well i had some issues with bad players on btcjam. the admins dont seem to do much about them as those scammers are still showing up and asking for loans. hell i cant even get the btc out of my account. i have tried several times but the confirmation email never comes and there is no reply to support emails. IMHO just stay away. of course its your fiat.
bitjam IMO is worse than gambling. Even if someone defaults, it takes forever for the case to be transferred to netarb. In my experience, I don't even remember receiving any info regarding the borrower.