As we informed you at the beginning of the week, today we are officially launching a risk-based approach to setting BitLendingClub fees. With the risk-based fees system we attempt to adjust the price of the loan to each borrower’s probability of default. The fees described in the tables below represent BitLendingClub’s terms for a new loan based upon the credit rating and the loan amount.
The release also includes the following updates:
- When you are looking at your dashboard, you will notice that we have added a new statistic: Profit. It shows the difference between the amount earned and the amount invested, the overall profit from repaid loans ( including loss from late and default ).
- New restrictions are placed on users with late or default loans. Borrowers who are behind on their payments are not allowed to invest or withdraw funds until their late or default loans are repaid.
The BitLendingClub Team