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):
