BitLendingClub

[leevalle]

Anyone here invests in BitLendingClub? Any input on it?

[ivanv]

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

[Buybtc4PP]

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

To receive larger loan amounts, the BLC community recommends that you join B.I.G (Bitcoin Investment Group) on Facebook. Verifying your identity through www.Ardeva.com will also be highly recommended!

[Traffic4u]

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

To receive larger loan amounts, the BLC community recommends that you join B.I.G (Bitcoin Investment Group) on Facebook. Verifying your identity through www.Ardeva.com will also be highly recommended!

I have joined BitLendingClub few hours ago, will join the facebook group soon.
Would you give a link to B.I.G on facebook?
Thanks 

[Vod]

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

To receive larger loan amounts, the BLC community recommends that you join B.I.G (Bitcoin Investment Group) on Facebook. Verifying your identity through www.Ardeva.com will also be highly recommended!

I have joined BitLendingClub few hours ago, will join the facebook group soon.
Would you give a link to B.I.G on facebook?
Thanks 

The official BLC Facebook page is
https://www.facebook.com/bitlendingclub

That last guy was promoting his own scam/business.

[Buybtc4PP]

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

To receive larger loan amounts, the BLC community recommends that you join B.I.G (Bitcoin Investment Group) on Facebook. Verifying your identity through www.Ardeva.com will also be highly recommended!

I have joined BitLendingClub few hours ago, will join the facebook group soon.
Would you give a link to B.I.G on facebook?
Thanks 

The official BLC Facebook page is
https://www.facebook.com/bitlendingclub

That last guy was promoting his own scam/business.

Wait a second, who are you referring too?

[leevalle]

I'm curious to hear about BitLendingClub too, so let's keep in touch mate

To receive larger loan amounts, the BLC community recommends that you join B.I.G (Bitcoin Investment Group) on Facebook. Verifying your identity through www.Ardeva.com will also be highly recommended!

I have joined BitLendingClub few hours ago, will join the facebook group soon.
Would you give a link to B.I.G on facebook?
Thanks 

The official BLC Facebook page is
https://www.facebook.com/bitlendingclub

That last guy was promoting his own scam/business.

Wait a second, who are you referring too?

Probably me.  Promoting/scamming? when asking for input on it?

[BitLendingClub]

Thanks for the interest. I'm the CEO of BitLendingClub and I'll be more than happy to give you more information on our platform. I would recommend that you check out the feedback we've received from our customers: http://forum.bitlendingclub.com/index.php?threads/we-need-a-little-help-with-marketing.55/

BitLendingClub has the following advantages:

• Lowest fees on the market (currently at 1%).
• Our fees are collected when the borrower posts a payment, rather than when the loan is closed.
• We have the lowest default rate, currently at about 3.5% (compared to BTCJam, which based on their statements is about 10%).
• BLC is the first to integrate merchant integrated loans, which eliminate borrower maleficence and are about 10 times less risky than unsecured loans.
• The interest rates are the most competitive in the market and established users generally get lower APR than on the competing platforms.
• BitLendingClub has the best customer service in the P2P Bitcoin lending industry.
• We work really closely with our investors to identify and prevent scams.

By the way, our investors have been sharing their success stories on the forum too: http://forum.bitlendingclub.com/index.php?threads/show-us-your-investment-success.26/

Feel free to join us at: http://www.bitlendingclub.com
Our brand new forum is really powerful and it helps us immensely with fraud prevention: http://forum.bitlendingclub.com
If you have any questions, you can always get in touch with us via our support e-mail: support@bitlendingclub.com

Please feel to contact me if you have any questions.
Best Regards,
Kiril Gantchev
CEO of BitLendingClub

[bestincome]

I don't think ardeva really matter, I'm ardeva verified . last week my loan almost finished funded , and then admin deleted my loan listing suddenly.
"cause lenders think this is reputation loan" the reason doesn't make sense.

I don't recommended BLC for anyone who really need loan, unless if you have money to burn to create more reputation listings before create real loan listing, then go ahead.
also I don;t think reputation is really count, everyone can make that fake reputation.
the real reputation if something going wrong, but the borrowers pay the loan, that is the real reputation.

