Bitcoin Forum

Hello everyone, I am seeking a $2100 loan - amount will be in BTC of the 24h weighted average on mtgox on the day of the loan. I am happy to split this into multiple lenders but would prefer to not have more than 10 to make it easier to manage.
This is a long term loan for a maximum of 12 months, I do not need this loan until the 1st of October but I am putting this out there now to hopefully get lenders prior to this.
I am willing to repay 2% interest per month (non compounding) so 12 repayments of $217 if the loan reaches full term @ 24%.
I also reserve the right to repay this loan in full at any time, but will pay 1 months interest penalty for early repayment.
I currently have a 100 BTC loan with Patrick Harnett which will be repaid before the end of September and a $675 loan with Squall1066 which will be repaid on 17th September.
I am timing this loan to start on the 1st October (or thereabouts) to prove my honesty in repaying the current 2 loans I have (for just under the amount requested here) and so I am not over extended.
I am wanting to keep this denominated in USD with repayments on the 1st of each month at 8pm UTC again using the 24h weighted average to determine how many BTC the repayment will be, I do not wish this to be a straight BTC loan due to the volitility of BTC - just using BTC as an easy method to facilitate the loan. I am however willing to negociate terms if this does not suit you.
This is for purchasing stock for a business venture in a niche market - I only wish to spend $2100 incase this does not work out, but I am pretty sure it will.
I know this is not the usual 2% per week loan request, however this is for a business venture which I expect to yield about 50-75% profit in a niche market; therfore cannot pay such high interests to return a profit for myself, however 24% APR is still a good return on your money.
Both Patrick Harnett and Squall1066 have my documents on file, I am more than willing to send ID as well for this loan.
The reason I have asked for this to be a 12 month loan is because I am able to cover the $217 monthly repayments easily from my salary should this venture take a while to start earning profits.
If it does earn profits as expected I should be able to repay this sooner.
I am not able to take out a business loan for this amount by conventional methods and do not have the credit available either personally by conventional methods but my history here so far is pristine and by this starting after I have repaid the previous two loans shows my ability to repay/manage a loan of this size.
I welcome any questions and thank you for taking the time to read this.

Update 25/09/2012

Eisenhower has funded me $1000 so I now only required $1100 for this project.
I am willing to pay 5% per month interest - non compounding, over 5 months since 2% seemed too low to get any lenders.
As stated above this is going to be pegged to the dollar so I am not exposed to BTC volatility.
Patrick & Squall have both been repaid in full now.
I am willing to answer any further questions - I can also provide ID for this loan if required (Have already provided this to several members of this forum already).

Update 28/09/2012

This loan is now listed on BTCjam to hopefully fund with various lenders I am already 12% funded so requiring 109 BTC left.
https://btcjam.com/listings/37
Any questions please ask.

Update 29/09/2012

Loan is now already at 24% I require 94 BTC more. BTCJam is a innovative way to get multiple lenders together to fund things, if some of you can even lend 1 BTC to help me with this project I would really appreciate it. I was originally hoping to peg the loan to the dollar and I am taking a risk with this being a straight BTC loan however I am only willing to do this since I have secured $1000 pegged to the dollar, thanks to Eisenhower. As always any questions please ask.

Update 30/09/2012

Thanks to Marcel for the 1 BTC investment I now require 93 BTC

Update 01/10/2012

Only received .25 investment today, still needing 89.75 BTC.
Any new investments greatly appreciated

Update 05/10/2012

6 days to go and still 33% funded, hopefully I can make it. 83 BTC to go.
Credit score has now finally been verified by BTCjam so hopefully this will attract new lenders.

Update 07/10/2012

Now 40% funded. 74 BTC to go

Update 08/10/2012

My listing was at 70% today and I decided to activate - not knowing that it would close my loan early so I have created a further listing seeking the remaining 51 BTC I need.
51 BTC is the amount I require to purchase the remainder of the stock - I lost a little more than I had anticipated to exchange fees and currency conversion so 51 BTC is the amount I require.
I have decided to make this second loan over a 90 day term and not 180 so I am exposed a little less to BTC volitility and to pay less interest over all.
For sake of openness I have a 7 day loan for a iphone repair however this is just a short term loan which will most likely be repaid before this listing is funded and has nothing to do with my business venture - it will be paid directly out of my wages.

https://btcjam.com/listings/114

above is the url to the new listing - as always any questions please ask I am always open and honest.

