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In the past year, BitLenidngClub has processed over 5500 loans, worth more than $4.4 million USD and the borrowers have come from over 70 different countries. We've learned a lot about the space in the progress and I wanted to share some of those findings with the community in a series of blog posts called the "Deep Insight Series". The first blog post discusses the Default by Country, I hope you enjoy it: http://blog.bitlendingclub.com/bitlendingclub-deep-insight-series-defaults-by-country/Introduction Snippet:BitLendingClub was founded on two core values in mind: be as transparent as possible (resources permitting) and only collect fees from the loan repayments. These core values differentiate us from any other lending marketplace out there and we still abide by them today. The unique thing about BitLenidngClub is that when a borrower defaults on a loan, we don’t make money at the expense of our lenders. Having your incentives properly aligned is a strong driving force to lower defaults, and lowering defaults is always an ongoing effort at BitLendingClub. Our efforts in underwriting have been extremely successful: we’ve managed to lower defaults by 50% in the past 2 months. Our defaults went from an average of 17% in the months before March to 7.7%:  However, there is always room for improvement. One of the areas our lenders have always wanted to explore is the detailed statistics on loan origination and defaults by country. In this post, we will explore what are some safe countries to invest in and what are some risky ones. Full Blog Post:http://blog.bitlendingclub.com/bitlendingclub-deep-insight-series-defaults-by-country/Kiril Gantchev | CEO of BitLendingClub | @kgantchev Connect with us: Twitter: @BitLendingClub Facebook: https://www.facebook.com/bitlendingclubGoogle+: https://plus.google.com/+BitLendingClub |
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Today, we’re excited to announce a slew of new features and improvements. Below is a short description of some of the bigger changes you will notice on BitLendingClub.com. New security featuresYou now have the ability to enable Two-Factor Authentication for: - for every login
- for every withdrawal request
- for changes in the settings
In addition we have a new, cleaner-looking loan page.Loan type updatesWe have placed additional restrictions on reputation loans. Funds from reputation loans cannot be used for investing in other loans and withdrawals of funds from reputation loans are automatically rejected. We have added a new loan type "BLC Investing" which is for the users which use the funds from the loans to invest in other loans within the BLC platform. Withdrawals of funds from Investing loans are automatically rejected! ATM Purchase: CoinOutlet and BTCPoint. These partnerships greatly expand the number of borrowers that will now be able to purchase Bitcoin ATMs. And there’s more- We’ve also enhanced the repay functionality. You are now able to go to a repay page for every loan, On repay page you will find an amortization schedule and repay button for every single payment.
- Canceled loans are now shown on the user's profile page an you are now able to see even the canceled loans on the borrower's page.
- Furthermore, you are now able to see the investments of each user on their profile page.
- The reputation loan voting system has been improved. If 5 people have voted that a particular loan is a reputation loan, then the loan is canceled and an admin comment is posted on the loan page.
- You can filter the loans of each borrower from their profile page. The filters are: Funding, Funded, Repaid/Closed, Expired, Canceled, and Canceled/Suspicious.
Some minor improvements- Instead of showing the user's income, the income range is now displayed.
- The loan title with a hyperlink to the loan is now added to the e-mail notification for new comments on the loan.
- Posting links to loan pages and user profile pages now comes with metadata. When you post a link on Facebook, it will now show relevant data for the link.
- We've made the avatars a little bigger accross the website in order to improve the user experience.
- Miscellaneous improvements and bug fixes.
In the coming weeks we will be adding more improvements. Here's what's coming in the next release:- Redesigned dashboard and user's page.
- BitLendingClub fee will be changed to 2.0% from all of the loans and the fee will be collected upon the receipt of a payment from the borrower.
- As you are now able to see on the new loan page trusted and social websites verification will be added soon.
