The New BitLendingClub Efforts on Lowering the Default Rate

Every day, we work with the goal of making BitLendingClub even better. We believe that creating an effective default prevention is the foundation of a well-functioning lending community. By doing in-depth analysis on the loans within our platform, we have managed to find a way to lower the default rate.

So what did we update first?
Starting today, there will be a credit limit for all new borrowers. The limit applies only to newly registered users, all other users will have an extended period to update their documents for income verification.
What is the credit limit?
The credit limit is the maximum amount that your active debts can reach. It represents the full amount you’re able to borrow. Your maximum credit limit will be decided based on your annual income. You are not allowed to exceed your credit limit.

    Yearly Salary                       Credit Limit

  1. Unemployed $0                                       $300 USD
  2. Under $10,000                                        $800 USD
  3. $10,000-$30,000                                  $2,400 USD
  4. $30,000-$60,000                                  $4,500 USD
  5. $60,000-$90,000                                  $7,500 USD
  6. $90,000-$150,000                              $12,500 USD
  7. More than $150,000                           $18,500 USD

The credit limit is the total amount you can request. It is equal to the sum of all active and funding loans you currently have. You can read the entire information on the following link.

How do I know what my credit limit is?
Your credit limit can be found on your dashboard after completing the income verification process. Your available credit is credit that you haven’t used and you are allowed to request. It represents your credit limit minus any outstanding debt and funding loans.

New restrictions 
You are no longer allowed to have more than 4 active loans and to create loans with term higher than 270 days.

Not done yet… other improvements

  • As always, we take your feedback seriously and we’ve managed to improve the view of the user’s “Loans and Listings” tab that has been requested often. The entire investors list will be hidden by default and only shown when you click on the “Expand all” button. This will allow you to get a quick preview of the loans of the borrower.
  • You cannot remove your social and trusted connections when you have an active loan listing. You will need to repay your loan prior to modifying your connections.

loans

For the team, it’s always been about you, our amazing community, that has helped us make BitLendingClub what it is today. We are looking forward to hearing your feedback, feature ideas and suggestions. Make sure you follow us on FacebookTwitter and Google+ to make sure you don’t miss out on the latest BitLendingClub updates.

Best regards,
The BitLendingClub Team
https://bitlendingclub.com/

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