Need a down payment for a new car?  Get a loan on BTCjam!

BTCJam Car Loan

Tony first heard about BTCjam at a Bitcoin Meetup group in Los Angeles.  He liked the idea of P2P Lending right away.  It reminded him of the “freedom philosophy” that excited him about Bitcoin in the first place.

Back in June of 2011, Tony’s friend sent him an article about “fake internet money”, but the more Tony read about Bitcoin, the less it seemed like a fake and the more it seemed like something that could transform the banking system.  Tony read everything he could about Bitcoin until one day it just clicked – and he’s been buying, spending and promoting Bitcoin ever since.

In July, Tony ran into trouble.  His old car suddenly broke down.  He needed a new car immediately to get to work and to see his new girlfriend and without one, Tony could lose his job and maybe even his girlfriend.  Tony knew what to do.  He turned to BTCjam and created a loan listing to borrow money for a nice down payment for a pre-owned car. With BTCjam’s low rates for borrowers, he would actually save money in the long run, by borrowing money for his down payment at a lower interest rate than most banks would have lended it to him.

Tony’s loan funded quickly.  His loan funded easily because he completed his BTCjam profile and received personal referrals from his friends.  He was diligent in responding to comments from investors and was honest about himself in his loan description.  He explained his plans to buy the car in detail and how he would pay his loan back.  Tony is an open book and we think it was key in helping investors confidently investing in his loan.

Once his loan funded, Tony had no problems converting the Bitcoin into dollars and withdrawing it for the down payment on his car.  Tony purchased a sporty dark blue 2013 Ford Focus hatchback, and he says it’s a lot of fun.  We can also confirm that it’s been nine months since he got his loan on BTCjam and Tony still has the car, the job and the girlfriend!  Way to go Tony.  Thanks for borrowing with BTCjam…  and thanks to the investors of BTCjam for funding Tony’s loan!

Until Next Time….  Keep on Jamming!

If you need bitcoin, borrow bitcoin on BTCjam!  If you want to invest, invest on BTCjam!

One thought on “Need a down payment for a new car?  Get a loan on BTCjam!

  1. I’m happy for Tony and I like the P2P concept. I’m currently going through the verification process with BTCjam, but am finding it cumbersome and slow. What I particularly liked about BTCjam, was its international perspective, as well as the funding opportunities it would provide in countries where borrowing is still very much an informal and costly business. My impression so far, though, is that the system is very much geared towards the US market (as Tony’s happy story would confirm), including in the way some online forms are designed. Dealing with these issues by email takes a very long time too. So, in a nutshell, my story, as opposed to Tony’s, might very well end before I even list a loan.

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