These is a new project similiar to btcjam,where you take the risk to loan to others,the sucess of the investment and loand funds is where you invest the money but no one can say that the project isnt good the people that goes around loans sometimes are just scammers,but there are honest persons that pays ,but without an valid colateral these days lending to a person that we dont know is a huge risk bigger then gambling or trading.
I am getting REAL IDENTITY as something like collateral.
Just by removing anonymous borrowers i am able to get low default rates.
Think about it - you can lend money to some stranger online (that was credit scored) or to a friend that you know personally.
If you know somebody and you know where he lives there is smaller problem with people defaulting. And once they default they will be never able to take any new loan and they personal record will be stained forever as displayed here (
http://www.shamelist.it/)
By lending to people you already know and trust you are safer than lending to total strangers. Global collection is hard to do and just look for default rate on btcjam or loanbase.
I know that investors are looking for hard data - therefore each borrower profile on getline is public, all can be audited and checked by audit company
