At BTCjam we are constantly striving to improve the borrower experience. Recently we updated the loan listing form focusing on long-term loans, removing many parameters. However, now we have decided to bring back short-term loans for those borrowers that want to take 7 or 14 day loans, and we have also brought back the option to pay back on a weekly basis. For those that would like to know more, I’ll explain in detail why we made these changes.
Two weeks ago BTCjam simplified the loan application process, so borrowers could focus on providing details about their loan rather being distracted by too many options. Last week, we improved the loan listing application by manually reviewing all loan applications before publishing (previously, we used to review during the funding period). The goal was to remove loans from the platform that are not relevant to the community as we will no longer accept loans that are intended to simply increase reputation. The correct way to improve your profile is by linking additional social networking accounts or adding personal references from friends and family, not by creating artificial loans.
After those changes, some investors reached out to us asking to bring back the weekly payment cycle and we listened. We are bringing back one-week and two-week loans. Thanks to our improved loan review process, we are willing to test the demand for short-term loans and, based upon that demand, we will decide whether to keep or remove them in the future.
User feedback is very important to us here at BTCjam and when you speak, we listen. Sometimes we cannot implement the requests instantly or we don’t believe they are 100% aligned with company’s long-term strategy. As a marketplace with two main stakeholders (borrowers and investors), our job is to mediate the inherent conflict of interest among them, as it is common borrower requests that are not be aligned with investor’s interests (and vice-versa). Rest assured, we are 100% committed to providing an excellent service for both borrowers and investors.
Anyway, we are always interested to hear your ideas and suggestions on how to improve BTCjam. Please email us at email@example.com if you want to talk about that.