Update 10/10/2012

Thanks everyone for funding and supporting me so far - listing is now at 71% and even though I can close early I do really wish this to be 100% funded so if some people would be willing to help me fund the remainder I would be very grateful

Update 11/10/2012

This has now been 100% funded, thanks everyone!

Update 18/10/2012

Payment 1 of 5 repaid to Eisenhower

Update 07/11/2012

Payment 1 of 5 repaid to Eisenhower along with all repayments on BTCJam until the end of November.

I can provide $1000 @ 5% interest denominated in USD, in case you pay back both your loans to Patrick Harnett and Squall1066 and Patrick Harnett and Squall1066 confirm me that you have payed their loans. Further I would request an ID and proof of residence, like a gas / telephone / electricity bill.

Thank you for this Eisenhower, if I cannot get the $2100 at 2% a month I will consider this but the term would most likely be no more than 5 months as I do not wish to pay more than 25% interest to ensure I retain at least 25% profit for this venture otherwise it is not worthwhile.
Of course this will be after the loans are repaid to Patrick and Squall, they will have no problems confirming this - which is why I have asked for this to be after they have been repaid to rebuild trust and so I am not stretched with loan repayments.
ID and proof of address is not an issue.
I will be in touch nearer the end of the month either way.

Kind Regards,
Projects

Bump is anyone else interested?
Would anyone else make up or contribute to the missing $1100 at the same deal as Eisenhower @ 5%/mo ?

if he gets a greenlight from patrick, I could pick up the slack.

Thats great thanks guys, if no other lenders are interested at better terms I will be more than happy to take up your offers.
I will of course be getting the green light from both my current lenders :)

I will be in touch nearer the end of the month.

Kind Regards

Do you need more lenders? I'll jump in at 5%.

Hi Foggyb.
Thank you for your interest.
How much would you be willing to loan?
I would like to know for two reasons
1) incase either of the two other potential lenders decide to back out
and/or 2) if both two original lenders are comfortable with me taking additional funds to expand my business I would possibly be interested in borrowing more than $2100 as since this post after doing my research I am not sure this will definately return my expected profits but I will only take on additional funds if both the previous borrowers are happy to do this

As per request, Projects has paid off his loan of $675, Has been a pleasure to deal with, I am a small lender so unable to help with this  $2100, But I hope to deal with projects again in the future.

regards

squall1066

Eisenhower is still willing to loan $1000, however James has backed out so I am still looking for an additional $1100.
Patrick will be repaid within 7 days and will confirm this - Squall has already been repaid and has confirmed in this thread.
Anyone interested I am willing to up the interest to 5% per month to match Eisenhower.
Any questions please ask.

Thanks!

Bought 82.5586 BTC for $1000. Transfered 45 BTC to 19hDMXX5gMagyAcaQFoU4CrkmaDoz9kSSK
transaction ID is: 745a5b68abd6dc9180b8d0ba73ee70149de54da5569bf06b7c08b7ce34ca3da6

37.5586 outstanding and will be send as soon as Patrick gets repaid in full.

Confirmed.

Patrick has also now been repaid in full.
I have asked him to confirm in another thread for me.

Transfered the rest of 37.5586 BTC to 19hDMXX5gMagyAcaQFoU4CrkmaDoz9kSSK
transaction ID is: bbd3ac4a84a3cf0c00a0e038008f8a082160aab25d1f933b9feabc655e918fed

expecting BTC for $50 every 25th of the month. Max runtime 12 month.
Payment address:  12xksjhHXyy1yePTiFHBMWAcR1EQHB2mu7

Confirmed.
As agreed with Eisenhower I will be repaying 5 equal monthly repayments of $250 on the 24th of each month starting 24th October.

Still seeking further funds of $1100.
Can be made up of multiple lenders if you wish to lend less than the full amount.
For more information please pm me or post here, thanks!

