BTCjam improves Loan Listing Process

Bienvenido Jammers!

We’ve got great news today from the BTCjam Anti-Fraud Department.  We have enhanced our loan review process to focus on providing higher quality loans and keeping our loan marketplace streamlined.  To accomplish this, all loans are now being reviewed by an Anti-Fraud Specialist before they are posted on BTCjam.com.  Don’t worry, this loan review will be integrated in a way so that the loan process remains efficient.

Our goal at BTCjam is to provide investors with the best loans and borrowers with the best possible chance to have their loan funded at a competitive rate and these changes will help us continue doing that.

Until Next Time… Keep on Jamming!

If you need a bitcoin loan, borrow on BTCJam!  If you want high returns, invest on BTCJam!

BTCJam Launches Simplified Loan Application Process

Simplified

We have great news today! BTCJam is simplifying the loan application process.  

With the new simplified version, it’s much easier to get a loan on BTCJam. Borrowers can now focus on providing a better description of why they need a loan, instead of being overwhelmed by options.

14 Day Loan Funding

Starting today, all loans will have two weeks to be funded. Far too often, we see good loans that don’t get funded because they try to raise funds too quickly. Other loans last too long and crowd the marketplace. Standardizing the length of loan funding will make BTCJam easier to use for borrowers and for lenders.

Simplified Loan Terms 

We’re also simplifying the length of loans to 1-4 months, half year, nine months and full year. And remember, there are never any penalties or fees if a borrower decides to pay off their loan early.

 

shutterstock_33739678Payment cycle options reduced

Four payments a month is just too many… and if you miss a payment, it could hurt your credit score. Our new monthly loans make repayment easy as it matches your schedule.  Payments are only on a monthly basis only.

We believe these new simpler loan options will provide a better BTCJam experience for borrowers and for lenders. We’re always looking for ways to improve. Thanks for borrowing and for lending!

Until next time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

BTCJam named one of the 25 most exciting bitcoin startups by Business Insider

http://bit.ly/1btNBP3

BTCJam has been named one of the 25 most exciting Bitcoin startups by Buisness Insider. bit.ly/1btNBP3

Business Insider — BTCJam: Peer-to-peer lending – This San Francisco startup offers peer-to-peer lending solutions, matching those with bitcoin to spare with those looking to borrow. A 2014 seed round raised $1.2 million, and it provided more than $5 million worth of loans that same year.

CelsoThe founder, Celso Pitta, hails from Brazil, and as such views the company as a potential boon in the developing world, where it can be more difficult to get loans. Just this week, it announced it would use customers’ credit scores to determine interest rates.

Read more: http://uk.businessinsider.com/25-most-exciting-bitcoin-startups-in-the-world-ethereum-21-coinbase-coindesk-2015-3?op=1#ixzz3VKtHJ4YI

BTCJam welcomes Computer Science and Applied Mathematics Expert

David2

Greetings Jammers!

We’ve got more great news today. Join us in welcoming David Xi, an incredibly talented engineer to the team here at BTCJam. David has a very impressive background with a B.A. in Mathematics from Sichuan University, a Master’s in Applied Mathematics also from Sichuan University, a PhD in Computer Science from Korea University and did his Post Doctoral work at the University of Waterloo.

With ten years industry experience in the related fields and strong academic research background in the data mining, machine learning, pattern recognition, David is “elated to join the team at BTCJam.” David is very familiar with big data systems, having worked with similar systems for the past few years. He believes his previous work should line up perfectly with the work he will be doing at BTCJam.

 “We are thrilled to add David to our team at BTCJam.  David’s wealth of knowledge and impressive mathematics and computer science background will no doubt be invaluable at BTCJam as we continue to improve our product.”, said Celso Pitta, CEO of BTCJam

David believes that BTCJam’s unique credit scoring system could revolutionize the global credit system, and is very excited to join BTCJam on our mission to extend access to credit, worldwide.  With David’s impressive background in software engineering and mathematics, he is a real asset to BTCJam and will definitely be putting those advanced math skills to work.

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

BTCJam Introduces Risk Based Pricing (Interest Rates Set Automatically by Credit Score)

riskbasedheader

BTCJam is changing the way interest rates are set in order to improve the experience for both borrowers and investors. Starting today, BTCJam will set the borrower’s interest rate automatically based upon their credit score. The higher the borrower’s credit score, the lower their interest rate.

