My concern with BTCJam's no collateral loans is that there is nothing stopping someone with a Judgement on their record from telling the Collection agencys to take a hike and never paying a dime back. It's a bad mark on their credit but if it's shot anyway, who cares?
At least in Canada, you can take the net-arb award and go garnish their bank accounts. They can't stop you from taking the money, and there are no appeals.
What if a person turns around and says "Someone stole my ID to take out the loans, i know nothing about it
" ?