Topic: Best website to give out loans? Btcjam or ? - page 8. (Read 17104 times)

I use both BTCjam and BitLendingClub and they each have their strengths and weaknesses, but overall, I do much better on BitLendingClub. There are scammers on both sites, so you need to be careful and do some research before investing. Overall though, I like BitLendingClub best.

The rate on the btcjam site is really strange:

They give you 19.3 % return for borrowing your money, while lend your money to others for 6.7% income. So for each bitcoin they lose 12.6% per year, how is this business profitable? The only way to make profit is to short the market with borrowed coins and buy back the coins at a price that is 12.6% lower of the current price

And since we all know that shorting the bitcoin is a sure way to die long term wise, sooner or later they will go belly up

I been on all the three main sites and POP has come on a long way as I watched them from nearly the start, although now they are reaching new levels a lot of the regular investors on JAM are now on POP.

Btcpop works with an international collections agency to make a recovery....

If the payment is 21 days over due, it gets passed to them. 31 days overdue, you will get offered an insurance payout (the amount is set in the listing as it's being funded).

If collection is successful, the recovery less costs (which we also try to recover from the borrower) are passed to the investor.

It's still a new process and our first batch is due to go out to the recoveries agency this week

Okay, so after a few weeks at BTCPop I have to say the following.
The support does something I had not expected.
Something that's so unbelievable, so incredible ..

He replies!
And fast! And practically any time of day! It's amazing! Friendly and competent.
I did not even know that something like this is possible
Like it very much.

The borrowing and lending works great so far. No scammers.
The site still has a few bugs, some links lead to 404 Nirvana and the layout is a bit weird, but you can see that is being worked on.

The admins are active in the forum. Answers to questions quickly.
A big plus.

And the "pools" are absolutely cool idea.
Add and remove immediately. lovely.

Recommendation for BTCPop! (Ref|NoRef)

To BTCJam on the other hand, I should prefer not to comment.
There is nothing good I could say at the moment.

What kind of loan you are talking about? I am not aware about such loan scheme.
Can you please put some information about it. Thanks in advance.

I have been using bit lending club.  No defaulted loans so far.  10 loans paid back. 

This is true, people need really to read the terms and agreements before investing.

I used to use BTCjam but definitely got scammed but still ended up in four months with a bit more than I started off with (probably 0.015 BTC) so was okay about it and covered my losses. (Started with 0.0426 BTC). Left because I couldn't be bothered to chase up defaulted loans.

Went to BitLendingClub and decided that this is better as I can choose the interest rate I would like to pay and it's going well, covered any defaulted loans and BLC has enough information to contact defaulters so I can maybe see whats going on. I put in my BTCJam funds in and added a bit more so I'm trading with only 0.35 BTC so I don't care if I lose it all. Made 0.06 BTC including defaulted loans in around three months and still using it. If you don't include it, it's more around 0.13 BTC.

I would (barely) recommend BitLendingClub just because the lender is in more control and I personally think the layout is more 'professional'. Just bear in mind I don't put any time into it (Maybe 15 minutes a day) and when picking loans have a quick look on FB profiles, loans and certain patterns and trends in scammer's loans.

The main issue for any platform is that no platform can recover defaulted loans for you, you have to actively search out for scammers and hopefully work with them. Some people do have legitimate reasons whereas you have to make sure you don't get scammed.

I guarantee most people will put more time into it and I can't dictate which is better for you, just my personal opinions. I quite like to spread my capital a lot (0.35 to 10 loans or 5 loans for example) to reduce the amount I actually lose in the long run. If you need any advice, pick an interest rate that is good for you (10% minimum seems reasonable to some so I charge it). If people are saying they can't pay it, I just won't invest, it's that simple and I won't make a fuss.
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*I'm not being paid so I can say whatever I bloody want (I'm British)  *

I doubt that exchanges borrow bitcoin and short the market to make profit, do not support those manipulations

Just because you can't invest for shit doesn't make it a scam. They clearly explain the process and everything when you sign up.

Arbitration is not a complicated process. Yes, you should pay to get YOUR money back.

Why should BTCJam fork out money for your decision to invest in C/D/E- Rated users who told you they would pay you back ten fold immediately if you simply loan them some quick emergency cash for their sick pet Flamingo.

i can tell btcjam does nothing when u get scammed.

they send u documents that u have to use [and pay to use] with lawyers to get money out.

btcjam is a joke.