Automatically calculating the interest rate based upon credit scoring is known as risk-based pricing and is a well known and time proven methodology within the financial services industry. Interest rates are set by a combination of the borrower’s credit rating (using BTCJam’s proprietary credit rating system) and the duration of the loan. Borrowers who are less likely to default will receive lower interest rates.  Since BTCJam has all of the information about the borrowers, we are in a better position to determine the likelihood of the borrower paying back the loan and will adjust the interest rate accordingly. Risk-based pricing makes investing easier because when a lender invests in an A-rated loan, they know that the borrower will be paying an A-level interest rate.

fixedrate

Interest rates are set by a combination of the borrower’s credit rating and the duration of the loan. Borrowers who are less likely to default will receive lower interest rates.

When borrowers are allowed to set their own interest rates, it is far too tempting for them to set a low interest rate and see if investors will accept lower returns.  While a borrower who receives a very low interest rate usually pays back their loan, it does not provide the investor any cushion against possible defaults.  With risk-based pricing, the interest rates for all loans will be standardized, ensuring that investors are able to offset possible losses from defaults.

We are confident that this change will improve BTCJam and allow us to continue to maintain the highest repayment rates in peer-to-peer lending (as high as 98% for A-rated borrowers), as well as increase overall returns to investors.

Check out the changes and start investing with BTCJam.  Get a loan with a reasonable rate with BTCJam.

Risk Based Pricing (automatic interest rates) Q&A

Q: What will happen to loans that were created before the change to Risk Based Pricing?

A: Loans created prior to the adoption of Risk Based Pricing (automatic interest rates) will continue until they have either been funded or have expired. BTCJam will identify the old loans and will separate them so they will be only be accessible using filters.

Q: The system sets a rate that is too high for me and I won’t be able to repay it. What should I do?

A: If the interest rate on your loan is too high you should verify more documents and add more information to your profile. By verifying more information, you will increase your credit score and receive a lower interest rate.

Q: Do I still have the option of doing a loan tied to a local currency?

A: Yes you will still be able to choose between a Bitcoin loan and a loan tied to local currencies. Learn more about currency types.

Q: Why did BTCJam choose to change the way that interest rates are determined?

A: BTCJam changed to risk-based pricing for a number of reasons. One reason being investor and borrower security. By setting the interest rates automatically it simplifies the risk assessment for both borrowers and lenders. Learn more about risk-based pricing.

Q: Will there be a set standard for interest rates based upon credit rating? For example, will all C rated borrowers have loans set at a standard 5.5% interest regardless of profile completeness?

A: Yes, every credit score grade will now come with a set interest rate that is the same for all borrowers that have the same credit score. However, rates will change also according to the loan term. That means, a C loan for 30 days will have lower rates than a 1 year loan for a C rated  borrower.

Q: Can I pay more than the recommended interest rate?

A: No. The interest rates are now automatically linked to your credit rating.  This change protects our investors from loans that are “too good to be true” and that the borrower never intends to repay.  We took into consideration both borrowers and investors when making this change.

Over 800 bitcoin loans serviced in Brazil thanks to BTCJam

800Brazil

Brazil has outshone many other countries in the number of bitcoin loans occurring within its borders. Second only to the United States, more than 800 bitcoin loans have been given to Brazilians because of the much lower interest than those on loans offered locally. The average local interest rate can be close to triple digits and is not uncommon to go to 200 percent, while BTCJam offers loans between 5% and 20%.

Bitcoinist, Deutsche Banker Starts New Bitcoin Exchange in Brazil

BTCJam hires Anti-Fraud Expert from Lending Club

Howdy Jammers!

We’ve got great news at Jam headquarters today.  We’ve got a brand new Jammer!  Anti-fraud expert Marisela Zaragoza has joined the BTCJam team.  Marisela has more than five years of experience in anti-fraud, having worked previously at Lending Club, Montecito Bank & Trust and she received a degree in Criminal Justice from Santa Barbara City College.

Marisela is “thrilled to join the team at BTCJam” and she believes that there are “many exciting opportunities for the future in bitcoin peer to peer lending” and that “peer to peer lending could change the world by expanding fair access to affordable credit worldwide.”

WelcomeMariselaMarisela is an expert in customer relations and while at Lending Club, she used her Criminal Justice background to verify customers and evaluate identification documents. Marisela is a major fraud deterrent and we believe her arrival will usher in a new era in anti-fraud at BTCJam.