P.S : my username on BLC and Bitcointalk is same. ( bestincome ) just in case if you wanna a check.

[BitLendingClub]

I don't think ardeva really matter, I'm ardeva verified . last week my loan almost finished funded , and then admin deleted my loan listing suddenly.
"cause lenders think this is reputation loan" the reason doesn't make sense.

I don't recommended BLC for anyone who really need loan, unless if you have money to burn to create more reputation listings before create real loan listing, then go ahead.
also I don;t think reputation is really count, everyone can make that fake reputation.
the real reputation if something going wrong, but the borrowers pay the loan, that is the real reputation.

P.S : my username on BLC and Bitcointalk is same. ( bestincome ) just in case if you wanna a check.

The loan wasn't closed by the admin, but by the investors. The investors believe that you're trying to build reputation with the given loan and they voted to mark it reputation. Note that voting requires a number of investors to agree that this is a reputation loan, then and only then will it be canceled by the system. The first group of investors that agree on whether or not your loan is a reputation will have the determining decision on your loan.

The admin message just explains what the investors did, and I'll quote it here again:
https://bitlendingclub.com/loan/browse/lid/4183/0-5-btc-14-days-3-max

This loan has been closed because the lenders think it's a Reputation loan and it hasn't been properly marked as a reputation loan when the borrower chose the loan type. We encourage the borrower to provide a better description and to conduct more discussions with the lenders in the comment section in order to prevent future loan cancellations. If the loan was incorrectly closed or if lenders are abusing the voting system, then please report to BLC staff via the Contact Us page.

So what's the purpose of reputation loans, you ask? Is it just to take your money? The answer is certainly no, for several reasons:

• You can only have one reputation loan on our system, so once you've taken out one reputation loan you will not be able to create another one.
• Given the previous point, you're only spending your money once. This means that you can't "burn a bunch of money" indefinitely.
• Most reputation loans have a notoriously low interest rate, because investors know that you can't use (withdraw or invest) the funds from the loan and they'll bid each-other down just to get in on a 100% secured loan.
• The reputation loan can be as small as you want it to be, so you can end up paying less than a dollar in order to demonstrate to the lenders that you're can pay off a loan.

There are several reasons why the reputation loan are a good thing to have. The primary reason is to prove to investors that the borrower covers the minimal criteria required to successfully pay off a loan:

• The borrower can create a loan listing with the correct type.
• The borrower can navigate the website properly and repay the loan.
• The borrower has Bitcoin outside of the lending platform, which he/she can use to pay off interest.
• The borrower knows how to transact with Bitcoin. It might seem weird, but some borrowers have never handled Bitcoin before, yet they try to take out loans.
• The borrower proves the above 4 things with absolutely 0 risk to investors. After all, the investors shouldn't risk their money if the borrower is not able to at least meet the minimum criteria.

Why are these things important? Well, if the borrower doesn't understand loan types and descriptions, then he/she may inadvertently mislead the investors with their loan. If the borrower doesn't know how to repay a loan, then it may lead to the loan being late or default. This is the big one: if the borrower can't prove that they have Bitcoin outside of the lending platform, then it automatically puts in question their ability to repay a loan period. Finally, the borrower also proves that they can in fact transact with Bitcoin- you'd be surprised to find out that we've had people who simply have no clue how to work with Bitcoin, yet they want to take out a loan. There is no need for investors to risk their money just to find out if the borrower is able to do those basic things. The borrower only needs to prove that they cover the minimum requirements once, which is why we've limited the reputation loans to 1 per borrower.

Best Regards,
Kiril Gantchev
CEO of BitLendingClub

[bestincome]

The loan wasn't closed by the admin, but by the investors. The investors believe that you're trying to build reputation with the given loan and they voted to mark it reputation. Note that voting requires a number of investors to agree that this is a reputation loan, then and only then will it be canceled by the system. The first group of investors that agree on whether or not your loan is a reputation will have the determining decision on your loan.