Read our latest blog post to learn more about the improvements: http://blog.bitlendingclub.com
What do you think? Please share your thoughts on these and any additional features you'd like to see. If you have any questions, take a look at our Help & FAQ page, send us a tweet to @BitLendingClub or contact us at support@bitlendingclub.com. We'll continue our work on improving the lending platform and providing you more secure investments and loans. Thank you for being part of the BitLendingclub community — we hope you enjoy it! Best regards, The BitLendingClub Team https://bitlendingclub.com/ |
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Introducing Our New Partner in Merchant Integrated Loans - CoinOutlet!  We are delighted to announce that due to expanding interest in Merchant Integrated Loans, CoinOutlet has joined as our new Merchant partner. Through this unique partnership, we have managed to create a new type of loan which is that much closer to making smart property a reality! More businesses are accepting Bitcoin every day and even more people are looking for ways to get Bitcoin and CoinOutlet ATMs provide an easy and convenient way for them to do so. This partnership greatly expands the number of borrowers that will now be able to purchase Bitcoin ATMs. Today is about putting the customer first. Together with CoinOutlet, we are building bridges that allow customers to buy Bitcoin ATM with no up-front costs. ‘Win-win’ situation- This loan type nearly eliminates the risk of default due to borrower malfeasance.
- There are no up-front costs for the borrower
Under the agreement CoinOutlet guarantees the following:- The ATM shut-off option has been tested and is functioning prior to product delivery.
- The ATM has a shut-off option in case of non-payment.
- The loan is secured by CoinOulet ATM hardware as well as operational capital.
- The operational capital is in Bitcoin and is under the control of CoinOulet.
- In case of default, BitLendingClub will notify CoinOutlet and the ATM will be shut off.
- In case of default, any of the Bitcoin operational capital for the ATM can be used to recoup partial or full losses.
CoinOutlet is not responsible for any losses which may occur due to fluctuation of exchange rates, issues with delivery, lack of profitability of the ATM, or any other factor which may affect the ability of the ATM equipment to make payouts. The Terms and Conditions of CoinOutlet apply to the relationship between the customer and CoinOutlet under each relevant loan contract. If the ATM equipment is not profitable and the loan is still not paid off, then the borrower is still responsible for any remaining balance. How it works:The platform allows borrowers from all over the world to request a loan for the purpose of purchasing a Bitcoin ATM. When lenders fund the loan and the borrower accepts the funds, then BitLendingClub sends the funds directly to CoinOutlet. This ensures a level of security which has not been previously provided: the borrower cannot use the funds for anything else but the purchase of the ATM! If the borrower defaults on the loan, then CoinOutlet provides the option to remotely shut off the ATM via a block-chain transaction. BitLendingClub conducts a small Bitcoin transaction which tells the ATM to shut off. As long as the ATM is turned on and processing Bitcoin transactions, then the termination transaction will be processed. Essentially, it allows us to place a digital lien on a physical asset! Automatic payments from the borrower's balance to the lenders are enabled and the borrower is not allowed to disable the automatic payments. When the loan is repaid, BitLendingClub allows the borrower to invest and withdraw funds from his account. Please note that when you choose "ATM Purchase" loan type, you won't be able to use your account to withdraw BTC, invest or create new loans until the loan is repaid. Altogether, this is a strong step in boosting what has already become a powerful Peer-to-peer Bitcoin Lending community. BitLendingClub is extremely excited about the partnership and the opportunity to provide a solution to people who are in need of a loan to purchase Bitcoin ATM machines. This is a whole new, more secure type of loan in the digital world! Thank you for being part of the BitLendingclub community — we hope you enjoy it! Best regards, The BitLendingClub team https://bitlendingclub.com/BitLendingClub is open to a partnership with every Bitcoin merchant and hardware manufacturer who can provide similar guarantees with regards to loan repayment. |
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We reached an important milestone at BitLendingClub as we are proud to annouce that BitLendingClub investors have now funded over 500 loans in total amount more than 1000 BTC. We're pretty chuffed with this and we hope to have even better statistics from July!  Thanks to all our members for making it possible. If you are new to BitLendingClub, do not hesitate to contact support with any questions or concerns: support@bitlendingclub.comYou can also user our Help Center to ask questions and get support from the BitLendingClub community: http://support.bitlendingclub.comBest regards, The BitLendingClub team https://bitlendingclub.com |
