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Author Topic: Debt refinance loan on BTCJam  (Read 2047 times)
minerbobbert
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May 21, 2014, 12:24:10 AM
 #1

Hi, please consider checking out my listing. I'm a new verified borrower on BTCJam.

https://btcjam.com/listings/13130
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Vod
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May 21, 2014, 12:48:40 AM
 #2

Hi, please consider checking out my listing. I'm a new verified borrower on BTCJam.

https://btcjam.com/listings/13120

Don't spam this on every forum... no one will invest in your scam.

I'm into creating universes, smiting people, writing holy books and listening to Prayer Messages (PMs).
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minerbobbert
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May 21, 2014, 03:23:51 AM
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2 threads is not "every forum," especially when they are the two threads on this site related to lending and borrowing.
sonysasankan
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May 22, 2014, 02:55:18 PM
 #4

Just a suggestion.... you need to work your way up on the trust system on BTCJam. Its a lovely community they have there that watch for scammers and each other's back. You can't just come in as put up a 3 BTC loan as your first one. It will never get funded. You need to start with something like 0.05 and then people will do a gamble on you. Since you have a verified account, chances of getting funded are better. You also score brownie points with lender if you repay early, etc.

Pinkcoin Donations Address ---> PINK: PB9TmJXZTqzLroz9cLzCQe2cNWzEwJeq5g | BTC: 14Yxxxxko19qtLi3k2yvtWQ54vSQg2mLjB <---
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minerbobbert
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May 23, 2014, 01:58:46 AM
 #5

Thanks for the advice! Do you know this is the first helpful counsel I have heard since posting this?

Unfortunately, I don't need a loan for less than that. I don't like the idea of borrowing small amounts I don't need just to turn around and pay them back to earn brownie points in whatever scoring system they use. For all the concern about scammers, I think that would actually encourage them. Just keep borrowing larger and larger amounts, perhaps using two accounts to pay each one off, and then one day take out a large loan and split. I am not hurting for money enough that I need to collect smaller loans just to build a credit score. If it stays that difficult to get funded, I'll probably just leave it. Maybe I'll find a way to build some trust loans that end up with payments no bigger than my mining income, but my whole goal was simply to refinance a credit card. There is no reason for me to go into debt to build up trust on that site for a card that will be paid off by the time I can ask for a loan of that size in the first place... Oh well.

I have previously used Prosper.com, and they had a better system, in my opinion. They actually posted data from the credit report (such as total debt, monthly payments, delinquencies, etc) as well as the verified income so lenders could do their own risk assessment rather than relying on a system which gives points for linking an eBay account or managing to game the system by continually getting larger and larger loans in a sort of reverse-Ponzi scheme. It also fails by letting the debtor set the terms of the loan - a better auction system would be to let the lenders specify what interest rate they are comfortable with and then offering a loan at those terms to the borrower that they can choose to accept or reject. There is also no flexibility in the terms. The longest term they have is one year, which makes the whole thing run more like a payday lending outfit than an alternate to traditional banking. I have some other cards I would take out smaller loans for (in order to build up credit on BTCJam) if it meant I could end up getting a sufficient loan to pay off some of my larger debts - but all of those would be prohibitively expensive to try and pay off within one year, so there is no point. But extended terms would make that possible - I could even end up financing a car or something through it. I have over six figures in student debt (med school is pricey!), and I'd love to pay that to a bitcoin investor over 20 years rather than the federal government. Right now, that isn't possible.

I think BTCJam or peer to peer lending in general with bitcoin has huge potential, but it just isn't there yet.
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June 09, 2014, 10:53:59 AM
 #6

how much do you owe ?
take out a personal loan in real life (i.e not on the net) ??

Killerloop
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June 09, 2014, 01:06:29 PM
 #7

just keep borrowing larger and larger amounts, perhaps using two accounts to pay each one off, and then one day take out a large loan and split.

A good way to end in jail or lose all your properties.
BTCJam asks for your personal information that will be released to the lending party. He/She in turn will bring you to the small claims court in REAL life.

I think BTCJam or peer to peer lending in general with bitcoin has huge potential, but it just isn't there yet.

It is. To get a loan you have to provide collateral like in real life.

The difference is that with cryptocoins you can get your money in half an hour, in real life... oh well.
If you have altcoins or items of value I can help you.


Loan request: "I need 7 BTC because We hired an archaelogist and asked him: Is there a treasure? And he said yes!"
Vod
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June 11, 2014, 06:56:39 PM
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A good way to end in jail or lose all your properties.
BTCJam asks for your personal information that will be released to the lending party. He/She in turn will bring you to the small claims court in REAL life.

I don't believe that is true.

BTCJam gives you a piece of paper that is the equivalent to going to small claims court and winning.

All you need to do is garnish their wages or seize money from their account.  At least in Canada anyway.

I'm into creating universes, smiting people, writing holy books and listening to Prayer Messages (PMs).
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Killerloop
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June 11, 2014, 07:02:23 PM
 #9

I don't believe that is true.

BTCJam gives you a piece of paper that is the equivalent to going to small claims court and winning.

All you need to do is garnish their wages or seize money from their account.  At least in Canada anyway.

That depends on how your courts are willing to enforce net-arbs decision.

If things work that way in Canada I suggest you purchase defaulted notes on BTCJam. You will make a lot of money.

Loan request: "I need 7 BTC because We hired an archaelogist and asked him: Is there a treasure? And he said yes!"
Man_of_moon
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June 17, 2014, 03:39:36 PM
 #10

Can anyone help contact support site? very necessary, I activated the loan but as I can not use - almost not entered the secret code - and can `t get the authorization codes  Huh Undecided
loewen.brad
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June 28, 2014, 12:54:52 AM
 #11

Can anyone help contact support site? very necessary, I activated the loan but as I can not use - almost not entered the secret code - and can `t get the authorization codes  Huh Undecided

If you're still having this issue, you can send BTCjam's support crew an email at support@btcjam.com

BTC Donation address: 1C9kFrgD4iHRnH7p86HaAQ5oSaEuzqmjf8
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