There's been a few unsecured Bitcoin loan websites that have popped up over the past few years, such as BTCJam or BTCPop. They all have had the same issues with people running away with the loan, and generally not much happens. Your identity would be released publicly or to the people who lent you money, and they could come after you legally if they wanted. I'd be surprised if anyone even attempted to recover funds that way. Usually the biggest issue on those platforms was convincing people to lend to you in the first place.
It's very interesting that Equso states that they "we guarantee repayment with our company funds" to promote themselves to lenders. It seems like a really dumb business model and I highly doubt they'll end up profitable unless there's something crucial about their loans that I'm missing. Requiring 17.5% of the loan balance in your crypto address to prove solvency doesn't seem like it'll deter many scammers.
BTCJam, which I am very familiar with, would release information after their so called "arbitration", which honestly prove to be useless as people could easily steal identity, craft fake information, etc. One guy I lent to on there (I wasnt alone in lending to them) defaulted and after the "arbitration", I saw the information and it was obvious it was all fake, and it was becoming clear scammers were using that trust model of borrowing and repaying to "build trust" only to exit with a bigger scam. Lesson learned from there honestly.
I honestly feel that this site is questionable. Unless they are actively suing ones who default, obtaining judgement and getting money through garnish, levy, etc., its unlikely that they would ever be profitable (even in successful lawsuits, it would cost money to do and unless they are hoping for a default judgement, it would cost more if the defendant do respond, answer, or challenge them in court). I would not be surprise if they jump ship down the road and keep money and crypto they have. In fact, doing my own research, I do not see a business license anywhere in the state they mentioned in their footer for their address (which was CO, which the state record doesnt show a business by "EQUSO Inc") or in any other state database (not searching every single state but considering the time they claimed to be in business, it would have been indexed by now to make it more known), which raises red flags sky high. I did dig deeper and saw in their ToS that they operate out of Estonia, but even doing a license search in that country yields no results unless I am missing something, so overall I do question their legitimacy in terms of their actual business operation, as well as their "funds" that they claim they will use to "guarantee" repayments. I would also not trust them with any identification either.