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Our partnership with BTC Point is the next step in revolutionizing the way Bitcoin lending works. From the first moment we heard Mike Hearn speak about smart property, during the Bitcoin 2012 Conference in London, we knew that Bitcoin will revolutionize the world. Here is what the new ATM Manufacturer Integrated Loans look like: https://bitlendingclub.com/loan/browse/lid/1507By combining forces, BitLendingClub and BTC Point have managed to create a brand new type of loan which is that much closer to making smart property a reality! Our partnership nearly eliminates the risk of default due to borrower malfeasance. We're hoping that our partnership will eventually allow us to integrate smart loans into the block-chain in a way that has never been done before! How it works:The platform allows borrowers from all over the world to request a loan for the purpose of purchasing a Bitcoin ATM. When lenders fund the loan and the borrower accepts the funds, then BitLendingClub sends the funds directly to BTC Point. This ensures a level of security which has not been previously provided: the borrower cannot use the funds for anything else but the purchase of the ATM! BTC Point then guarantees that 50% of the operating fees from the ATM automatically go towards paying off the loan by depositing the operating fee directly to the Bitcoin address used to pay off the loan. If the borrower defaults on the loan, then BTC Point provides the option to remotely shut off the ATM via a block-chain transaction. BitLendingClub conducts a small Bitcoin transaction which tells the ATM to shut off. As long as the ATM is turned on and processing Bitcoin transactions, then the termination transaction will be processed. Essentially, it allows us to place a digital lien on a physical asset! Automatic payments from the borrower's balance to the lenders are enabled and the borrower is not allowed to disable the automatic payments. When the loan is repaid, BitLendingClub allows the borrower to invest and withdraw funds from his account. Please note that when you choose "ATM Purchase" loan type, you won't be able to use your account to withdraw BTC, invest or create new loans until the loan is repaid. |
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Introducing the biggest breakthrough in lending: Merchant Integrated Loans!The partnership between GenesisMining and BitLendingClub is the first step in providing smart loans using the block-chain technology, it's a a monumental step in the history of cryptocurrencies! By combining forces, BitLendingClub and Genesis Mining have managed to create a brand new type of loan which nearly eliminates the risk of default due to borrower error. We're hoping that our partnership will eventually allow us to integrate smart loans into the block-chain in a way that has never been done before! How it works:The platform allows borrowers from all over the world to request a hosted mining loan. When lenders fund the loan, BitLendingClub creates a special account with Genesis Mining for the specific borrower. BitLendingClub sets the Genesis Mining payout address to the borrower's account at BitLendingClub. Automatic payments from the borrower's balance to the lenders are enabled and the borrower is not allowed to disable the automatic payments. Genesis Mining pays out in BTC to the specific payout address until the end of the contract. When the loan is repaid, BitLendingClub allows the borrower to invest and withdraw funds from his account and gives the borrower the credentials for his account at Genesis Mining. Genesis Mining guarantees the following:- Hosting of the mining equipment.
- 100% up-time for the mining equipment.
- Regular payouts for the length of the mining contract.
- Payouts to an address controlled by BitLendingClub.
Genesis Mining is not responsible for any losses which may occur due to increased mining difficulty, fluctuation of exchange rates, or any other factor which may affect the ability of the mining equipment to make payouts. The Terms and Conditions of Genesis Mining apply to the relationship between the customer and Genesis Mining under each relevant contract. If the mining equipment can no longer mine profitably and the loan is still not paid off, then the borrower is still responsible for any remaining balance. Please note that when you choose "Hosted mining" loan type, you won't be able to use your account to withdraw BTC, invest or create new loans until the loan is repaid. Listening to your feedback, we have taken various steps to improve our services. Here are some of the things you have helped change within BitLendingClub:- New loan type for Hosted Mining with the cooperation of Genesis Mining.
- New loan type for reputation loans. We have placed withdrawal restrictions on reputation loans. If a loan is strictly for reputation, then funds from it can't be withdrawn.
- Automatically processed withdrawals for users who have a reputation above 100. Users will be allowed to do an automatic withdrawal if they have no open listings.
- Automatically rejected withdrawals for reputation loans. E-mail notification will be sent to the investors if the user attempts to withdraw fund from reputation loan.