The admin message just explains what the investors did, and I'll quote it here again:
https://bitlendingclub.com/loan/browse/lid/4183/0-5-btc-14-days-3-max

This loan has been closed because the lenders think it's a Reputation loan and it hasn't been properly marked as a reputation loan when the borrower chose the loan type. We encourage the borrower to provide a better description and to conduct more discussions with the lenders in the comment section in order to prevent future loan cancellations. If the loan was incorrectly closed or if lenders are abusing the voting system, then please report to BLC staff via the Contact Us page.

So what's the purpose of reputation loans, you ask? Is it just to take your money? The answer is certainly no, for several reasons:

• You can only have one reputation loan on our system, so once you've taken out one reputation loan you will not be able to create another one.
• Given the previous point, you're only spending your money once. This means that you can't "burn a bunch of money" indefinitely.
• Most reputation loans have a notoriously low interest rate, because investors know that you can't use (withdraw or invest) the funds from the loan and they'll bid each-other down just to get in on a 100% secured loan.
• The reputation loan can be as small as you want it to be, so you can end up paying less than a dollar in order to demonstrate to the lenders that you're can pay off a loan.

There are several reasons why the reputation loan are a good thing to have. The primary reason is to prove to investors that the borrower covers the minimal criteria required to successfully pay off a loan:

• The borrower can create a loan listing with the correct type.
• The borrower can navigate the website properly and repay the loan.
• The borrower has Bitcoin outside of the lending platform, which he/she can use to pay off interest.
• The borrower knows how to transact with Bitcoin. It might seem weird, but some borrowers have never handled Bitcoin before, yet they try to take out loans.
• The borrower proves the above 4 things with absolutely 0 risk to investors. After all, the investors shouldn't risk their money if the borrower is not able to at least meet the minimum criteria.

Why are these things important? Well, if the borrower doesn't understand loan types and descriptions, then he/she may inadvertently mislead the investors with their loan. If the borrower doesn't know how to repay a loan, then it may lead to the loan being late or default. This is the big one: if the borrower can't prove that they have Bitcoin outside of the lending platform, then it automatically puts in question their ability to repay a loan period. Finally, the borrower also proves that they can in fact transact with Bitcoin- you'd be surprised to find out that we've had people who simply have no clue how to work with Bitcoin, yet they want to take out a loan. There is no need for investors to risk their money just to find out if the borrower is able to do those basic things. The borrower only needs to prove that they cover the minimum requirements once, which is why we've limited the reputation loans to 1 per borrower.

Best Regards,
Kiril Gantchev
CEO of BitLendingClub
[/quote]

not closed by admin ? by investors ? that mean your system is sucks.
also what the point  reputation loan for ? as long as the borrower pay the lenders is doesn't matter.
you think someone will scam for 0,5 BTC ? risk all ID card, facebook, risk good name , etc ?

also if you looked at my listing, I create a lot listings with small and medium loan nothing funded.
and then after waiting 2 month , my loan for 0,5 BTC get funded then suddenly that listing closed cause your system suck, what do you think I feel ?

also if investor think / vote my listing is reputation loan, why not change my loan category into reputation loan ? instead of deleting the list.

if you just change the listing loan into reputation loan, that's is good, it will be increase my repaid loan in my profile.

but you just deleted that's listing, that's is not good . also what reputation are for ?
there is lot of fake reputation on bitlendingclub. everyone can easy have 200 + reputation on BLC.
also scammers on BLC has lot of reputation points. reputation my ass.

[BitLendingClub]

not closed by admin ? by investors ? that mean your system is sucks.

I don't see how that's a problem with the system. The investors fund the loans, so they decide what happens with the loans.

also what the point  reputation loan for ? as long as the borrower pay the lenders is doesn't matter.
you think someone will scam for 0,5 BTC ? risk all ID card, facebook, risk good name , etc ?

Actually, yes! People have scammed for less.
0.0015 BTC default: https://bitlendingclub.com/loan/browse/lid/1047/small-amount-as-i-ve-come-up-short
0.0145 BTC default: https://bitlendingclub.com/loan/browse/lid/1972/investing

also if you looked at my listing, I create a lot listings with small and medium loan nothing funded.
and then after waiting 2 month , my loan for 0,5 BTC get funded then suddenly that listing closed cause your system suck, what do you think I feel ?

