LoanBase (BitLendingClub) partnering with a collection agency

[lumeire]

I have just received an email from LoanBase detailing they have partnered up with a loan collection agency that has the capability to collect on overdue loans in about 90 countries (except the US).

I myself have a loss of about .1 (about 10 defaulted loans) that occured in a week over there, prompting me to stop lending people money. LoanBase said they would try to have those previously defaulted loans, but with a comission of 35% for the collector.

This new system can have me lending btc over there again, what do you guys think?

[saturn643]

Maybe. It might depend on the country where you live and whether that loan collection agency can collect in your country. You should check what that agency does to make sure that you can get some of your money back. But also, do loan collection agencies actually work and recover money from defaulters? How can they collect money if the person has no money?

[lumeire]

Maybe. It might depend on the country where you live and whether that loan collection agency can collect in your country. You should check what that agency does to make sure that you can get some of your money back. But also, do loan collection agencies actually work and recover money from defaulters? How can they collect money if the person has no money?

I'm taking that this 'collection agency' they've partnered up is going to have to file legal complaints. I don't exactly know how they work, but I'm assuming this kind of system works because there are a lot of p2p lending platforms that utilize collection agencies.

[lumeire]

Has anyone tried LoanBase's new autoinvest feature? I kind of need feedbacks, haven't decided if investing in there is worth it now.

[hexagram]

Has anyone tried LoanBase's new autoinvest feature? I kind of need feedbacks, haven't decided if investing in there is worth it now.

Just sent 1 BTC there to try their autoinvest. Hoping for good returns! 

[lumeire]

Has anyone tried LoanBase's new autoinvest feature? I kind of need feedbacks, haven't decided if investing in there is worth it now.

Just sent 1 BTC there to try their autoinvest. Hoping for good returns! 

Hi! I'm thinking of investing something in here right now, how's your investment doing?

[Herbert2020]

I have just received an email from LoanBase detailing they have partnered up with a loan collection agency that has the capability to collect on overdue loans in about 90 countries (except the US).

I myself have a loss of about .1 (about 10 defaulted loans) that occured in a week over there, prompting me to stop lending people money. LoanBase said they would try to have those previously defaulted loans, but with a comission of 35% for the collector.

This new system can have me lending btc over there again, what do you guys think?

it is an additional way for lenders to feel safer when they give others loans.

but i suggest you see if their assurance is really working or just big talk. i mean you should check and see if the loan collection agency that you mentioned is really collecting defaulted loans or not. start with your lost 0.1 bitcoin

[crazyivan]

I think margin lending is the only safe way to lend BTC. Take a look at Bitfinex. Collection agency cannot guarantee results and it takes a lot of time.

[bitbaby]

Good luck to you but I don't think its safe at all and most probably you will end up losing money. Giving loans on the internet without collateral is not secure. The collection agency or whatever won't be able to do anything either but thats just my general opinion, what you do with your money is up to you.

[lumeire]

Good luck to you but I don't think its safe at all and most probably you will end up losing money. Giving loans on the internet without collateral is not secure. The collection agency or whatever won't be able to do anything either but thats just my general opinion, what you do with your money is up to you.

After a few months there's still no news on the defaulted loans. So I'm assuming their 'collection agency' isn't working quite effectively. In the end I didn't pursue investing into their pre-made loan 'invesment' plans. Anyone who did and can share thoughts?