Quote from: bestincome on October 07, 2014, 10:13:46 PM

I don't think ardeva really matter, I'm ardeva verified . last week my loan almost finished funded , and then admin deleted my loan listing suddenly.
"cause lenders think this is reputation loan" the reason doesn't make sense.

I don't recommended BLC for anyone who really need loan, unless if you have money to burn to create more reputation listings before create real loan listing, then go ahead.
also I don;t think reputation is really count, everyone can make that fake reputation.
the real reputation if something going wrong, but the borrowers pay the loan, that is the real reputation.

P.S : my username on BLC and Bitcointalk is same. ( bestincome ) just in case if you wanna a check.

The loan wasn't closed by the admin, but by the investors. The investors believe that you're trying to build reputation with the given loan and they voted to mark it reputation. Note that voting requires a number of investors to agree that this is a reputation loan, then and only then will it be canceled by the system. The first group of investors that agree on whether or not your loan is a reputation will have the determining decision on your loan.

The admin message just explains what the investors did, and I'll quote it here again:
https://bitlendingclub.com/loan/browse/lid/4183/0-5-btc-14-days-3-max

Quote

This loan has been closed because the lenders think it's a Reputation loan and it hasn't been properly marked as a reputation loan when the borrower chose the loan type. We encourage the borrower to provide a better description and to conduct more discussions with the lenders in the comment section in order to prevent future loan cancellations. If the loan was incorrectly closed or if lenders are abusing the voting system, then please report to BLC staff via the Contact Us page.

So what's the purpose of reputation loans, you ask? Is it just to take your money? The answer is certainly no, for several reasons:

You can only have one reputation loan on our system, so once you've taken out one reputation loan you will not be able to create another one.
Given the previous point, you're only spending your money once. This means that you can't "burn a bunch of money" indefinitely.
Most reputation loans have a notoriously low interest rate, because investors know that you can't use (withdraw or invest) the funds from the loan and they'll bid each-other down just to get in on a 100% secured loan.
The reputation loan can be as small as you want it to be, so you can end up paying less than a dollar in order to demonstrate to the lenders that you're can pay off a loan.

There are several reasons why the reputation loan are a good thing to have. The primary reason is to prove to investors that the borrower covers the minimal criteria required to successfully pay off a loan:

The borrower can create a loan listing with the correct type.
The borrower can navigate the website properly and repay the loan.
The borrower has Bitcoin outside of the lending platform, which he/she can use to pay off interest.
The borrower knows how to transact with Bitcoin. It might seem weird, but some borrowers have never handled Bitcoin before, yet they try to take out loans.
The borrower proves the above 4 things with absolutely 0 risk to investors. After all, the investors shouldn't risk their money if the borrower is not able to at least meet the minimum criteria.

Why are these things important? Well, if the borrower doesn't understand loan types and descriptions, then he/she may inadvertently mislead the investors with their loan. If the borrower doesn't know how to repay a loan, then it may lead to the loan being late or default. This is the big one: if the borrower can't prove that they have Bitcoin outside of the lending platform, then it automatically puts in question their ability to repay a loan period. Finally, the borrower also proves that they can in fact transact with Bitcoin- you'd be surprised to find out that we've had people who simply have no clue how to work with Bitcoin, yet they want to take out a loan. There is no need for investors to risk their money just to find out if the borrower is able to do those basic things. The borrower only needs to prove that they cover the minimum requirements once, which is why we've limited the reputation loans to 1 per borrower.

Best Regards,
Kiril Gantchev
CEO of BitLendingClub