I think you should discuss this with the investors. Nearly 80% of the loans on our system get funded, so there is certainly no problem with funding loans.

also if investor think / vote my listing is reputation loan, why not change my loan category into reputation loan ? instead of deleting the list.
if you just change the listing loan into reputation loan, that's is good, it will be increase my repaid loan in my profile.
but you just deleted that's listing, that's is not good . also what reputation are for ?

You're only allowed to have one reputation loan, so changing the loan type for incorrectly classified loans will open up a loophole in our system. A borrower could ask the investors to vote on the loan and make it reputation, thus getting around the limit of one reputation loan per user. The reputation is there to show that lenders have had good transactions with the borrower.

there is lot of fake reputation on bitlendingclub. everyone can easy have 200 + reputation on BLC.
also scammers on BLC has lot of reputation points. reputation my ass.

Not really, you can't easily earn 200+ reputation on the platform, especially now that we have a 1 reputation loan limit. If you want to earn 200+ reputation you have to do it by repaying loans. And your claim is a bit contradictory: if it was so easy for scammers to get high reputation, then I'm not sure why you're having so much trouble.

[bestincome]

I don't see how that's a problem with the system. The investors fund the loans, so they decide what happens with the loans.

well, that's mean someone can make closed someone listing, just make investment and then vote for this is rep loan. that's mean sucks.

Actually, yes! People have scammed for less.
0.0015 BTC default: https://bitlendingclub.com/loan/browse/lid/1047/small-amount-as-i-ve-come-up-short
0.0145 BTC default: https://bitlendingclub.com/loan/browse/lid/1972/investing

there is no social account on that list, only stupid investor want to invest on that listing.

I think you should discuss this with the investors. Nearly 80% of the loans on our system get funded, so there is certainly no problem with funding loans.

discuss of what ? no comment on my listing and that;s why no discuss. the last one my repaid loan is same, I give clearly on description that I need purchasing good.

You're only allowed to have one reputation loan, so changing the loan type for incorrectly classified loans will open up a loophole in our system. A borrower could ask the investors to vote on the loan and make it reputation, thus getting around the limit of one reputation loan per user. The reputation is there to show that lenders have had good transactions with the borrower.

you clearly not understand my point, what I mean is, instead you delete the list,  why not change category to reputation loan if investor really think this is rep loan. see

Not really, you can't easily earn 200+ reputation on the platform, especially now that we have a 1 reputation loan limit. If you want to earn 200+ reputation you have to do it by repaying loans. And your claim is a bit contradictory: if it was so easy for scammers to get high reputation, then I'm not sure why you're having so much trouble.

really ? my previous repaid loan on BLC is not reputation loan, but I got 2 reputation point. I don't have problem at all on BLC as I newbie on this site, the problem is you deleted the listing suddenly without
warning,  also I read the FAQ there is no explanation about this issue, that listing will be deleted automatically if investor think the listing is reputation loan.

don't compared scammer outside with honest members, I don't have trouble at all on BTC jam, you can check my profile at btcjam here : https://btcjam.com/users/24804
2 BTC repaid, and now funding in progress for 3 BTC almost 100%. my trouble with BLC because the BLC system is really amateurs. at least you need to discuss to your BLC members first
before you make improvement.

[BitLendingClub]

I don't see how that's a problem with the system. The investors fund the loans, so they decide what happens with the loans.

well, that's mean someone can make closed someone listing, just make investment and then vote for this is rep loan. that's mean sucks.

It can't happen by somebody simply closing the listing. The system requires a consensus as a result of voting, so the only reason a loan would get closed is if enough people think the loan should be closed. Furthermore, 80% of the loans get funded, so it's pretty clear that the system works quite well and there is no abuse of the functionality.

Actually, yes! People have scammed for less.
0.0015 BTC default: https://bitlendingclub.com/loan/browse/lid/1047/small-amount-as-i-ve-come-up-short
0.0145 BTC default: https://bitlendingclub.com/loan/browse/lid/1972/investing

there is no social account on that list, only stupid investor want to invest on that listing.

