Bitcoin Forum

Hey Bitcoin Community! Essentially, I would like to know if you would ever consider taking out a loan in bitcoin? If you have previously taken out a loan, please share your experiences! What were the pros and cons, and what would you improve? Thanks  :)

I have never taken a loan since I have never needed it, but I was considering giving out loans to other people myself using some of my BTC. They usually recommend BTCJam but im not sure if I can trust it, since it seems the number of scammers is high and they don't seem to be doing anything about it for you to recover the lost money. It just feels like a gamble.

Yes , On this forum for VPS renting ;D
pros easy loan
cons none

In real life ?, No.
In this forum ?, will never do it again. My red trust came from asking for loan in my first post. It has happened a year ago because I have no btc whilst Iam addicted to gambling. No more loan for gambling.

same, i would only provide it, but only if it is for a short time, let's say 1 week loan and 5% interest

the issue is that they ask for loan but in most cases no collateral is provided, at least here on the forum(btcjam isn't that better from what i've heard)

No. I wouldn't.

Pros easy loan
Cons extremely high interest

No I wouldn't.  The interest of all the loans is much higher than if i were to just take out a loan in cash and buy BTC for what i needed.

I would consider taking out a loan in bitcoin, sure.
For a small loan, from 0.01 to 0.25 btc or up to 1 btc, I have some colateral to reduce or eliminate the risk for the lender too, but I would likely try to start out with a small loan up to 0.10 btc

I would not go near borrowing Bitcoin. One takes out a loan in Bitcoin in the winter of 2001 - 2012 when Bitcoin was trading around 2 USD and then 2 years later it is worth 1000 USD. I prefer something that depreciates in value such as most fiat currencies when it comes to borrowing.

Yes, sure why not. As long as I would have something profitable to invest in, I would.

I generally never take consumer loans, just investment ones.

nope, I'm just scared to take loan for anything + for bitcoin loans is usually quite high interest..

I don't think its wrong to take a loan unless its for gambling, as if loan is taken for gambling, you will most probably won't be able to repay. I feel happy to give out loans without interest if I feel that borrower is going to repay, if no, I take a collateral. I have an open loan thread in lending section too. :)

Aside from my mortgage I've never taken taken out a loan, I haven't needed to but obviously that may change in the future, I'm open to it.
I'm not sure if I'd take out a loan in bitcoin to be honest, that's not to say you shouldn't.
There are many trusted people in the marketplace section, you'll need to use an escrow though, ask around & take advice from people with multiple green trust.
Good luck if you decide to take out a loan here.

Probably the interest rate of what things should be..

I have loaned money no need to loan it.  BTCjam, 1 defaulter, 100% my fault I was greedy.  I have made back all of it plus some.

I've never had a loan for btc and dont think I ever will. If I need to buy anything with btc I buy btc with fiat when I've got the spare money.

I'm reluctant to take out financial loans of any sort, so I probably wouldn't with Bitcoin either.

On the flip side, I don't think that I would loan somebody bitcoins either, though I would be open to giving a friend or family some.

i would never ask for a loan, but would hand out loans if i am offered a physical collateral. but that only for friends. i am happy to help.

I don't like taking loans, but I would consider giving out loans. I have not loaned on this forum before, but I have loaned on bitlendingclub before (it's like BTC Jam). I have loaned out successfully there before, and I was only scammed once, and only for a very small amount.

Yes I think you are correct. Taking a loan in bitcoin doesn't sounds great as high risk is involved in it and the fact is it is really difficult to trust someone as the list of scammers is increasing day by day and the interest rate is very high so it is better to drop the idea of going for a loan.

Maybe if it's denominated in another currency or if it looks like Bitcoin is set to drop significantly.

I think I would not take a loan in Bitcoin. But in my case it's not an entirely Bitcoin-specific loan aversion - I dislike taking loans in general.

However when taking a loan in Bitcoin there is added risk when you have no guaranteed income in Bitcoin (as reference currency - conversion from fiat to Bitcoin is not the same). So if Bitcoin rises significantly, you won't be able to pay back the loan. Obviously such added risk also exists when taking a loan in any foreign fiat currency - however compared to most fiat currencies, Bitcoin has a much higher volatility and potential in value increase.

ya.ya.yo!

