending stacking a loans of 20btc. It seems pretty fishy to me
Title: Re: BitLendingClub Post by: Borgminer on May 07, 2015, 06:39:35 AM https://bitlendingclub.com/loan/browse/lid/11242/buying-scrypt-miners
this is a scammer so beware Title: Re: BitLendingClub Post by: BitLendingClub on May 20, 2015, 07:48:41 AM 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 Title: Re: BitLendingClub Post by: Borgminer on May 21, 2015, 07:59:12 PM 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 .
Title: Re: BitLendingClub Post by: BitLendingClub on May 21, 2015, 10:46:47 PM 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/statsHere 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. Title: Re: BitLendingClub Post by: lumeire on August 21, 2015, 03:16:33 PM 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? Title: Re: BitLendingClub Post by: Borgminer on August 22, 2015, 07:24:57 AM rating system is as bad as jam . miss one payment and you are an E1 rating
Title: Re: BitLendingClub Post by: hgerson on August 22, 2015, 11:50:30 PM 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? Title: Re: BitLendingClub Post by: Borgminer on August 25, 2015, 09:23:46 AM 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.
Title: Re: BitLendingClub Post by: BitLendingClub on August 26, 2015, 02:07:03 PM 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. Title: Re: BitLendingClub Post by: Borgminer on August 27, 2015, 10:52:13 AM you dont take screenshot so how are people going to verify retirement ?
Title: Re: BitLendingClub Post by: BitLendingClub on August 27, 2015, 11:22:44 AM 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:
Title: Re: BitLendingClub Post by: Borgminer on August 27, 2015, 12:49:53 PM yup dont get any of those . its all done electronically .
Title: Re: BitLendingClub Post by: BitLendingClub on August 27, 2015, 12:51:45 PM yup dont get any of those . its all done electronically . Do your retirement benefits get deposited directly into your bank account?Title: Re: BitLendingClub Post by: cdtbtc on August 27, 2015, 03:27:52 PM 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. Title: Re: BitLendingClub Post by: Borgminer on August 28, 2015, 05:44:03 AM yup dont get any of those . its all done electronically . Do your retirement benefits get deposited directly into your bank account?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 . Title: Re: BitLendingClub Post by: Borgminer on August 28, 2015, 05:45:15 AM 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. BTCjam has been messing with peoples account and not letting them pay as well . crappy service Title: Re: BitLendingClub Post by: mookid on August 28, 2015, 05:59:59 AM 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.
Title: Re: BitLendingClub Post by: Borgminer on August 28, 2015, 07:07:42 AM yeah but this 300$ cap is BS
Title: Re: BitLendingClub Post by: hendra147 on August 28, 2015, 07:24:04 AM Anyone here invests in BitLendingClub? Any input on it? 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 Title: Re: BitLendingClub Post by: Tstar on August 28, 2015, 07:39:24 AM yeah but this 300$ cap is BS 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 Title: Re: BitLendingClub Post by: hendra147 on August 28, 2015, 07:59:43 AM any 1 know how to get verification with coinbase wallet ?
my coinbase has been rejected http://prntscr.com/89sht8 Title: Re: BitLendingClub Post by: Borgminer on August 28, 2015, 08:54:57 AM Anyone here invests in BitLendingClub? Any input on it? 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 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 Title: Re: BitLendingClub Post by: BitLendingClub on August 28, 2015, 12:33:09 PM any 1 know how to get verification with coinbase wallet ? 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.my coinbase has been rejected http://prntscr.com/89sht8 Title: Re: BitLendingClub Post by: BitLendingClub on August 28, 2015, 12:39:24 PM yeah but this 300$ cap is BS 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 Title: Re: BitLendingClub Post by: 0n0t0le on September 21, 2015, 10:20:09 AM 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 Title: Re: BitLendingClub Post by: densuj on September 21, 2015, 04:59:29 PM I am member of bitlendingclub and i am happy on there.
Title: Re: BitLendingClub Post by: jacee on September 22, 2015, 12:07:21 AM 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.
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