BTCJam is not awful, but it is not great either.
Speaking from a borrower's perspective, I had 2 loans on there get funded very fast. Each of them were funded in a matter of hours. In terms of sheer volume, BTCJam is the place to go to get your loan filled quickly. No denying that.
As far as customer service, I'd say 4/10 on a 10 pt scale. At one point, it seemed like they were okay at best. The emails were answered in a decent amount of time, but not quickly by any estimation. Then, when I started having issues with listings, the support pretty much stopped. The few responses I did get took days to receive, but really, they ignored the most important emails.
Also, I have a problem with any site that generates that much income that only has ONE method of contacting support. BTCJam makes a boatload of money on the loan origination fees (or whatever they call it, it is 5% that the borrower never sees but has to pay back.) YET, they offer no chat support, they have no support forum and they offer no customer support hotline from what I can see.
Bitlending Club really is lightyears ahead of BTCJam in terms of site functionality. Localbitcoins trading is a very prominent method of making money in the BTC world and Bitlending Club has recognized that. They created a tool that verifies your LBC account and your LBC income in lieu of uploading any income verification docs. This process is super fast and easy. BTCJam is still in the stone ages in that regard. I tried on two different times to get them to recognize my LBC sales as income, but each time they were very unhelpful. They said "upload bank statements." NEWSFLASH BTCJAM: Cash deposit is only ONE of the MANY methods people sell for on LBC.
Also, the loan review process on BTCJam can take an unnecessarily long time. BLC does it instantly. Try creating a new borrowing campaign on the weekend on BTCJam...it will sit there until Monday afternoon. And I don't want to hear all that yada yada about all loans needing to be reviewed by a specialist. No way in hell someone is sitting there reviewing every loan request that comes through. And if they are, they are doing a pretty shitty job of it.
A great borrower like me who repaid two loans early is prevented from taking out any new loans and is given no explanation as to why. I communicated with my lenders and brought them nice returns on their investments. But as I read this thread, I see the scammers roam free.
Bottom line: If you want to get funded fast, BTCJam is the place. BLC is better in every other aspect, but speed of funds is such a big factor that I can understand why BTCJam is still king.
Loans do funds fast & yes we actually do screen every single loan that comes into the platform now. We've decided to be more selective with loans and those who get onto the marketplace.
Your comment regarding scammers, you've participated as an investor with us. How have you concluded this if you dont participate on that side of the market?
LBC - We are different when it comes to BLC - we don't take income measured through LBC & don't plan to in the near future. We have the verification simply for actual employment income. Why? We have investors all over the world who want to know whether or not someone actually works and gets paid at an official gig. From the daily investors I have chatted with within the platform, none of which have been interested in having LBC income as part of this consideration when asked. We brought it up months ago but for now we'll keep it as it.
As for your borrowing ability, we made a choice to carry other loans on the platform. Not everyone who goes to the bank gets a loan and the same applies to us. Sorry if that was shocking or a bad experience and many thanks for sharing your thoughts