If there was a legit company that gave loans for a reasonable rate, AND there was a company selling something like a car that I can't afford out of pocket, then I might take a loan.  But I really don't see this happening any time soon.  I can't believe people take loans on this forum, the interest rate is sometimes as high as 1000's of percent annualized.  Its just insane!

I would be nervous taking out a loan in bitcoins.  I am paid in fiat not bitcoins so the rapidly changing price of bitcoins could bit you in the butt if it goes against you.  And it almost certainly would at some point, assuming a decent sized loan.

Depends in how you agree on the loan. If you take a loan for 100 USD in bitcoin, and repay 105 USD in bitcoin, price of bitcoin doesnt really matter. The other party only has to make sure to buy the bitcoin at the time of the loan and sell it right after to take his cut in fiat.

i lend from my real friend that is a cash, than i buy bitcoin and trade it, i get profit and i share my profit to my friend :)

Nope, I hate the concept.

The whole financial system in the world is built on debt. Banks and Loan sharks are giving HUGE loans to people, who cannot afford to pay it. They become debt slaves.

In the end, you cannot pay the loans, and they take the little assets you have and sell them at below the acctual value. {Just to cover their loss..}

You end up, losing everything and in some cases you go to jail.

If you cannot afford something, go without it... It will be taken from you anyways if you cannot pay for it.   >:(

actually it does matter, if there is the risk that they will steal your bitcoin, if you start a loan that will be repaid after many months, and you payed 1 btc for it and then the price of btc skyrocket, and the guy that requested it vanishes, you lost much more than what you had at the beginning

Thanks for your insights! :) I would say that of course, any investment is a gamble to some extent, but diversifying your portfolio, i.e. making numerous small investments in different people located in different countries minimizes that risk.

If you were given a small amount of bitcoins to invest from us (bitbond  ;)) would you consider using the platform?

Thanks again!  

What information would need to be available to you in order for you to trust the other person enough to invest in them?

Thank you for your comment! :) what if the rate of interest was 7.7% p.a? This is probably significantly lower than the rates offered by any bank on an unsecured loan!

Thanks again!

That's surprising. You can get a Bitcoin loan for 7.7% p.a. That should be significantly below what the banks offer for an unsecured loan, no?

Thanks for your comment!

I would never take a loan out for anything either in cash or bitcoins. I don't like spending money I don't have so only spend money I do. I'm good at saving so it's never really been an issue. I think a lot of people take bitcoin loans to scam though. Only a matter of time especially if you don't get any collateral.

i wouldnt take out a loan in a bitcoin even cash,for me it was added your problem,so please thinking about it seriously at least you must have guaranted income so that you can paid it :D

Unless the bitcoin price is secured for the lifetime, I don't think I will take a loan on Bitcoin. Don't get me wrong I love bitcoin but that means I also knows it's flaws. So taking loan with a currency so volatile is a wrong move.

If someone needs a loan on the forum, he won't get big loans like 2-3BTC Generally it is ~0.1-0.2BTC and am pretty sure everyone can buy that small amount of bitcoins and end up to be on a safer side and won't ruin his repo over here. Taking loan isn't good unless you are sure you can pay back.

i could say escrow, but the thing is, that escrow it's not 100% trusted either, as long as there is one human between the two party, it is not 100% already, the only option would be to provide some sort of collateral, this could be the best, but it is not that easy to implement

I would consider to take loan in Bitcoin in future if I will feel need it to pay for something in short term of period.Still Bitcoin's price are not stable and on long term loans can brings huge profit or loss to the borrower.High interest rates goes for a loan of one or two weeks seamlessly .

You should always take a loan in currency you are getting your incomes.
Current in Europe was big fuss of Swiss frank that devalvated for 30%.
Many that get income in euros took loan in Swiss frank and then got burned by their speculation.

If you were offered a small number of Bitcoins for free to invest in another person, would you use them to invest, or cash out?

If you were offered free bitcoin to invest in another person, would you be willing to take the time to test the platform?

If you were given a small amount of bitcoin to invest in another person, would you be interested in taking the time to test the platform?

People do it all the time on btcjam, and then just simply never pay it back.

no,never
did you know what happened in the bubble? people didn't pay because bitcoin had increased and nobody could guarantee the money

I never took the credit and do not recommend it.
You need a lot of money? It is best to borrow money from friends.

