We did a total of 13 Loans on BitLendingClub. Only lending to users with 100-300+ positive feedback.
Thus far of the 13..... 7 have defaulted and not repaid.
Would not recommend.
Strato
Thus far of the 13..... 7 have defaulted and not repaid.
Would not recommend.
Strato
Same results for me. Terrible experience would not recommend at all.
I'm sorry for your experience. I see that 3 out of your 5 investments are in default. One being the top user on the site, Leon Stafford, who has been communicating and working to make payments. We're working to improve the site, but again, I would like to highlight that the overall default rate on the platform is 7.24%. BitLendingClub only collects its fees from repayments, so it's in our best interest to lower the default rate. We take defaults seriously on our platform.
Best Regards,
The BitLendingClub Team
This isn't my profile. I'll msg you my profile.
However, I posted my original complaint over 3 months ago- and it is only now being addressed.
When I first joined the site and made investments; I was under the impression that a certain minimum level of due diligence was being done in terms of the background checks and "required" documentation in order to post and take out a loan. I then received the attached document via email regarding one of my defaulted loans.
This document; to me says one thing: It is VERY easy to get approved to request a loan on this site.
The borrower on this document supplied a "Drivers License". No Expiration Date. No Date of Birth. No Country of Issue. This "Lender" agreement / Loan Application is a joke.
I think any users considering investing or joining BitLendingClub should take a good look at this document and ask themselves if the site/owner is actually fulfilling their end of the agreement in terms of providing at least the minimum "promised" level of protection it advertises to it's lenders.
Lastly; the other loans which defaulted - I never received any such document nor has this information been posted on the site on my dashboard. I assume this basically means the information was never collected nor recorded by the site administrators as promised.
Strato
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I usually try to search for posts related to BitLendingClub, but given all the work we're doing and the fact that we don't get notifications, I end up missing some of them.
The document you've received is from an older profile. In the early days we didn't require the user to enter all of the data at the time it was provided. We also can no longer just "hand over" the documents of the users, because it poses legal issues. However, now we require a lot more information to be entered and we're going through an overhaul of the system. Our initial assumption is that the lenders will perform a lot more of the due diligence on their own, as the tough questions, etc. As we've been building the system we've found out that lenders do very little due diligence, so we've had to progressively add more due diligence steps. It's a slow process, but we're making progress. Of course, I understand that you're probably not going to be investing into the platform anytime soon again, but I just wanted to address the issues at hand. We're certainly taking note of the problems and we're working to resolve them.
Best Regards,
Kiril Gantchev
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