Oh how I wish it was !!!! Instead it is hard work, 15 hour days and hair loss lol

My background is from within the insurance industry (Mainly dealing with fraud cases so well equipped   )

The insurance is at a set rate depending on the borrowers credit rating, anywhere between 10 & 100 % at the moment, however it will adjust depending on the levels held in reserve.

Auto investment tools are currently being built. It is up to the user if they use them or not.

They will allow investors to have set rules that the bots can use, ie "Invest 0.01 in any user with A rating loan less than 30 days" or "Invest x amount in User Y)"  They will be totally in the users control, and will report back profit and loss for each rule

We are also working on P2P buying and selling of Bitcoin from within the site !!!!

Take a look at the site if you haven't done already

Feel free to ask me any questions too (best to get me via the FB group or email as I don't check back here often)

Insured Loans & Auto investment tools

seems legit ...

Reads like an automatic money machine.
Would not invest there.


and btcjam:
invested 5 times.
get 3 times early back with small profit.
1 back in time with also small profit.
and today 1 C-Rating got overdue.
he has everything verified except Credit Card and Income.
Hundred of FB-Friends. Thousand of Twitter Follower.

i'm not saying he is a scamer. maybe just personal problems.
but make no difference. the loss would kill every profit i got before.

I guess bitcointalk.org, here should be one of your higher choices.

Although it's quite risky since everyone's anonymous, but the return is much higher than btcjam and the loan term is usually less than 2 weeks, as opposed to btcjam.

But be careful giving out loans only to trusted members.

BTC jam has MAJOR issues. I would recommend not loaning out there. High risk of scams. A majority of loans do not get paid back.

Well if you want loans then its best to have a solid reason for the loan. Else, its highly probably that the loan won't be paid back.

Hi,
I'm the CEO of BitLendingClub, we're the second largest lending marketplace in the Bitcoin ecosystem. Our platform handles about 35% of the entire lending volume in the Bitcoin ecosystem. We're part of Boost VC's accelerator program (Adam Draper runs it), we have a dedicated team of engineers and support that address customer requests quickly. Our default rate is lower than BTCJam's: we're currently at about 7.2% vs Jam's 10% (they're quoting that number).

There are a number of features which make BitLendingClub a lot better than BTCJam:

• We only take our fee from the repayments, so we don't make money from defaults.
• The lenders set the interest rate by bidding to invest in the loan. The bids with lowest interest rates get to fund the loan.
• Our interface is significantly more user friendly.
• We don't censor people and we allow extensive discussions in the comment sections and in our forum: http://forum.bitlendingclub.com

Please feel free to visit us: https://bitlendingclub.com

Best Regards,
Kiril Gantchev
CEO of BitLendingClub
Twitter: @kgantchev

Connect with us:
Twitter: @BitLendingClub
Facebook: https://www.facebook.com/bitlendingclub
Google+: https://plus.google.com/+BitLendingClub

Btcpop.co is the only P2P site that works against scammers.

There is a very active support system (Live support, phone number, Active Facebook group and their own forums coming online in a few days time).

They have tools like if you think a listing is a scammer, you can raise an alert and anyone else that tries to invest in that listing will be given a warning.

You can also cancel your listing and they offer insurance on listings too.

If you don't want to run the risk of investing in a scam, they have pool investments. You place your BTC in one of four pools (or spread) and every time a borrow pays back a loan out of the pool, you get a share of the interest based on how much of the pool you are funding

You can withdraw your funds out of the pool at any time and it's zero risk (works like a bank account).

From an document side, they request slightly more id than Jam do. They are also building in a process where ID needs to be checked by 3 members of a team for forgery and fakes.

You will find a lot of investors are moving to btcpop.co now from Jam.

Pop has just overtaken bitbond in to third place for p2p lending. There are not a huge amount of listings at around 30, but thats not too bad for a site that has not advertised yet !!!

New investors to the platform are advised to invest in to funds that are locked in to pop "meaning the borrower can not withdraw them", also for users with Trusted Member status.

I personally got really fed up with the lack of support from Jam (no response to emails when there is a major problem) and that they would not do anything to curb the high number of scammers on their site. I got so fed up I built btcpop.co

Well , that's not so intelligent if you ask me , is it ?
I mean someone can simply Photoshop and make a fake ID then scam people , and lenders won't get refunded and even if he scammed using his Real ID , I would really like to know what's going to happen. If it's outside the US or UK or wherever BTCJam is , what they going to do about it exactly , call the Interpol ?