- We’ve also enhanced the Investment section in the Dashboard. You are now able to see your total invested amount, earned interest in BTC and total amount of repaid investments in BTC. In addition to these statistics, you are also able to see the default rate on your investments.
BitLendingClub is always open for innovative ideas. If you have any ideas that you would like to share about how to improve our lending platform, we are always here to help out. Do not hesitate to contact support with any questions or concerns: support@bitlendingclub.comYou can also user our Help Center to ask questions and get support from the BitLendingClub community: Thank you for being part of the BitLendingclub community — we hope you enjoy it!Best regards, The BitLendingClub team https://bitlendingclub.com/BitLendingClub is open to a partnership with every Bitcoin merchant and hardware manufacturer who can provide similar guarantees with regards to loan repayment.
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Hello to all investors and borrowers here! As you know, we are working on improving BitLendingClub and providing you with more secure investments. We want to make sure that we build the best features into our system and we prioritize the most important things first, so we'd kindly ask you to take a quick survey and help us determine what the road-map should be for the next development cycle We deeply value your relationship with BitLendingClub and are committed to providing you with the highest level of service simply because our customers deserve the very best. The BitLendingClub team is always seeking new ways to improve customer service, and the best way to do that is to ask the experts—our customers. We would love to get 5 minutes of your time to help us: please take our survey! ( https://www.surveymonkey.com/s/VDGXSSL) If you have any ideas that you would like to share about how to improve our lending platform, we are always here to help out. |
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We are excited to announce the details of the various improvements in our P2P Bitcoin lending platform! In this release we have taken steps to provide some critical statistics about loans on our platform. We also have more data about the borrowers. This effort empowers the lenders to make more informed investing decisions and subsequently provide more competitive interest rates. We've also included some bug fixes and minor improvements to our system. Here are some of the leading improvements made by our team: - Added a number of important loan statistics on the home page.
- Reduced the minimum investment amount to $0.01 USD.
- We now display the user's state, city and income in various areas.
- We have enabled automatic payments when the borrower has sufficient funds.
- Notifications are now sent when the user has insufficient funds to make an automatic payment.
- Users can now unsubscribe from individual email notifications.
- Users should be allowed to edit and to delete their comments.
- We have added details about how the interest rates are calculated in the Help and FAQ page.
- We take collateral over the counter and we're working on an automated collateral system.
- Miscellaneous improvements and bug fixes.
We really appreciate the time and patience of everybody involved with BitLendingClub, and we'll continue to work on improving the lending platform. Thank you again for choosing to lend and borrow with BitLendingClub, and trying something different with peer to peer Bitcoin lending. If there's something you feel we've missed out or could make better, please don't hesitate to contact us. Best Regards, Kiril Gantchev CEO and Co-Founder BitLendingclub, LLChttp://www.bitlendingclub.com |
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Hello all, My name is Kiril Gantchev, I'm the CEO of BitLendingClub. We've been trying to see what we can do to help the community and we've heard you loud and clear! The big ticket issue here is collateral, so we'd like to be the go-to platform to manage collateral for lending purposes. Currently we don't have an automated way to hold collateral, but we're building out an early version of the escrow service as we speak and we should have it up and running in about 4 weeks. In the meantime, we can still provide free escrow service over-the-counter, if you will. If anybody is interested in using us as an escrow holder, we'll be more than happy to do that for you. Please feel free to post your request here or to PM me. The type of collateral we accept: 1. Altcoins: you name it, we hold it (litecoin, namecoin, primecoin, etc). 2. Digital securities: cex.io, cryptostocks.com, etc. 3. Digital property- domain names, twitter accounts, etc. 4. Financial securities: stocks, bonds, options, futures, etc. anything that can be transferred via one of the standard brokerages (Etrade, Scottrade, etc). 