If you have a bearish price outlook, you can take a loan in Bitcoin.
You are effectively going short on Bitcoin by taking a loan. Of course, the loan would have to be at a reasonably low interest rate.

That'd be batshit crazy.

i just wondering how it mecanism to take out a loan in bitcoin like loan site especially for people that live in a country which so far than you,?

I don't think it will be a good idea to take out loans in the form of Bitcoins, as the exchange rates are too volatile right now. Imagine what will happen if I lend BTC10 from someone and suddenly the exchange rate jumps from $230 per coin to $1 million per coin. It will make me bankrupt. Taking out loans in fiat is a much better option.

Yeah i just figured it out :D if i lend for someone with bitcoin thats gonna make me bankrupt or rich by the way are they lend their bitcoin with amount of bitcoin or dollar?

No way i dont like loans anyway. To risky to take them in first place.

Not me, but I did consider the option before. For instance, if you predict the price of btc is going to crash very soon, you can take a btc loan, sell it for quick cash, and then buy back again when it's cheaper. Even though you have to pay back the interest for the loan in btc, eventually if you work out the maths carefully, you are still on the winning side. If you get what I mean...

i would never take out a loan

I haven't taken or given a loan in Bitcoin.  It is wide open to abuse as there is no real collateral that one could use and both sides be confident in the exchange, I have seen on the forum that people use their accounts as collateral which is fair enough but then what if the person is ready to leave the forum anyway and does not mind losing their account and forfeit the loan.

Lending can be a slippery slope, using payday loans as an example with the extremely high interest rate, people fall into a vicious circle of taking one loan after another just to cover the interest on the previous loan, it is sad when in a society as rich as ours that people need to take out loans just to get by.

Then on the other hand, if both parties agree on a rate and both are happy, lending can be a great service.

I never taken loan. But i recently applied for one. If there is no interest and you get some time for the repayment then its good.

Been considering it for a while but not sure if anyone would lend to me anyway as I don't currently have any form of photo ID to prove  who I am. Keep meaning to reapply for my passport or provisional drivers license. I'm terrible for putting things off that need to be done. ::)

No one likes loans, but sometimes it's the only way out. I have never been in a situation where I was forced to take a loan to get out of a problem, but some have been saved thanks to loans that allowed for prosperous businesses being created.

If you see the interest rate on BTC loans, then it makes little sense to take loans. The only situation I can think of where I would take a loan like this if I don't have access to wallet and need some payment done urgently in which case it will be a few hours to a day loan.

i have never taken a loan in bitcoin and i don't think i would ever do that. the bitcoin price is so volatile that can change any minute which makes taking a loan in BTC high risk (for me!)

but i think the main reason for me was that i have never needed any amount of bitcoin that i already didn't have in my wallets.

i was thinking about giving out loans myself but the loan section is full of people doing that right now so i think there is no place for new blood :)

why bankrupt, how can you know that your 10 btc will be valued so much after your loan? it does not make sense to me

at worst you will lose the opportunity to become rich , but nothing more, it's a bit like missing the bitcoin train...

never ever
the loaner could easily run away with my coins  :-X !

I would never take out a Bitcoin loan on this site. There are too many scammers here, either I will end up never getting the money back or the price of Bitcoin would rise by so much I would not be able to pay back the loan. It's best to earn and save the money you need up front.

Hey,

I have actually never thought about it to be honest but now you have said it, my thought experiment says yes I would get a bitcoin loan if I ever had the situation where I needed one. From what I have seen the loans for bitcoin are quite a lot less % to pay back than you everyday high percentage fiat rip off loans.

It looks you don't know and lived in the bubble era when lots of loans in btcjam were unpaid

I Agree this is very risky you cannot afford to trust anyone and yes you cannot afford to neglect the fact of scammer over the internet the situation would be you will find loosing all your hard earned coins at the end of the day and it will never prove to be profitable.

no.. i try not to do the loan thing. .. don't front.. if you do and you dont get paid back then you lose both your money and your customer. thats your fault.

Yeah.. It is better to stay away from loan in bitcoin as it sounds risky. Trading is better option as compared to taking a loan as trading can earn you profit if you sell at a right time then you can gain something really great in quick time but when it comes to loan in bitcoin you have a fear of loosing your money.