Bump - still seeking further funds ($1100)
Even if you are not willing or do not have the full amount I am willing to split this between several lenders.
Any interest?

I have listed the remainder on BTCjam since I have had no further interest in funding this here and I would like to start this project as soon as possible.
The listing is here

https://btcjam.com/listings/37

I will be uploading ID later tonight.
Hopefully this will enable multiple lenders to invest easily in my project.

This is now on BTCjam and has been 12% funded already - any questions please ask

Bump - funding at 24% see updated first thread.

Bump  - funding at 25% please read first post for more information any questions as always just ask

Bump - now at 28%

No new investers today, any questions please ask.

Why do you feel the need to spam forum users with PMs asking for loans?  Makes you look scammy when you do that...

I havent spammed anyone just sent a pm to one or two people (including you) who has showed interest in lending already.
Not like I have sent 100 pms to random people.

Sending an unsolicited PM to even one member is spamming. 

It wasnt unsolicited it was a direct response to your post saying you would be interested in lending on btcjam.
I just asked for your consideration for my listing.
I am sorry if I offended you

bump now at 33% - 83 BTC needed.

Credit score has now finally been verified by BTCjam so hopefully this will attract new lenders.

Bump - 36% funded, help me fund this please!
All documents including wage slips and proof of job have been uploaded and accepted!

The listing URL again is https://btcjam.com/listings/37 if anyone would be kind enough to invest.

Bump - 40%

*edit* nvm, my mistake :)

I do yes and it is a valid question.
It just happened at the wrong time of the month - first week of the month all my bills come out which means after my first weekly paycheck after paying off everything including my commitments here I do not have enough to repair the phone until next payday. I took out the loan over 1 week not 6 months - because I can afford to repay the 15 BTC easily with my next pay but do not want to wait a week until the phone gets fixed.
Hope that makes it clearer

Bump - new listing created to aquire the remaining funds I need as I did not realise activating the loan at 70% would close it early.

More info in first post but url is https://btcjam.com/listings/114

As far as I know the 70% funding is not changeable, Under requires funds It says *funding will start at 70%

Which is a problem really, Because if you need 100 so you set at 130, You might get 130 and have more to pay back.
This should be made variable by requirements IMO.

Yes I agree, it confused me!
Which is why I have made a second listing for the remainder I need but this may look bad since it looks like I am taking out multiple loans however I am not I just wanted the same amount to begin with

gonna risk 5.8 coins at this on your btcjam listing.

Thanks zaj, it isnt a risk though.

Much appreciated.

giving money to a stranger is always a risk, not that i doubt you tho :) sadly over 75% of the people i invested in before have defaulted over the course.

Yes I understand - you wont be let down though, I have never defaulted on any obligation ever and should this business venture fail I can easily repay with my salary so there is no chance of default.

Thanks for the trust.

Kind Regards,

Thanks everyone for funding and supporting me so far - listing is now at 71% and even though I can close early I do really wish this to be 100% funded so if some people would be willing to help me fund the remainder I would be very grateful

This has now been 100% funded, thanks everyone!

Payment 1 of 5 repaid to Eisenhower - sent a little early due to sale of some of my product earlier than anticipated.

MTGOX average is 11.88098 so $250 / 11.88098 = 21.042035

TX Id: 53c8e609ec1a91d8c236b68abd00f8ce782d17b96cfc14673d616b3e0bc87b1c

Repayment #2 will be no later than 25th November.

confirmed

Payment 2 of 5 repaid to Eisenhower - again sent a little early payment is due 25th November but has been repaid early.

Mtgox average is 10.96884 so $250 / 10.96884 = 22.791835

TX id : 86b931097eb3fa7300597920926f5588442d8a105c6825a74e341fc3a7be261b

Next payment due on December 25th - cannot guarantee I can keep making payments earlier but I can guarantee it will be no later than the due date.

Kind Regards,
Projects

Confirmed.

The BTCJam loans have now been fully repaid, thanks to everyone who funded my BTCJam loans and enjoy your early repayments!
I have secured a much less volatile USD loan to repay the BTC one as the volatility has already hurt me pretty bad with the BTC loans.