BTCJam, possible scam??

[Luxworld]

I have been a member for 6 months, I have connected every social account asked and sent in all required I.D about a month ago, after 5 emails explaing different problems and asking for help I got the same repeated reply to connect more accounts to get verified quicker. After my friend gave me a referral I has finally giving a rating (D-) when I apply for my loan the max is 0.7 btc for 30 days interest is 130% and 60days is 80% in two payments. Both = paying over 1.7 back. This seems a bit silly as surely anyone needing to apply for 0.7 would not have the extra 1Btc back. I'm looking for anyone who has had a similar experience or can tell me where I'm going wrong, thanks.

[steven0021]

The interest depends on your credit score. So you'll be charged with less/more interest the worse/better your score gets. For lenders it's high return for high chance of getting scammed.

[smho_16]

I have been a member for 6 months, I have connected every social account asked and sent in all required I.D about a month ago, after 5 emails explaing different problems and asking for help I got the same repeated reply to connect more accounts to get verified quicker. After my friend gave me a referral I has finally giving a rating (D-) when I apply for my loan the max is 0.7 btc for 30 days interest is 130% and 60days is 80% in two payments. Both = paying over 1.7 back. This seems a bit silly as surely anyone needing to apply for 0.7 would not have the extra 1Btc back. I'm looking for anyone who has had a similar experience or can tell me where I'm going wrong, thanka.

If you have valid collateral (like altcoins, or bitcointalk high rank account) you can ask for a lending in the Lending section of this forum, its much better than Btc Jam but you need to provide valid collateral as the number one rule here is "No collateral, no loan". Give it a try , if you have valid collateral there will be a lot of people willing to fulfill your loan and with better interest than that of Btc Jam.

[Luxworld]

I have been a member for 6 months, I have connected every social account asked and sent in all required I.D about a month ago, after 5 emails explaing different problems and asking for help I got the same repeated reply to connect more accounts to get verified quicker. After my friend gave me a referral I has finally giving a rating (D-) when I apply for my loan the max is 0.7 btc for 30 days interest is 130% and 60days is 80% in two payments. Both = paying over 1.7 back. This seems a bit silly as surely anyone needing to apply for 0.7 would not have the extra 1Btc back. I'm looking for anyone who has had a similar experience or can tell me where I'm going wrong, thanka.

If you have valid collateral (like altcoins, or bitcointalk high rank account) you can ask for a lending in the Lending section of this forum, its much better than Btc Jam but you need to provide valid collateral as the number one rule here is "No collateral, no loan". Give it a try , if you have valid collateral there will be a lot of people willing to fulfill your loan and with better interest than that of Btc Jam.

Brilliant thank you will try this soon,
Is there any types of accepted collateral other then crypto currencys??

[Jhanzo]

Brilliant thank you will try this soon,
Is there any types of accepted collateral other then crypto currencys??

Yes, and you can find them on the second post of this thread.  Basically most things that can be sold but can't be gotten back easily by the borrower.

[Luxworld]

Brilliant thank you will try this soon,
Is there any types of accepted collateral other then crypto currencys??

Yes, and you can find them on the second post of this thread.  Basically most things that can be sold but can't be gotten back easily by the borrower.

So I just has a look,
I have gold but how can I use that as collateral?? Say I asked for 1btc with the interest of 5-8% for 45-90 days how would that go down??

[Jhanzo]

Brilliant thank you will try this soon,
Is there any types of accepted collateral other then crypto currencys??

Yes, and you can find them on the second post of this thread.  Basically most things that can be sold but can't be gotten back easily by the borrower.

So I just has a look,
I have gold but how can I use that as collateral?? Say I asked for 1btc with the interest of 5-8% for 45-90 days how would that go down??

You can always use precious metals as collateral provided that they can be sold for the amount of your loan or higher.
Also in case you don't know, you'll have to hand it over to an escrow or the lender.  This means shipping internationally (and mostly you will be paying the shipping fee) depending on circumstances.

[Luxworld]

OK you been a great help thank you.