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Red Black

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All reviews (10)

Review of the BTCjam, P2P Bitcoin:

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No USA allowed yet located in the USA. Suspicious.

This site has recently banned all USA members from anything except paying existing loans off and withdrawing money. The note on the page saying it's a "focus on serving emerging markets" is a lie according to customer support. The real reason is "unclear legal standings" of bitcoins and "unclear jurisdiction of the blockchain" in the USA. The problem is that as BTCjam is located in the USA they are still under all USA laws even without USA users being allowed. This is super fishy. What are they trying to do? Exploit loopholes? Move things offshore? Bitcoin laundering? Either way it doesn't look like a safe place to put money any more. Reviewed on: 30th April 2016

Review of the SAVY, Peer Lending:

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Many defaults, inflated estimates.

Their statistics page isn't listed for a reason: many people here are seeing up to 25% overdue or defaults on this site. Most people only invest in listings to resell them at markup to people who don't know what they're doing. Savy is also very slow loading when it works at all. Reviewed on: 29th April 2016

Review of the Folk2Folk, Peer to Peer Lending:

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So many fees! Also fees may increase at any time

I was considering this site until I found their buried Terms of Service and read it. Folk2Folk appears to have all clients (borrower and lender alike) pay for their own credit checks and anti-money laundering checks despite the fact that most sites do this for free. In fact, everything that could be a cost is passed on to the user directly. There is a £225 fee to release funds from this site on top of all of this. According to the terms of service more fees may be added and fees may rise at any time. Reviewed on: 15th April 2016

Review of the Wellesley & Co, Peer to Peer Lending:

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Hard to get verified, bad interest rates, and open during banking hours only.

To be verified you will need to physically mail in official copies of banking statements, your ID, and other personal information with public notary stamps on it. If you do online statements you can not be verified here as those will not count. Without verification it is impossible to invest here. The interest rates are only so-so and the better long-term rates do not offer compound interest. On top of it all, the company is only available during banking hours! There are much better places for investing that are easier to work with, easier to use, and with better interest rates. Reviewed on: 15th April 2016

Review of the RateSetter, Loans:

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Feels fishy. Look at the reviews!

My first red flag was seeing an incentive to invest in huge letters on the main page. Why would a good site need to give kickbacks? Then I saw the reviews here were mostly by the same people, one of which even gave a referral address. Referral addresses are a bad sign as it means that users are expected to get money out of other users and not their investments. Two of the positive reviews came from the same guy. Stay away! Reviewed on: 15th April 2016

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