“Based on Marisela’s impressive experience at Lending Club, we believe her analytical abilities, criminal justice background and attention to detail will further expand BTCJam’s fraud department.” said Celso Pitta, CEO of BTCJam.

And for all those reasons and more, we’re super excited to have her here at BTCJam. Welcome Marisela, to BTCJam!

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

Five New Currencies added to BTCJam

New Local Currencies Added

BTCJam now supports loans in BTC, USD, Brazilian Real (BRL), Mexican Peso (MXN), Indian Rupee (INR), Russian Ruble (RUB), and Euro (EUR)

 

Howdy Jammers!

Today we are proud to announce five new currency options on BTCJam. In addition to US Dollar linked loans (and of course Bitcoin), BTCJam is now offering loans in denominated in:

  • brazil Brazilian Real (BRL)
  • mex Mexican Pesos (MXN)
  • Russian_Federation Russian Rubles (RUB)
  • india Indian Rupees (INR)
  • euflag Euros (EUR)  

The addition of local currencies simplifies the loan process for borrowers, allowing them to match the loan with their income.

Investors also benefit from having loans denominated in other currencies, allowing them to diversify their investments globally. For example, investors can offset losses from local economic crises by funding loans in foreign currencies. Investors are also able to reduce the beta of their portfolios, adjusting portfolio volatility against local economic crises.

Funding your loan in your local currency makes borrowing on BTCJam easier than ever before.

 

It is important to mention that investors must understand that they are exposed to exchange rate fluctuations versus their own currency. Meaning that if the borrower’s currency devalues, that devaluing may negatively impact the loan’s return. Of course, the opposite is also true: if the foreign currency gains value against the investor’s local currency, then the loan would get an exceptional return.

We’ve been working on this for a while now, and we’re excited to bring you the option of using these currencies on BTCJam.  As you know, our team is always working on new ways to improve our user experience.  Do you have an idea on how BTCJam can get better?  Send it to us at support@btcjam.com!

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

BTCJam Announces New Loan Categories

newcats

Howdy Jammers!

Things are changing here at BTCJam.  We’ve got brand new loan categories!  In addition to existing categories like Debt Consolidation, Home Improvement, Business, and Vacation, we’ve added new categories like Moving and Relocation, Credit Card Refinancing, Major Purchase, Green Loan, Trading, Mining and Other.  We’ve also eliminated and combined some of the old categories.  Let’s break down the changes.

What’s New?

movingMoving and Relocation – Moving to a new city to start a new job (like I just did)?  Get a loan on BTCJam to help cover the expenses.  Rent a truck, pay your security deposit, hire a crew to help you carry all those heavy boxes or even move a grand piano.  All with a loan from BTCJam.

creditrefiCredit Card Refinancing – Paying excessive interest on your Credit Cards?  Pay them off today and get a lower rate with a BTCJam loan from our new Credit Card Refinancing category.

majorpurchMajor Purchase –  Do you need to buy something bigger than a car?  Maybe a down payment on a house, or even your own private island?  Get a loan from BTCJam’s new Major Purchase category and make your dreams come true.

greenGreen Loan – Adding solar panels to your home?  Saving money and the environment at the same time?  Get a loan from BTCJam’s new Green Loan category.  No more tilting at windmills, from now on you’ll be buying them.  Thanks to BTCJam.

tradingTrading – Trading Bitcoins on Local Bitcoins can be quite lucrative.  Borrow some Bitcoins on BTCJam’s new Trading category and sell them on Local Bitcoins.  Use the proceeds to pay off your loan.  Easy as pie.

miningMining – We’ve also added a new mining category for all your bitcoin mining needs.  Whether you’re into mining Bitcoin, Cloud mining or even Gold mining, place your loan in this category and your hash rate will be rising soon.

otherOther – Want a loan that doesn’t fit into these categories?  Choose the Other category.  Doesn’t matter what you need a loan for, it fits well into Other.

What’s gone?

We removed the Motorcycle loans category.  A motorcycle loan isn’t that different than a car loan.  Expect motorcycle, scooter, car, truck and even jeep loans to all be under the Auto Loan category in the future.  We’ve also changed the name of the Car Financing category to Auto and we’d like to remind you that you can do more than just borrow a down payment, you can also refinance or pay off your existing car loan.  Simpler. Easier.  More streamlined.  Just like the brand new car you could get with a BTCJam loan.

