We'll continue our work on improving the lending platform and providing you more secure investments and loans.
Check out the improvements: https://bitlendingclub.com/
Here are some of the leading improvements made by our team:
- A limit of one loan at a time for borrowers with a reputation score under 50. This is measure that aims to reduce the default rate and fraudulent activity (i.e. spamming with loan listings).
- An e-mail notice will be sent to notify the borrower when a loan is delinquent by 30 days and another notice when the loan is delinquent by 60 days.
- Loans that are overdue by 90 days will receive a final notice. After 90 days of non-payment, the lender may request that we release the verification documents which the borrower has submitted. The documents may only be used for the lawful prosecution and resolution of non-payment.
- The maximum listing duration for a loan is now limited to 30 days.
- There are new fields in the income verification form, address form and ID upload page. We require the borrowers to enter a lot more private information for the purpose of completing the verification process.
- We have added the country flag of each user along with their loan listing (this should help reduce the lending risks).
- Miscellaneous bug fixes.
Please let me know what you think, if you have any suggestions, ideas for improvements or anything else.
We also have a new landing page that's coming out in the next couple of weeks with links a lot of statistics, here is the preview of how it will look (these images are from our QA environment):
