I agree but this company is not covered by the UK data protection act. and in the contact it dose state that your information can be given to investors for legal recourse if you fail to pay.
I would not be too sure that this law will cover you since they are not in UK and its not underwritten by UK / English or Scots law.
Its in the terms. You agree to them. i had a late payment before and was worried about it so made sure i Payed off my loan pronto.
Topic: BTCJam and Loanbase (Read 1398 times)
BTCJam is good. I used them few times for loans. To be honest if you are legit and have the means to pay back then you will be accepted but like already said be ready to part with some ID doc's and other personal info to get a good credit rateing.
Also note if you default and don't pay back. ALL people who invested are entitled to your personal information for legal use.. so be warrned if you default your info goes to the people who invested.. read the small print..
Also note if you default and don't pay back. ALL people who invested are entitled to your personal information for legal use.. so be warrned if you default your info goes to the people who invested.. read the small print..
Not Strictly true, Even if you agree to something in a contract it can still be a breach of law in your country or state especially in the UK regarding Data Protection Act.
If I were to default on a loan and my personal information was given out to P2P lenders that would be a breach of The Data Protection Act 1998 and I could prosecute the company for this action. I have looked up this information for a friend and spoken to a lawyer about it.
Anyone received new payments from loans that were already defaulted in LoanBase?
I happen to have received payments just now from 2 defaulted loans. Seems to me they're doing debt collecting work.
I received a micro payment but not the whole amount I invested on the loan just today on loanbase. I happen to have received payments just now from 2 defaulted loans. Seems to me they're doing debt collecting work.
I received payments on about 3 more loans. Same with me. It's not the full amount of what I've invested not even close to 1/4. No announcements were made or a post on their blog regarding this.
BTCJam is good. I used them few times for loans. To be honest if you are legit and have the means to pay back then you will be accepted but like already said be ready to part with some ID doc's and other personal info to get a good credit rateing.
Also note if you default and don't pay back. ALL people who invested are entitled to your personal information for legal use.. so be warrned if you default your info goes to the people who invested.. read the small print..
Also note if you default and don't pay back. ALL people who invested are entitled to your personal information for legal use.. so be warrned if you default your info goes to the people who invested.. read the small print..
To be very honest ,being a investor you should not even be bothered about using peer to peer lending sites especially those mentioned above.I have invested a good amount of money in a so called "trusted lender" to which I receive interest on daily basis but hey its been 7 months and I haven't received my original amount yet.There were times when I needed my money back but I can't because I have to rely on few satoshi's I'm being paid on daily basis.To be honest I would have made more money from faucets.Stay away from p2p lending.
Anyone received new payments from loans that were already defaulted in LoanBase?
I happen to have received payments just now from 2 defaulted loans. Seems to me they're doing debt collecting work.
I received a micro payment but not the whole amount I invested on the loan just today on loanbase. I happen to have received payments just now from 2 defaulted loans. Seems to me they're doing debt collecting work.
Anyone received new payments from loans that were already defaulted in LoanBase?
I happen to have received payments just now from 2 defaulted loans. Seems to me they're doing debt collecting work.
I happen to have received payments just now from 2 defaulted loans. Seems to me they're doing debt collecting work.
Hi All -
For p2p lending, I've found BTCjam and Loanbase. Which service has a better reputation?
Are there any other sites like those two that I should check out?
Thanks!
For p2p lending, I've found BTCjam and Loanbase. Which service has a better reputation?
Are there any other sites like those two that I should check out?
Thanks!
i have never even heard of loanbase, but i know about BTCjam, they are a good platform for lending bitcoin but it is not scam free so there is a lot of risks.
i think if you are planning on lending bitcoin, here or anywhere that you can take valid collateral is better options.
i have a bad experience in this type of site there is only 5% that don't spam and pay money back but the others all scammers
Yes no protection funds from Site they just enjoyed free of loans and investments scammers also felt safe because there is no significant threat I suggest you do not try to invest on the site Unless you are prepared to lose funds
I cant seem to get a loan with BTCJam, I am B - rated and every time I ask for a loan it gets declined by their verification, Even thought I have wrote more then enough evidence of payment back and details for what he funds will be used for.
I just cant understand their system of allowing people with shitty wage and jobs to get loans and then me asking for 3 BTC on over £40,000 a year and other income declined when all this has been proven and verified by them.
I just cant understand their system of allowing people with shitty wage and jobs to get loans and then me asking for 3 BTC on over £40,000 a year and other income declined when all this has been proven and verified by them.
i have a bad experience in this type of site there is only 5% that don't spam and pay money back but the others all scammers
Moat of those lending sites are full of scammers. Lol. It's way much etter to lend or get a loan here provided with a collateral. Anyway, you can also try btcpop. So far I think it is the best lending service provider so far for me.
I would agree. Look at the amount of scammers on btcjam right?
Moat of those lending sites are full of scammers. Lol. It's way much etter to lend or get a loan here provided with a collateral. Anyway, you can also try btcpop. So far I think it is the best lending service provider so far for me.
Just a reminder that these sites are mining your data and have a nice profit off the customers back on exit.
The problem with all these services is collateral. If you loan money and your loan defaults, all they can do is to share with you data about the borrower. What am I going to to with data about person from Philippines, for example? COLLATERAL is must have.
Shameless plug. I developed getline.in in such way that collateral can be held by trusted member of bitcoin talk forum.
The problem isn't on loanbase or btcjam reputation. When you invest a project, you have a risk, and with the highest risk you could have more benefits, but the risk of default will be higher. And with low risk sometimes your benefits are too low to invest.
In an ideal world, yes. I can't speak for loanbase, but I have real problem with how jam assesses risk. It's not the risk/reward, but do you trust the people who are measuring the risk. That is risk on top of risk. I'd keep away.
The problem isn't on loanbase or btcjam reputation. When you invest a project, you have a risk, and with the highest risk you could have more benefits, but the risk of default will be higher. And with low risk sometimes your benefits are too low to invest.
Hold it or lend it as margin on Bitfinex. There are too many people out there looking for quick returns so platforms are borrower friendly rather than investor friendly. Until the sentiment changes you'll likely be better off doing either of the above.
The problem with all these services is collateral. If you loan money and your loan defaults, all they can do is to share with you data about the borrower. What am I going to to with data about person from Philippines, for example? COLLATERAL is must have.
If it is ok for you to expose all about your business and online profile then it is ok to get into the btcjam program whether you are a borrower or an investors,but would like to remind you it is so hard to borrow from btcjam without exposing your credit trust,your home address and everything about you,and you have no guaranty that you will get all your requested loan...
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