5. Gift cards- Gyft (gyft.com), Amazon, Target, Walmart, etc. (only if they can't be redeemed after transferring). The benefit of using us as an escrow service is that you only have to trust us, which reduces your risk exposure overall. We are a registered company in the state of Illinois and we can provide you with an escrow contact which you can rely on in case of a dispute. Furthermore, while we're building out our new escrow solution, borrowers who have posted escrow will just have to submit their loan requests in our website with the following words in the title: [SECURED] or [COLLATERAL]. In order to ensure that no fraud occurs, I will comment on each loan which actually does have collateral on escrow with us. False advertisement of collateral/secured loans will be removed and the borrower will face disciplinary action from our end. Note that borrowers will still have to pass our verification process for now. Please feel free to PM me for more details or to ask questions here. I'm happy to hear your advice and suggestions. Please let me know how we can be of service to you!Best Regards, Kiril Gantchev CEO of BitLendingClub www.bitlendingclub.com |
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Hi all, I'd like to show you the rating system that we're going to implement in the next month or so. Please give me your feedback so we can make sure that we build the best system that we can. Rating Factors1. Collateral (in order of which ones we're planning on releasing first): a. Altcoins- litecoin, namecoin, primecoin, etc. b. Digital securities- cex.io, cryptostocks.com, etc. c. Financial securities- stocks, bonds, options, futures, etc. anything that can be transferred via one of the standard brokerages. d. Gift cards- Gyft (gyft.com), Amazon, Target, Walmart, etc. e. Digital property- domain names, twitter accounts, etc. 2. Identity: this is comprised of ID, address, phone, e-mail and income verification. 3. Trust: the trust factors include connecting accounts from PayPal, eBay, Amazon, bitcointalk.org, localbitcoins.com, etc. 4. Social: connecting social accounts, such as Facebook, LinkedIn, Twitter, Google+. 5. Payment: is the payment current, late 0-15 days, late 15-30 days, or late 30+ days. Rating Chart Rating SystemRatings are from Triple A (AAA) to D. In order for a user to be rated as triple A, they must post Collateral, be 80-100% ID verified, 80-100% Trust networks connected, 80-100% Social networks connected and they must not have any late payments. The rest of the ratings are easy to understand, but a person would automatically get a DDD rating if they're late on a payment AND they don't have collateral posted, regardless of their other statuses. Please let me know if you have any comments on this. Any points of improvement? What would you like to see in our system that might make it worthwhile? Best Regards, Kiril Gantchev CEO of BitLendingClub www.bitlendingclub.com |
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Hi, I'd like to promote a couple of loans from our redesigned platform. Please take a look at the loan listings here: https://bitlendingclub.com/loan Specifically, we had a couple of users which have requests for small reputation loans: Reputation loan of 0.05 BTC (100% funded) Amount: 0.05000000 BTC Term: 7 days Payment Frequency: every 7 days Country of Borrower: USA Interest Rate: determined by the sum of lowest lender offers AND 1st Rep Loan- help me build reputation (70.5% funded) Amount: 0.04254414 BTC Term: 14 days Payment Frequency: every 7 days Country of Borrower: USA Interest Rate: determined by the sum of lowest lender offers The borrowers have both passed our new verification process by uploading: ID, proof of address, phone number verification (SMS code), proof of income and verifying their e-mail. Please feel free to ask any questions by addressing them to me or using the comment section in the loan page. |
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BitLendingClub Merchant Credit ProgramBitcoin- Fatal Flaw or Golden FeatureIt is often cited that Bitcoin's deflationary nature and volatility are a fundamental flaw within the protocol. We believe that they're actually a feature whose benefit will be realized much further down the line. People often argue that consumers will delay buying things or opt out not to buy things altogether, because they think that their Bitcoins will be worth more in the future. There is very little evidence for this and the logic, while seemingly sound at first, misses a critical factor: consumers have needs now. Factored in with the fact that a consumer owning Bitcoin has seen a capital gain, there is an incentive for them to capitalize on that gain and buy things that they need now. This is the short term view, while the long term view is based on the assumption that Bitcoin's price will stabilize and the deflation will be predictable. Regardless if one believes it's a feature or a flaw, the world is full of innovators who are willing to put their hard work into solving problems. Solution to VolatilityMany merchants often don't really want to take on the volatility risk resulting from Bitcoin's fluctuating price. As a result, innovators have taken up the challenge of solving that problem. This