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

Announcing our first community manager!

community-manager-appreciation-day

We’d like to officially welcome Leon Stafford as our first community manager! We’re really excited to support him in his effort to improve the Bitcoin lending community and we feel like it will help us keep in touch with the community a lot better.

Who is Leon Stafford?

Leon is a highly regarded member of the Facebook group called Bitcoin Investment Association. He’s very involved with the lending community, he’s our friend, a highly trusted partner, a borrower, an investor and an all around good guy! He has been known to help everybody in the Bitcoin lending community, answer their questions, settle disputes and provide BitLendingClub with exclusive feedback which has led to many improvements in or system.

What is a community manager?

A community manager is a person who already volunteers a ton of their spare time helping everybody in the Bitcoin lending community. They do it for free and they do it because they love the community. Community managers help us keep a beat on what are all of the problems that people encounter. They’re our eyes and ears, and they help us stay connected to the community. In particular, a community manger volunteers their free time to funnel critical community feedback to BitLendingClub.

Do community managers get paid?

Not yet. However, if they have any projects which they’re building in an effort to improve the Bitcoin lending community, then we may be able to help by providing funding for their project, hosting or even manpower. Sometime in the future we may be able to financially reimburse them for their hard work, but for now we don’t have the financial capability.

How can I become a community manager?

Community managers are invite only. We keep in touch with the Bitcoin lending community and if we see a somebody who goes that extra mile to help people, they want to help us and they’ve build a relationship with us, then we invite them to become a community manager.

What is a community manager’s relationship with your competitors?

Community managers are free to interact with our competitors, help them, advise them, praise them, use their platforms to their benefit and do everything that they did prior to becoming a community manager. We don’t have any restrictions, nor do we want to impose any restrictions on what our community managers do.

I’m still confused!

If you still have questions, then please send us a message via the Contact Us page and we’ll be happy to answer all of your questions: https://bitlendingclub.com/contact-us

We now have basic Two Factor Authentication (2FA)

We’ve heard you loud and clear! Two Factor Authentication is a critical security aspect, particularly in the Bitcoin world. Your security is our top priority, so we’ve expedited the introduction 2FA into our platform. This is just basic two factor authentication, but we will continue to improve the use of two factor authentication in order to maximize your security.

Here is a basic walk-through of how to enable two factor authentication.

Start by logging into your profile and going to the Settings page. You will now see a check box for two factor authentication:

2FA_01

Click on the check box and click Update to submit the form. The page will reload and you will now be prompted with the two-factor authentication QR code. We use Google Authenticator for two factor authenticator, so you will have to download the app in order to be able to use 2FA. As a security measure, you must also verify your phone number in our Verification Center in order to guarantee that you have a backup option in case you don’t have access to Google Authenticator.

Note: you will not be able to use Two Factor Authentication unless you have verified your phone number!

2FA_02

After you’re presented with the QR code you need to scan it with the Google Authenticator app on your device. Once it’s scanned, you should see our URL https://bitlendingclub.com show up in your Google Authenticator with a 6 digit secret confirmation key which is refreshed every 30 seconds.

 

The next time you login you will still have to enter your password.

2FA_03

You will then be prompted to enter the secure code. Open your Google Authenticator and type in the secure code which is currently displayed by Google Authenticator. If you don’t have Google Authenticator, then you can send an SMS via the “Send sms” button. This will send the secure code to your mobile device via SMS.

2FA_04

There you have it! Two factor authentication with Google Authenticator or SMS! Now, be careful! We want to warn you that if you don’t have your Google Authenticator or you change your phone, then you’ll have a tough time getting into your account (to put it mildly).

And finally, a big Thank You from the entire BitLendingClub team. We appreciate your support and we look forward to delivering more high quality solutions to you and your friends!

BitLendingClub development and security practices

I know that people are concerned about their funds right now and the last thing they want to hear is how great BLC is. However, we know that these questions will be asked any minute now, so I figured I’d let everybody know how we do things here ahead of time.

Due to the recent events at BTCJam, namely reports of user’s wallets showing balances of 0, we wanted to make sure that we reassure our customers here at BitLendingClub (www.bitlendingclub.com) about the procedures we take to reduce the number of bugs and their severity:

1. We do not push any code to production directly.
2. Our developers unit test their code.
3. We have a QA environment on which all of our code gets tested by our QA staff.
4. We have a UAT (User Acceptance Testing) environment which is used for testing by a select group of users.
5. After the software passes all 3 steps of testing (Unit, QA and UAT), we then push it out to production.

This minimizes the number and the severity of bugs which can occur on our system. When it comes to your funds:

1. We have implemented a cold storage solution which holds 95% of the funds.
2. The hot wallet is encrypted, backed up daily and hosted on a server separate from our web server.
3. The server hosting the hot wallet is limited to accept connections only from our web server.
4. All of our servers are protected by Incapsula.
5. We are hosted the AWS Elastic Compute Cloud (EC2).
6. We process all of the withdrawal requests manually, so there is no chance unauthorized withdrawals.

Two factor authentication will be enabled within the next 24 hours. Your safety and security are our top priority!
Best Regards,
Kiril Gantchev
CEO of BitLendingClub
www.bitlendingclub.com

Verification process – walkthrough

We do many things to ensure that we are featuring mostly high quality borrowers.  Most of all, we have very strict verification process.  Verification helps increase trust and safety in our community. Investors can feel more confident doing business with verified borrowers, who are more likely to be legitimate and trustworthy. By having stricter verification requirements, the risk for investors is lowered and that allows them to offer lower interest rates.

Take a look at our requerments for the document:

Main rules for all documents:

  1. The submitted documents must be in English or they must be accompanied by an appropriate translation.
  2. Only high resolution images are accepted.
  3. The document must be upright.
  4. All documents must be viewable in their entirety (i.e. no partial views).
  5. We do not accept screenshots.

ID VERIFICATION

We only accept government issued identification documents, such as a driver’s license, ID card or passport.

Before you submit a document please check if the document is valid( take a look at the expary date).

 ADDRESS VERIFICATION

  1. The acceptable documents for address verification are utility bills, phone bills, government issued letters, etc.
  2. The address should show the current address of the user.
  3. The document must not be older than 3 months.
  4. The document should display the user’s name.

INCOME VERIFICATION

  1. If you’re employed, then we’ll need you to upload your 3 most recent paycheck stubs.”
  2. “If you’re self-employed, then please submit any proof of contracts, receipt of papal, bitcoin, or any other income. The admin will evaluate them and will let you know if they’re sufficient or if we need more info.”
  3. “If you’re unemployed, then you don’t need to verify any additional information.”

For lending purposes you don’t need to complete the verification process at all.  Just register, deposit Bitcoins in your account and you are ready to lend.