The scammers and dishonest people are a minority within our community, that are decreasing day by day. When a borrower activates his/her loan, they are under a legally binding contract called arbitration, and the personal information of the borrower will be handed to the investors if they do not pay back on their loans (See more below). However, currently, our repayment rates are above 90% and investors are getting 19% APR on average.
Bullshit! Your site encourages scammers!
I have been posting warning messages when a user tries to take out more than one (6!!) loans at once, only to be emailed by your support saying I am harassing users and my account will be locked. Just over a simple warning message!
You really don't care what scams go on as long as you get your cut.
https://btcjam.com/users/9705
We have been looking into this issue for awhile, and you are correct, the user #9705 has many open listings. Users are penalized for having multiple open listings in their credit score. (See how his is at C currently).
User #9705 has never made a late payment out of his 16 loans, 11 of which are paid in full. It is impossible to decipher that this is a ponzi scheme, which you have accused him of in your email.
You will have to bear with us since we are new and learning how to deal with these type of issues. We appreciate you reporting this and if any suggestions about how to go about it, we would happily chat with you via email.
Been trying to submit my ID for ages but no matter what "ID is to pixilated" or whatever, How the hell am I supposed to get a good picture of my ID when it has holograms built into it? BTCjam is a waste from what I have seen. They lost a good customer with me, I have been investing on it since it opened and lost 7.7btc to date, on a user with great repayment history and stats. Now that I could use a loan of a couple of bitcoins they do not want to verify me...
Could you please email support@btcjam.com? I will review your ID submission and explain why it was denied.
Dude with 6 open loans gets a C....
I, however, submitted ID, a pay stub, verified phone, social networks, attached gmail & ebay accounts, etc.....and I'm a D+
Makes perfect sense....
The algorithm that determines credit score takes into account many different variables. Submitting identity information is a lot, but also payment behavior and outstanding balance are among the factors. In this specific case with user #9705: he has never had a payment, pays early, has almost all of his identity documentation confirmed, etc... If he did not have so many listings open, his credit score would more than likely be an A.