I just completed a semi-large loan at BTCJAM as the borrower. I was late in paying it back, which was my fault, but I did eventually get it paid back.
Originally I took the loan as a bridge loan for a larger loan we had been approved for.
Ref:
https://bitcointalk.org/index.php?topic=826256.msg9231647#msg9231647I was trying to get my sign for my shop ahead of the holiday season, and our loan was in limbo for a month.
Eventually we ended up having to go with a different hard money lender, extending our closing date a bit.
I got funded at BTCJAM finally, and I got 3.94 BTC.
Before the loan came due, I tried to buy coin, and sell LTC to pay the loan off 2 weeks early.
After selling my LTC at BTC-E.com, 2.157 BTC was taken from my account. Which I found out, someone had hacked my email, and they were able to steal my coin and verify the transaction via email. This basically happened because I lost my phone, and then disabled 2FA in order to access the coin in my BTC-E account. I never re-enabled 2FA, which is why this all was my fault for getting hacked. I have since changed which email address that I use, I changed all of my password, and I re-enabled 2FA. I also bought a phone with no service for cold storage.
So after the 2.157 coin got stolen, I was short on the loan. I had bought some coin at coinbase, and it took several days for the payment to clear, but that left me with only 2.76 coin, to repay a loan that was due at 4.25 BTC.
So I sold my Chevy Tahoe (really nice ride), and I tried buying coin. I went to Virvox, Coin.mx, and ebay. But my daily interest kept compounding, plus the late fees and such. So eventually, my payoff was at 5.525 BTC.
I couldn't pay partial payments to keep the interest low. I had to pay ALL OR NOTHING.
My main complaint with BTCJAM, is that I could not pay a partial payment. Had I been able to pay a partial payment, the loan would have been paid back 2 weeks ago, because my interest would have been lower.
Buying coin online is a real pain in the ass too. I have some mining rigs, and I used to sell items from my store on BITMIT.net (before their demise).
So I have always had access to coin. Even after all of the money exchanges were shut down, I still had plenty of coin.
But buying coin online there are strict limits, increased fees, and a bunch of other hurdles such as processing delays.
My recommendations to BTCJAM.
Please enable partial payments. Any where else a person gets a loan, partial payments are a given. I've never encountered a place that will not allow for partial payments.
My hope for the bitcoin community, is to encourage more diverse loan options. I think payday loans, title loans, and other types of loans would be a useful and profitable endeavor. I have saw others on this forum who are allegidly going forward with a BTC/TITLE LOAN company. I have watched for months for them to release their service, but so far I haven't found anything that has been released yet.
One other thing, is that people who play "gatekeeper" here need to be less fucking hyper about threats and negative feedback.
VOD had me pinned as a scammer when I came here looking for a loan. His spidey sense was way way off. I own my debts, and I never default!