We’ve also changed the name of the Medical/Dental category to simply Medical Expenses.  It’s just more general and of course we expect Dental loans and all other Medical Loans to be funded in this exciting new category.

Finally, we removed the category for Taxes.  You can still borrow money on BTCJam to pay your taxes, you’ll just have to use the new Other category.

What remains?

debtcon     homeimp    biz    vacation

Don’t worry.  Many of our old familiar categories are still available for you.  Categories like Debt Consolidation, Home Improvement, Business, and of course Vacation.

To go along with the new categories, we’ve also got new icons courtesy of our graphic design team here at BTCJam.  We’re always looking for ways to improve.  Got an idea on how we can improve?  Send it to us at support@btcjam.com!

Until Next Time… Keep on Jamming!

If you need money, borrow bitcoins on BTCJam!  If you want high returns, invest on BTCJam!

How To Activate Two Factor Authentication on BTCJam and Gmail

With phishing attacks (fake emails) on the rise and keyloggers (programs that record everything you type) spreading like wildfire, it’s more and more clear that a password is not enough.  That’s why we implemented Two Factor Authentication (2FA or TFA) on BTCJam.

Two Factor Authentication (2FA) allows you to log in to your account with your password and a code generated by your mobile phone (hence the Two, in Two Factor).  By logging in with your password and a code from your phone you make it much harder for hackers to take over your account.

We strongly suggest that you activate Two Factor Authentication (2FA) on BTCJam and on your Gmail account.  If hackers gain control of your email, they often use it to reset your passwords, take over all of your accounts (including your bank, stocks and credit card accounts) and even gain access to you sensitive and personal emails.

Setting up 2FA on Gmail – Account -> Signing In


Here are simple step-by-step instructions on How To Activate Two Factor Authentication on BTCJam:
1. Log in
to your BTCJam Account

Log_in_-_BTCJam


  2. In the upper right hand corner, click on your name, then click Settings.

acctsettings

You can also select settings from our Main Menu, and click on Security:
2faSettings

 


4. Click on Setup Two Factor Authentication

Security_-_BTCJam_-_BTCJam


 5. Follow the Instructions for Two Factor Authentication Setup

Authy Link Security   BTCJam   BTCJam

  1. Install Google Authenticator on your phone.
  • Select “+” to add a new site to Google Authenticator.

  1. Scan the QR code or copy/paste the secret code.

  1. Enter the code provided by Google Authenticator in the “Two Factor Authentication” box and click Verify.

IMG_9317
How To Activate Two Factor Authentication on Gmail
  1. Log in to your Gmail account


  1. Click on the Your Gmail Address in the Upper Right Hand Corner.
    1. Then Click Account

Inbox__372__-_a1evilboy_gmail_com_-_Gmail


  1. Scroll down to the Signing In section

    1. Click 2-Step Verification

Account_settings


  1. Click Start Setup to begin.

setup


5. Enter your phone number to begin the verification process.
1

6. Enter the code that you received via text message.

2


7. Decide if you’d like to trust your computer.  (Obviously if you’re using a public computer like in a school or a library, uncheck this box.)

3


8. Click Confirm to finish setting up 2-Step Verification (phone verification)

4


9.  Sometimes phone verification may not be enough.  If you have your text messages forwarded through another service (like Google Voice), if someone takes over your Google Voice account, they will also take over your text messages.  You may want to activate the Google Authenticator app.
  • Click Switch to app

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10. Select your phone type and click Continue.


11. Follow the instructions to Install Google Authenticator:

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12. Once you’ve installed the app, clicked “+” to add a new account and scanned the barcode, enter the verification code and click Verify and Save.

 


Congratulations!  Your BTCJam account and Gmail account are now secured with 2-Factor Authentication!

You may also want to print a backup copy of your codes, in case you lose your phone.  Navigate back to the 2-Step Verification Page (Click on Gmail Address in the upper right hand corner, click Account, scroll down to Signing In, click 2-Step Verification) and then scroll down to Backup Codes.

screenshot_113

Click Print or Download, then print the following page and store it in safe place.  These codes will allow you to log in to your Gmail Account even if your phone is lost or stolen.

That’s it!  Your BTCJam and Gmail account are now more secure thanks to Two Factor Authentication.  Nice work!