Devon1 (OP)
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Activity: 9
Merit: 0
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September 05, 2015, 06:58:57 AM |
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I have been a member 1 week, so this is a review of the process of joining, the document review process, and my interactions with support. I created my 1st loan today and it is in the review process. I will update this thread after it is approved, I am funded, and pay back the loan. I will update this with additional information and reviews about my investing on the site, and any overall observations and experiences as a borrower and investor. I have seen many lopsided reviews for the site either overly negative or positive, so I thought a more realistic point of view would aid some.
Additionally, I have read MANY past loans, and most of the current loans waiting for funding so I could learn more about the type of loans, interest percentages, and which borrowers repay loans and what type default (not that there is any guarantee, but there are definitely trends, EXAMPLE: There are plenty of legitimate loans for trading and mining, but I would expect these type of loans to show some type of business plan, and past gains if it is not a new venture. I would also want to see detailed plans. Nothing would deter me more than 1 sentence loan request for mining or trading as those are very generic categories that scammers could use, since many real loans are in those categories. Most scammers are not creative or they would have a real job so they use common loan categories and very short descriptions. I have also noticed that most of the loans with detailed information and specifics about their business do not default, where as the ones that do are very vague. I believe from talking to some investors that the people who lose money investing only use the credit rating and not their own judgement, and the profitable ones invest in many credit ratings but have better personal judgement about the loan descriptions, AND ask many questions if they have them and do not invest until the get a satisfactory answer).
Signing up - VERY easy, the site is user friendly, and has detailed descriptions. There are also YouTube videos by some users who have signed up that someone can watch to get help signing up.
Verification - Some documents were verified within hours of signing up. Some took a few days. I grew concerned when my income took several days only because I am impatient, but I imagine they have tons of users and since they check things over it takes time. Although it took slightly longer than the 1-2 day window, it was not much longer than that so I have nothing to complain about. I would rather they thoroughly check things than rush them, so although I was impatient, everything went fine.
Support - Some people complain about support being slow. As I mentioned regarding verification, they probably get TONS of support requests. I received emails within about 2 days from a support member. Friday (Today) is the day I submitted my loan about 1pm. I emailed support to see if anything else was needed, and got an email back within hours unlike the previous response that took a day or 2. They even asked if they could call me to go over some details, and called within an hour or so of me confirming time to teleconference. I was VERY impressed that they took the time to personally reach out to me, so although I can see where some people are frustrated that some responses take days, I think they have a good support team that is simply slammed with support tickets so they can get backlogged at times. I hope as they grow they hire more support, but at the same time I cannot complain about a support ticket that was answered by email and phone within hours, and the one that took a few days was no big deal either since it was just me being impatient wondering what was going on with verification as I wanted it done immediately. A cpl extra days feels like weeks when you are waiting for something, and I can see where someone who has $ tied up or a problem with a financial matter could become impatient, but overall I think they get back to people as fast as possible and offering great quality support although there can be delays and things can take slightly longer than a user may want, I never experiences massive delays like reported by some users ans was overall very happy with the experience, especially after receiving a personal call to go over my loan and personal details as I thought this shows they really care about their users and actually spend time reviewing each loan (it is not just something they say they do and push them through without looking at them).
Loan - The process was easy to do, I submitted my loan around 12:30pm on a Friday. It is in the review process. I would be surprised if it is not live for funding on Monday, Tuesday at the latest. I will email support if it is not up by Tuesday, as I believe the squeaky wheel gets the grease.
I will update as my loan is funded, any future positive/negative interactions with support, and about the process of getting funded and communicating with any investors.
So far I made small investments, 1 has paid early, I will update information about investments only once I have invested a very small amount across 100+ handpicked accounts as I believe diversification to be a fair judge of profit loss. The 2 factors I think are necessary are 1) 100+ investments AND 2) handpicked investments, not just investing in 100+ but picking them based on judgement that includes but is not limited to the rating as I think it is important to go through each business plan personally whether it is an A or D rating as I would not invest in any 1 sentence loan because if they cannot take the time to write a proper business plan I cannot be bothered to fund it. I don't care if it uses google translate and is in broken English, I just want fleshed out details.
Feel free to ask any questions, as I go through the process I will post here and go through it with you. I am happy to use this site, as a college graduate who is just getting my career launched, credit can be difficult and I supported bitcoin even before this site as I like the idea of a currency that is for the people and not by a government (decentralized).
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