has created a great opportunity for companies like BitPay, as well as investors who have funded them. BitPay eliminates the risk of holding Bitcoin by converting the bitcoins into fiat immediately and crediting the merchant's bank accounts. Solution to DeflationThe BitLendingClub Merchant Credit Program is an innovative way to use Bitcoin to solve a long-standing problem of deflation within the Bitcoin ecosystem. BitLendingClub allows consumers to buy things on credit or to buy things with several installments. There are two ways which the merchant can sell a product on credit: 1. The merchant can provide the credit and earn interest on the credit they give. 2. The consumer can place the money in escrow and can automatically make payments which are settled in fiat. Depending on the risk level a merchant is willing to accept, there are several ways for merchants to benefit: • Merchants can earn an interest rate on products which they sell on credit. • If a merchant isn't willing to bear the risk of credit default, then they can request the money be placed in BitLendingClub's system and they can receive monthly payments. • Merchants can sell more expensive items with installments, thus increasing profits. The consumers can place the bitcoins in escrow and make payments from the escrow account. When the item is paid off the remaining balance is returned to the consumer. The benefits for consumers: • The consumers can buy things on credit, if the merchant is willing to take the risk. • The consumer can retain more of their bitcoin net worth over time by deferring payments rather than paying the whole amount up front. Solving Volatility and Deflation- The Big Picture!The intersection of payment processors and lending platforms is the critical factor in here. The merchants can still take advantage of the risk mitigation features they obtain from BitPay, while capitalizing on the ability to earn interest rate and/or sell products in multiple installments. The consumers benefit from paying less bitcoins over time, thus reducing the total cost of the product they buy. Call to action!Please let us know what you think. We'd love to build this service, but we need to get some feedback that there will be people interested in using it. Best Regards, Kiril Gantchev CEO of BitLendingClub www.bitlendingclub.com
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Our latest improvements are now live: The BitLendingClub team is thrilled to announce the details of the major improvements in our system! We've made some efforts to reduce fraud and proving better security. We believe this new system meets your expectations and we are confident that these changes ensure that we are featuring mostly high quality borrowers. We'll continue our work on improving the lending platform and providing you more secure investments and loans. Check out the improvements: https://bitlendingclub.com/Here are some of the leading improvements made by our team: - A limit of one loan at a time for borrowers with a reputation score under 50. This is measure that aims to reduce the default rate and fraudulent activity (i.e. spamming with loan listings).
- An e-mail notice will be sent to notify the borrower when a loan is delinquent by 30 days and another notice when the loan is delinquent by 60 days.
- Loans that are overdue by 90 days will receive a final notice. After 90 days of non-payment, the lender may request that we release the verification documents which the borrower has submitted. The documents may only be used for the lawful prosecution and resolution of non-payment.
- The maximum listing duration for a loan is now limited to 30 days.
- There are new fields in the income verification form, address form and ID upload page. We require the borrowers to enter a lot more private information for the purpose of completing the verification process.
- We have added the country flag of each user along with their loan listing (this should help reduce the lending risks).
- Miscellaneous bug fixes.
Please let me know what you think, if you have any suggestions, ideas for improvements or anything else. We also have a new landing page that's coming out in the next couple of weeks with links a lot of statistics, here is the preview of how it will look (these images are from our QA environment):   |
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Hi, I'm the owner of BitLendingClub ( www.bitlendingclub.com) and we've noticed that collateral is a big part of lending. We currently don't have the functionality to support collateral, but we'd be glad to implement it in our system. However, I need your help in understanding how collateral is being transferred from the borrower to the lender. - Altcoins- that's pretty straight forward.
- CEX.IO- I didn't see anything about transfering CEX.IO assets from one user to another, how are you currently transferring assets there?
- Cryptostocks.com- same thing, not sure how you transfer ownership of shares?
- Financial Securities- Etrade allows transfers of securities , so do several other brokerages.