Actually, a wide variety of measures are taken by companies like btcjam and bitbond to ensure a reliable credit rating. Furthermore, all reputable p2p bitcoin sites urge lenders to diversify their portfolio as much as possible. Thus, even if one borrower fails to repay his loan, the repayment of other loans to the same lender more than make up for the initial shortfall!  :)

Good point. However all reputable bitcoin p2p lending companies would urge you to diversify as much as possible. Therefore, you can make many, smaller loans, allowing you to make up any shortfall through the interest rates accumulated through your diversifyed loans.

Thank you for your comment :) What if the loan was denominated in dollars so that fluctuations in the bitcoin price would become irrelevant?

I took out a 350 BTC loan to pre-order mining equipment from ButterflyLabs.  This was when the price was about $50.  That $15,000 loan quickly turned into a $350,000 debt which I felt compelled to repay.  After a couple years, I have repaid nearly all of the lenders and am on schedule to repay the remaining lenders this month.  That huge increase in debt nearly crushed my organization, but I believe it shows a great deal of strength and character that I stuck around to operate NastyMining in order to repay this massive debt.  I look forward to resuming growth and operating with a debt free future.

My advice is to never receive a loan denominated in BTC.  It is simply too volatile and either the borrower or the lender is going to get screwed.  Always hedge your bets.

Exactly it sounds little bit risky and wierd he can easily run away with your hard earned bitcoins and it is better to stay away from loan in bitcoins. If you need money there are many ways to get a loan and the best way is to contact the bank as it is the safest way to do. But loan on bitcoin..simply not possible.

This is why a lot of lenders require some kind of collateral so that if the loaner runs away with the coins, the collateral can be sold to make up for the loss and usually interest.

Exactly it is better to go for trading rather then going for a loan from bitcoins as in trading risk is involve but you are the only person responsible for that either its a profit or a loss you are solely responsible you cannot blame others and I simply recommend not to opt a loan from bitcoin.

I believe it too. It is useless to go for loan on bitcoins as i don't think its an safe thing to do. There are more chances of loosing your hard earn coins to the hands of scammers who keeping watch on your bitcoins and you cannot trust anyone over the internet so it is better to stay away from it.

You guys don't have any experience to take out a loan and act as experts here! I will express some of my views from the point of view of a lender.

1. Bitcoin loan is easy and quick! Avoid the hassle of a lot paperworks and signature required by the banks and many days' waiting!

2. The required collateral either go to the lenders or the escrow based on the two parties' agreement, but whoever is holding collateral, he is reputatioal, trusted by both parties, has done a lot of smooth trades and none of which has any issues. Besides that, I have never seen this kind of cases happened in this forum since I involved in this forum since 2013, except the cases that borrowers run away with the laon and default the loan!

3. Yes, I admit some lenders charge a high fee! Yes, it is true. But lenders often issue high risk loan without collateral for the high interest earning! Still there are some lenders in this forum who are offering low or no interest loan! If you bother with the interest rate, you can contact them, like Muhammed Zakir, Monbux!

4.It does have the exchange rates risk for the both parties due to the high volatility! The lenders still have to face the possibility of falling bitcoin price! So I recommend the short loan for emergency not for high risk gambling or trading! But some lenders are offering the bitcoin loan based on the value of dollar if you bother with it.

     - Lihua -

Nope. Only loan I gave was a few minutes to a #bitcoin-otc chanop for testing and return.

taken out tons of loans, funded lots of loans. If you're gonna do it , do it through btc-jam or such a service as that with verification. Too many scammers around these days, always need some sort of escrow.

No, I got my bitcoin on the side! I don't need the bitcoin loan! I know it charges a lot of money!

BTCJam aren't securing your loans by a bit. Many members on the site has been creating account using fake ID and their support is non existent. If you are looking for one, look for one that is trusted and can allow the borrower to put something in escrow. ID verifications isn't worth anything.

i'm not aware of any collateral given by users that use btcjam for example, and because of this there are many case of default on loan there, from any member, rank does not even matter there, it's a bit sad, seeing how that is the site with the most activity for this kind of stuff


well you can set the interest you want, based on the amount of time for which you're requesting the loan

it is hard to trust anybody anymore these days. i would never give anybody any loan without any collateral no matter how much good history they have got. especially on BTCjam, the trust service and any kind of verification that they have got, is not a 100% grantee that you dont lose money to a scammer.
with collateral at least you know that your money is safe.

