BTCjam questions

[albert11]

I want to start investing and was wondering what happens if investment is not 100% funded after expiration date?
Also for a loan say repaid in 60 days does the count down for repayment starts as soon as i invested? bit confused because borrower say they will repay the first of the month so if i invest today borrower would repay me in a week?
What does NAR stasnds for?
Some borrower say for instance "will fund at 70%" what does this mean?
BTCjam says % of loan repaid is 90% does it means 10% of people scam? how can they get away with it? I just discovered this site ,i like the concept but there is a lot of things unclearif any one can answer my questions i would appreciate ,thanks

[Snail2]

You might want to ask this question on the lending board. The guys over there are quite proficient regarding such questions and they accumulated a lot of experience with BTCjam.

[hasiramasenju]

maybe you will find answer for your question here https://bitcointalk.org/index.php?topic=112447.0 the official thread of BTCJam
or you can ask question to OP thread maybe they will help you

[josef2000]

Well, if you invest to a person without any previous loans or no verification you can be sure your bitcoin is lost. Only invest to a trustable person.
Im not sure, but I think the expiration date starts counting when the loan is 100% funded.

This post should be moved to service discussion

[coinableS]

I want to start investing and was wondering what happens if investment is not 100% funded after expiration date?
Also for a loan say repaid in 60 days does the count down for repayment starts as soon as i invested? bit confused because borrower say they will repay the first of the month so if i invest today borrower would repay me in a week?
What does NAR stasnds for?
Some borrower say for instance "will fund at 70%" what does this mean?
BTCjam says % of loan repaid is 90% does it means 10% of people scam? how can they get away with it? I just discovered this site ,i like the concept but there is a lot of things unclearif any one can answer my questions i would appreciate ,thanks

I like BTCjam. I haven't used them in a few months, but I've done a good amount of investing and I did one borrow.

1) what happens if investment is not 100% funded after expiration date? Then the listing will be dropped and the borrower can re-post their loan request.
2) does the count down for repayment starts as soon as i invested? Repayment starts from the day the loan is funded, not your investment date.
3) borrower say they will repay the first of the month so if i invest today borrower would repay me in a week? Some people do weekly payments, some pay monthly. If they say they'll pay at the 1st of the month and the loan is funded today, yes you will get your first payment in a week.
4) what does NAR stand for? Not sure where do you see NAR?
5) Some borrower say for instance "will fund at 70%" what does this mean? This means 100% funding is not required. If the listing expires and they hit 71% funding, but not 100%, then the loan will still commence.
6) BTCjam says % of loan repaid is 90% does it means 10% of people scam? There were a lot of scammers when they first started, but they have beefed up their collection efforts especially for borrowers within the US. There are still scammers on there.

Lending and credit review is what I do for a living, so it's fun to do it with my own money sometimes. I've had two loans go bad on BTCjam, but I still came out with a decent profit from all my good loans. Don't invest all in one person, spread it around to mitigate risk. Good luck!

[crazyivan]

I want to start investing and was wondering what happens if investment is not 100% funded after expiration date?
Also for a loan say repaid in 60 days does the count down for repayment starts as soon as i invested? bit confused because borrower say they will repay the first of the month so if i invest today borrower would repay me in a week?
What does NAR stasnds for?
Some borrower say for instance "will fund at 70%" what does this mean?
BTCjam says % of loan repaid is 90% does it means 10% of people scam? how can they get away with it? I just discovered this site ,i like the concept but there is a lot of things unclearif any one can answer my questions i would appreciate ,thanks

I like BTCjam. I haven't used them in a few months, but I've done a good amount of investing and I did one borrow.

1) what happens if investment is not 100% funded after expiration date? Then the listing will be dropped and the borrower can re-post their loan request.
2) does the count down for repayment starts as soon as i invested? Repayment starts from the day the loan is funded, not your investment date.
3) borrower say they will repay the first of the month so if i invest today borrower would repay me in a week? Some people do weekly payments, some pay monthly. If they say they'll pay at the 1st of the month and the loan is funded today, yes you will get your first payment in a week.
4) what does NAR stand for? Not sure where do you see NAR?
5) Some borrower say for instance "will fund at 70%" what does this mean? This means 100% funding is not required. If the listing expires and they hit 71% funding, but not 100%, then the loan will still commence.
6) BTCjam says % of loan repaid is 90% does it means 10% of people scam? There were a lot of scammers when they first started, but they have beefed up their collection efforts especially for borrowers within the US. There are still scammers on there.

Lending and credit review is what I do for a living, so it's fun to do it with my own money sometimes. I've had two loans go bad on BTCjam, but I still came out with a decent profit from all my good loans. Don't invest all in one person, spread it around to mitigate risk. Good luck!

Every loan can go bad, regardless of how hard you look. Unless they introduce some form of collateral/insurance, I consider this high risk investment. BTClend had a good idea to introduce Paycoin based collateral, their only mistake was they selected Paycoin to implement this. Another casualty of Josh Garza.

[gentlemand]

I personally think you'd have to be batty to consider it, but different strokes etc.

There are plenty of loans on there taken out by people who made all the right noises and didn't pay a bean back.

[CoolRunnings21]

I personally think you'd have to be batty to consider it, but different strokes etc.

There are plenty of loans on there taken out by people who made all the right noises and didn't pay a bean back.

I agree, it used to be we saw a thread every couple of days with scams on BTCjam.

What stops a guy from getting a fake id with a fake facebook ect and doing small loans to gain trust then hit lenders witht he whammy?

Has BTCjam ever actually gone after anyone?