It's about 50 cents, so I'm not sure social connections would change the absurdity of how little money people are willing to run away with.

discuss of what ? no comment on my listing and that;s why no discuss. the last one my repaid loan is same, I give clearly on description that I need purchasing good.

It's not an active listing, there is very little reason for investors to comment there. If you wish to engage people in a discussion about your loan, then I'd recommend using our forum: http://forum.bitlendingclub.com/

You're only allowed to have one reputation loan, so changing the loan type for incorrectly classified loans will open up a loophole in our system. A borrower could ask the investors to vote on the loan and make it reputation, thus getting around the limit of one reputation loan per user. The reputation is there to show that lenders have had good transactions with the borrower.

you clearly not understand my point, what I mean is, instead you delete the list,  why not change category to reputation loan if investor really think this is rep loan. see

I've already explained why we can't do that. If we enable such functionality, then it opens up a loophole around the 1 reputation loan per borrower rule.

Not really, you can't easily earn 200+ reputation on the platform, especially now that we have a 1 reputation loan limit. If you want to earn 200+ reputation you have to do it by repaying loans. And your claim is a bit contradictory: if it was so easy for scammers to get high reputation, then I'm not sure why you're having so much trouble.

really ? my previous repaid loan on BLC is not reputation loan, but I got 2 reputation point. I don't have problem at all on BLC as I newbie on this site, the problem is you deleted the listing suddenly without
warning,  also I read the FAQ there is no explanation about this issue, that listing will be deleted automatically if investor think the listing is reputation loan.

It's not a frequently asked question, which is why it's not in the FAQ. You're one of very few people that have asked about it. Most people understand what's happening when they read the comment, which is posted automatically when the loan gets closed.

don't compared scammer outside with honest members, I don't have trouble at all on BTC jam, you can check my profile at btcjam here : https://btcjam.com/users/24804
2 BTC repaid, and now funding in progress for 3 BTC almost 100%. my trouble with BLC because the BLC system is really amateurs. at least you need to discuss to your BLC members first
before you make improvement.

I'm not sure why you're telling me this, I don't give out loans and I don't delete your loan listings. If you want to convince lenders that you're a good borrower, then you can certainly share that information with them on a loan listing.

With regards to which platform is better: the repayment rate on our system is about 96%, whereas BTCJam is 90%. We've recently taken 35% of the market share in terms of funded loans volume, so we're on our way to beating BTCJam on that front as well. Our customers enjoy a very transparent and open system, for which we frequently receive praise. Our customer service is superior to BTCJam's, again, based on our customers' feedback. BLC definitely works better than BTCJam on just about every level.

[bestincome]

yeah right... 

[BitLendingClub]

yeah right... 

I think the numbers speak for themselves: http://forum.bitlendingclub.com/index.php?threads/bitlendingclub-now-holds-35-of-the-loan-market-volume.180/

BTW, that's from August, the September numbers are even more in our favor.

[bestincome]

yeah right , another self proclaimed, not independent source 

[BitLendingClub]

yeah right , another self proclaimed, not independent source 

Yep, we report our numbers, they report theirs... I'm sure you're just as suspicious of their numbers as you are of ours. Only if there was a way to verify the numbers... oh wait, there is! Here is a list of all the loan URLs which exist on our platform for the month of August: http://pastebin.com/5RbwqNMP

Feel free to be the independent source to verify the loans.

[bestincome]

lol, that pastebin link just show BLC loan listings, where is BTCJAM loan listings ?

where this number come from    ?  http://forum.bitlendingclub.com/index.php?threads/bitlendingclub-now-holds-35-of-the-loan-market-volume.180/
very contradiction.

yeah right  , case closed

[BitLendingClub]

lol, that pastebin link just show BLC loan listings, where is BTCJAM loan listings ?

Like I said, feel free to check each and every listing. That's my proof, if you're asking for BTCJam's proof, then you should ask the operators of BTCJam for their loan listings.

where this number come from    ?  http://forum.bitlendingclub.com/index.php?threads/bitlendingclub-now-holds-35-of-the-loan-market-volume.180/
very contradiction.

yeah right  , case closed

Their numbers come from their statistics page: https://btcjam.com/stats