Welcome to the improved BitLendingClub!

Today, we’re excited to announce a slew of new features and improvements. Below is a short description of some of the bigger changes you will notice on BitLendingClub.com.

We appreciate that reading through long pieces of text is not always the most interesting way to spend your day, so each point is illustrated with a picture.

New security features:

You now have the ability to enable Two-Factor Authentication for:

  • for every login
  • for every withdrawal request
  • for changes in the settings

2FA

 

In addition we have a new, cleaner-looking loan page.loan page

But that’s not the only improvement. 

Loan type updates:

We have added a new loan type “BLC Investing” which is for the users which use the funds from the loans to invest in other loans within the BLC platform.Create

We have placed restrictions on this type of loans and withdrawals of funds from BLC Investing loans are automatically rejected!

I agree

We have placed additional restrictions on reputation loans. Funds from reputation loans cannot be used for investing in other loans and withdrawals of funds from reputation loans are automatically rejected.

Warning

We’ve also enhanced the repay functionality. 

When you go to the “Loans” page and click on the repay button, a new page is opened:

Loans

   Rep loan payment

On the new page you are able to see the amotization schedule of the loan and repay every single payment.

 Aamortization Schedule

And there’s more

  • Canceled loans are now shown on the user’s profile page an you are now able to see even the canceled loans on the borrower’s page.
  • You can filter the loans of each borrower from their profile page. The filters are: Funding, Funded, Repaid/Closed, Expired, Canceled, and Canceled/Suspicious.

filter

  • Furthermore, you are now able to see the investments of each user on their profile page.
  • The reputation loan voting system has been improved. If 5 people have voted that a particular loan is a reputation loan, then the loan is canceled and an admin comment is posted on the loan page.

Some minor improvements

  • Instead of showing the user’s income, the income range is now displayed.
  • The loan title with a hyperlink to the loan is now added to the e-mail notification for new comments on the loan.
  • Posting links to loan pages and user profile pages now comes with metadata. When you post a link on Facebook, it will now show relevant data for the link.

 SEO

  • We’ve made the avatars a little bigger accross the website in order to improve the user experience.
  • Miscellaneous improvements and bug fixes.

In the coming weeks we will be adding more improvements.

Here’s what’s coming in the next release:

  • Redesigned dashboard and user’s page.
  • BitLendingClub fee will be changed to 2.0%  from all of the loans and the fee will be collected upon the receipt of a payment from the borrower.
  • As you are now able to see on the new loan page trusted and social websites verification will be added soon.

trusted

What do you think? Please share your thoughts on these and any additional features you’d like to see. If you have any questions, take a look at our FAQ page, send us a tweet to @BitLendingClub or contact us at support@bitlendingclub.com.


And best of all, there will be lots more exciting features coming your way, so please do remember to keep coming back to check them out.

Best regards,

The BitLendingClub Team

Our New Partner in Merchant Integrated Loans – CoinOutlet!

We are delighted to announce that due to expanding interest in Merchant Integrated Loans, CoinOutlet has joined as our new Merchant partner. Through this unique partnership, we have managed to create a new type of loan which is that much closer to making smart property a reality! More businesses are accepting Bitcoin every day and even more people are looking for ways to get Bitcoin and CoinOutlet ATMs provide an easy and convenient way for them to do so. This partnership greatly expands the number of borrowers that will now be able to purchase Bitcoin ATMs.

                      coinoutlet

‘Win-win’ situation

  • This loan type nearly eliminates the risk of default due to borrower malfeasance.
  • There are no up-front cost for the borrower   atms

  Under the agreement Coin Outlet guarantees the following:

  • The ATM has a shut-off option in case of non-payment.
  • The ATM shut-off option has been tested and is functioning prior to product delivery.
  • The loan is secured by CoinOulet ATM hardware as well as operational capital.
  • The operational capital is in Bitcoin and is under the control of CoinOulet.
  • In case of default, BitLendingClub will notify CoinOutlet and the ATM will be shut off.
  • In case of default, any of the Bitcoin operational capital for the ATM can be used to recoup partial or full losses.

CoinOutlet is not responsible for any losses which may occur due to fluctuation of exchange rates, issues with delivery, lack of profitability of the ATM, or any other factor which may affect the ability of the ATM equipment to make payouts.
The Terms and Conditions of CoinOutlet apply to the relationship between the customer and CoinOutlet under each relevant loan contract.
If the ATM equipment is not profitable and the loan is still not paid off, then the borrower is still responsible for any remaining balance.

atm-1

How it works:
The platform allows borrowers from all over the world to request a loan for the purpose of purchasing a Bitcoin ATM.

COIN OUTLET

 

When lenders fund the loan and the borrower accepts the funds, then BitLendingClub sends the funds directly to CoinOutlet. This ensures a level of security which has not been previously provided: the borrower cannot use the funds for anything else but the purchase of the ATM! If the borrower defaults on the loan, then CoinOutlet provides the option to remotely shut off the ATM via a block-chain transaction. BitLendingClub conducts a small Bitcoin transaction which tells the ATM to shut off. As long as the ATM is turned on and processing Bitcoin transactions, then the termination transaction will be processed. Essentially, it allows us to place a digital lien on a physical asset!


Automatic payments from the borrower’s balance to the lenders are enabled and the borrower is not allowed to disable the automatic payments. When the loan is repaid, BitLendingClub allows the borrower to invest and withdraw funds from his account. Please note that when you choose “ATM Purchase” loan type, you won’t be able to use your account to withdraw BTC, invest or create new loans until the loan is repaid.

BitLendingClub is extremely excited about the partnership and the opportunity to provide a solution to people who are in need of a loan to purchase Bitcoin ATM machines. This is a whole new, more secure type of loan in the digital world! 
Thank you for being part of the BitLendingclub community — we hope you enjoy it!

Do not hesitate to contact support with any questions or concerns: support@bitlendingclub.com
You can also user our Help Center to ask questions and get support from the BitLendingClub community.

 

BitLendingClub is open to a partnership with every Bitcoin merchant and hardware manufacturer who can provide similar guarantees with regards to loan repayment