In fact in BTCJam, you found a lot of the A listed borrowers would build up their profile and repay a load of loans on time..
And then they would do an exit scam with huge amounts of BTC after building trust.
Yes, some kind of borrower's fraud is possible but there are some facts that I have to point to:
1. Suretly is not a direct lender. We are some sort of marketplace that connect 3 parties: lenders (our partners), the borrowers (lender's customers) and vouchers (investors, our customers)
1. Our partners are fiat lenders only.
2. We have no direct communication with borrowers while they pay loans in full on time. The loan applications are fills by the borrowers on the lender's websites.
3. The borrowers are not anonymous - they are identified by the lender.
3. The credit risk group is based on credit history and/or other data not related to our platform.
4. The lender always reports borrower's non-payments to credit history bureau
5. We are focused only for short-term micro-lending, so the maximun loan amount is $1000 (the medium loan amount is $350)
Of course, scammers are very inventive and we will do all the best to avoid the fraud.