Topic: BitLendingClub - Peer to Peer Bitcoin Lending (Read 1196 times)

Should probably read the thread.

how can a borrowwr apply for a long term loan.
14 days is quite small to make profit.

I would suspect it's 403% likely, yes.

403 Forbidden

Is this another scam nipped in the bud?

I am an entrepreneur, I can take your and any bitcoins under %.
For a period of 1 year. At a rate of 25% per annum. (The minimum period is 3 months).

Somebody might say that I'm a fraud. But I have the answer for them:
Do you have a Facebook profile for more than 5-7 years? Is it open for everybody?
Do you have a phone number, e-mail in the public domain? Is it open for everybody?
Do you have a professional questionnaire on LinkedIn? Is it open for everybody?
Do you show data on the network? Do you know that it is badly to write anonymously and with impunity without knowing a person?

I have it All, and I do not hide my identity.
https://www.facebook.com/antsergey
https://www.linkedin.com/in/sergey-guyriev-1679a436/

Also, when the Bitcoin network was flooded with a large number of unconfirmed transactions, I really helped people, who could not or did not have time to do everything by themselves! You can read my topic on a forum: https://bitcointalksearch.org/topic/i-solve-problems-with-bitcoins-unconfirmed-transactions-2686039

We send multiple e-mail notifications when a borrower fails to make a payment. The lenders may also post comments on the loan, this will notify the borrower as well. The policy is that we send 3 notifications: at 30 days, 60 days and 90 days past the due date. After the last notification, the borrower's verification documents can be downloaded by the lenders. This allows the lenders to seek legal means to collect on the loans.

Now cheater technology is brilliant, resulting in many enterprises have become very hard, no matter Is it right? Really now have to ask Is it right? Liar.

Is there a guideline in place as far as what actions to take if the burrower stops paying back their loan?

It really depends on what you mean by "protecting your investment." If you're talking about insurance on your investment, then no, we don't do that. If you're talking about screening borrowers and verifying as much personal information about them, then yes.

The goal of BitLendingClub is to provide a safe platform where borrowers and lenders can meet. That means that we take all the necessary measures to protect your deposits, screen the borrowers and provide you with as much information as we can about the borrowers. Our view is that the best way to protect the lender is by providing him or her with all the information that they need in order to properly assess the risk.

We're currently targeting people who are either using a competitive platform or are being exposed to too much risk via the over-the-counter lending many of you are already familiar with. As you may be aware, building these kind of systems is neither easy nor cheap, so given the resource we have we only tackle the immediate problems our customers are facing. We constantly get feedback from our customers and if we determined that they need protection beyond what we already offer, then we'll work on it accordingly.

There have been a handful of people who have successfully funded loans which have been repaid. However, there is a large number of people who defaulted on their loans and scammed lenders. Our initial view is that we shouldn't force the borrowers to verify and let the lenders decide who they should trust. As you can imagine, that backfired for everybody. We have since started requiring that people get completely verified before posting a loan and we're just about to make a new release with our new document disclosure policies. The people that successfully get verified all hold their information on file with us:

1. A copy of their ID, driver's license or passport.
2. Proof of address (utility bill, phone bill, cable service bill, official government letters, etc.)
3. Phone number verified via SMS.
4. Income verification (yearly income, 3 most recent paycheck stubs and the address + phone number of the employer).

We also take great care to ensure that we eliminate fraudsters.

is there anyway that bitlendingclub is going to be protecting my investment? even a % of it?

also has anyone actually used this site successfuly ? im interested

Please note that we no longer allow unverified borrowers to post loans; furthermore, their existing loans will either expire or be canceled. The borrower must be fully verified in order to post a loan on our system now. This means that they've supplied a copy of their ID (driver's license or passport), proof of address, proof of income and they've also verified their phone number. We also have a new document disclosure policy which is going to take effect within the next week: the policy will allow the lenders to view the borrower's verification documents after the borrower has defaulted on their loan. The borrower will receive a notification at 30 days, 60 days and 90 days after the failing to make the payment and then their documents will be released to the lenders who funded their loans.

We're also considering shortening it to just 14 days, because the industry indicates that the best chance of getting a borrower to pay is within the first 14 days of failure to make payment. However, that's still under discussion within our team.

We can't speak for the competition, other than we want to do better than them, but we do have a lot of incentives to succeed. We've spent a lot of time and money building out this system and we want to be profitable at some point. Note that we only profit if the borrowers make payments, so it's in our best interest to lower the default rate by any means possible. We're constantly pushing ourselves to do better!

Awesome, only one borrower fully verified and a crap load of beggars.

Why should we trust you when precursors like btcjam did such a pathetic job of curation?

We avoid scammers by having stricter verification requirements. Verification helps increase trust and safety in our community. Investors can feel more confident doing business with verified borrowers, who are more likely to be legitimate and trustworthy.

 The documents required to complete the verification process are:
•   ID, Driver's License or Passport.
•   Proof of address.
•   Proof of income (3 of most recent pay check stubs)

You as a investor determine the interest rate for the loan, but the borrower manually accepts the lowest rate offers which fulfill the loan.
Each offer may have a different interest rate, so the borrower will get the loan funded at the weighted average interest rate of the sum of loan offers which add up to the requested loan amount. If the loan request is for 10 BTC and there are 5 offers:
Offer 1: 5 BTC @ 5%
Offer 2: 2.5 BTC @ 8%
Offer 3: 2.5 BTC @ 10%
Offer 4: 1 BTC @ 11 %
Offer 5: 5 BTC @ 12%
The first 3 offers will be accepted and the interest rate that the borrower will receive the 10 BTC at is 7%.

Wow a clean Interface ,very promising  , but how can we avoid scammers ? 

How much return on my investment can I expect from this company ?

BitLendingClub: a global community that matches individual investors with borrowers seeking bitcoin loans. http://www.bitlendingclub.com/

The BitLendingClub team is striving on delivering the best possible returns with low risk to our investors. We do many things to ensure that we are featuring mostly high quality borrowers.  We recommend that an investor spreads out their investment into as many loans as possible in order to minimize the risk of defaults. BitLendingClub allows investors to find returns that are extremely competitive and strongly diversified from their other investments and also allows borrowers to get low rate loans.
   We are peer to peer lending platform powered by Bitcoin.

Why get a loan via Bitlending club:
•   Low rate loans
•   It’s quick and easy
•   Express funding
•   Flexible loan terms

Why become an investor in a loan:
•   Solid returns on investments
•   Reduced risk (spreading funds among many borrowers)
•   Investing in borrowers that match your preferences


Best regards,
The BitLendingClub team

Sign up to invest or borrow at http://www.bitlendingclub.com/