- Gift Cards- such as Gyft, Amazon, or anything else which can be transferred
- Domain name- that's relatively straight forward too (courtesy of Kyraishi)
Please let me know what other type of collateral do you accept and how you manage to transfer ownership of it from one party to another. Best Regards, Kiril Gantchev CEO of BitLendingClub |
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Hello Everybody, We are currently working on providing a better platform for Bitcoin P2P loans. We are specifically building our website to help with the identification of lenders, management of loans and keeping reputation. I would love to get a chance to talk to some lenders in order to help us understand your current workflow. I'm just trying to learn about the issues various lenders are experiencing and I would love to get your feedback. Please feel free to contact me via PM or e-mail if you have some time to spare:  Best Regards, Kiril Gantchev CEO of BitLendingClub www.bitlendingclub.com |
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I'm the operator of BitLendingClub and I wanted to share a loan which I think should get a little bit of attention: Upcoming Dice GameLoan TermsListing Expires: 2014-04-30/11:54 (in +19 days) Status: Funding Amount: 3.00000000 BTC Term: 60 days Payment Frequency: 30 days 0% Funded Loan DescriptionInvest in an upcoming dice game with over 130k bets placed and over 45 BTC wager. We are looking to increase our bankroll slightly so we can provide a better experience to our users. Game is located at Fast Bluff dot com The interest rate is determined by the best "bid" from investors, i.e. the lowest interest rate offered by investors for the given borrower. User DetailsFastGame has completed the verification process and has requested a loan. ID VerifiedFastGames has shown us two forms of ID: Driver's License (which was rejected because it recently expired in March of 2014) and his military ID card. The ID card was approved, because it's current and it matches all the other information provided by the user. Address VerifiedWe have also received a bank statement as a proof of address. Phone VerifiedThe user has verified their phone number by receiving an SMS with a PIN code and entering it in our system. E-mail VerifiedThe user has verified their e-mail address by receiving an e-mail with a unique verification URL which they visited. Income VerifiedFastGames has uploaded proof of income for the last 3 months. The document uploaded was a screenshot from his VA benefits statements. In addition, he has uploaded bank statements showing that the amounts have actually been deposited in his bank account. We're also waiting for him to file his 2013 tax returns and submit those as well. Please take a look at the loan and the other loans on our site, investors are welcome: https://bitlendingclub.com/loanQuestionWhat would you recommend to the borrower in order to increase his likelihood of obtaining a loan? |
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New improvements on BitLedningClub system! Our latest improvements are now live: The BitLendingClub team is thrilled to announce the details of the major improvements in our system! We've made some efforts to reduce fraud and proving better security. We believe this new system meets your expectations and we are confident that these changes ensure that we are featuring mostly high quality borrowers. We'll continue our work on improving the lending platform and providing you more secure investments and loans. Check out the improvements: https://bitlendingclub.com/Here are some of the leading improvements made by our team: - A limit of one loan at a time for borrowers with a reputation score under 50. This is measure that aims to reduce the default rate and fraudulent activity (i.e. spamming with loan listings).
- An e-mail notice will be sent to notify the borrower when a loan is delinquent by 30 days and another notice when the loan is delinquent by 60 days.
- Loans that are overdue by 90 days will receive a final notice. After 90 days of non-payment, the lender may request that we release the verification documents which the borrower has submitted. The documents may only be used for the lawful prosecution and resolution of non-payment.
- The maximum listing duration for a loan is now limited to 30 days.
- There are new fields in the income verification form, address form and ID upload page. We require the borrowers to enter a lot more private information for the purpose of completing the verification process.
- We have added the country flag of each user along with their loan listing (this should help reduce the lending risks).
- Miscellaneous bug fixes.
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BitLendingClub: a global community that matches individual investors with borrowers seeking bitcoin loans. http://www.bitlendingclub.com/The BitLendingClub team is striving on delivering the best possible returns with low risk to our investors. We do many things to ensure that we are featuring mostly high quality borrowers. We recommend that an investor spreads out their investment into as many loans as possible in order to minimize the risk of defaults. BitLendingClub allows investors to find returns that are extremely competitive and strongly diversified from their other investments and also allows borrowers to get low rate loans. We are peer to peer lending platform powered by Bitcoin. Why get a loan via Bitlending club: • Low rate loans • It’s quick and easy • Express funding • Flexible loan terms Why become an investor in a loan: • Solid returns on investments • Reduced risk (spreading funds among many borrowers) • Investing in borrowers that match your preferences Best regards, The BitLendingClub team Sign up to invest or borrow at http://www.bitlendingclub.com/ |
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