I personally borrowed the money a couple of times at the other site. Small amounts. I did not know etih people but we talked a lot on the network and have a great rating. I was 100% sure that I give. I knew that they cherish his name and his nickname.
There are times when urgently needed money.
Yes, it is difficult to trust someone, but there are still honest people.

I recommend https://p2pwallet.cc/link/221740

luckily i have never needed any kind of bitcoin loan and always had enough bitcoin for my usage. but if i ever need bitcoin, i don't think i would consider loaning since it is a lot of pain in the ass to take a loan and pay back with profit.
i might consider giving loans but that also has its difficulties since it is hard to trust people these days.

What if you finance it only in BTC

Sure if you take out 1000000 BTC to buy a car in 2010, then you are now forced to return 240 million $

But what if you dont switch currencies, if all your income is in BTC.


Example:
1)you got a casino which generates a stable & average 0.01BTC/day, but you need for an ad campaign atleast 1 btc.
2)you take out a loan of 1 btc, and make sure the interest nominal+daily debt rate is < than 0.01BTC/day
3)you start the ad campaign, which attracts visitors to your casino, even increasing your daily income to lets say 0.05BTC
4)with your increased income you can now repay the debt easily

Usually a daily debt obligation looks like this:  interest amount/loan duration + sum amount /loan duration , where the interest amount/loan duration  > sum amount /loan duration.

If you can pay back with your increased income the sum amount faster, then the interest rate also shrinks, thus you will need to pay less interest back in total the faster you repay it

I`m talking about variable rate loans :)
           

It's very simple really. I guess it depends what you need it for. Most people tie the value of BTC to the dollar which is kind of problematic. This means that say A is offering a service, when the price of BTC falls relative to the U.S. Dollar, A will then increase the cost of the service in BTC.
Therefore, if B was to borrow some BTC and spend that BTC, it would now be much harder for him o earn of buy the same amount of BTC for a similar price should the value of BTC fall relative to the dollar.
In essence, if you're looking for a small amount then it's not really problematic. However, if you're borrowing quite a significant amount, be careful as a rise in the price in BTC would mean you'd be facing either a lot of work or high costs to buy back the BTC to pay off your loans.

try btcjam it works pertty good.
If you need a loan for trading then just use bitfinex or okcoin and trade on margin.

Yeah I don't think it is an good idea to do so. Keep your bitcoins safe as there are many scammers who have their watch on your bitcoins and there are chances that you loose your hard earned coins.

Doesn't Sound Great. I think it sounds little wierd to go for loan in bitcoins and it is not the good idea to do so as there is a great level of risk involved in it and we might loose our coins to the scammer and hackers

It is better to stay away from loan in bitcoins as you never know the end result what would be. And it is for sure that you would loose all your hard earned coins to the scammers and it would be Bread And Butter for them.

Hell no. Too risky and totally pointless unless there was something I could only buy with BTC and I HAD to have it.

I would be even less inclined if it was related to trading in any way.

It's yet to be seen whether it can be used in a more established way for loans. I kinda hope not.

Trading is a better option rather than going for a loan in bitcoin as it sounds risky and meaningless and again the fear factor is always attached with it when it comes to a loan and fear of loosing coins is another factor.

Until now I have never taken any BTC loans, never felt the need to, I know a local trader who is always available whenever I need to buy some and I hope it never comes to that I need to take a loan in BTC, I find it embarrassing to ask for a loan honestly.

Actually in the BTC having loaning systems wasn't know before ever anyway its an absolutely fantastic opportunity for clients. For myself I never took loan ever from BTC. was did study public opinions many people are saying about this is gambling and possible to lose as well but this great opportunity if use to investment in so many oprogressive coins and its possible to do wonderful business very much easeasier. Like this great opportunity probably not should use in gambling way its an opportunities which is can change such a dreams full of future.

this is why you ask for collater first, otherwise they can just fuck themselves, there is no other way to do a correct loan

and this is why loan is pointless for the applicant, he can just sell/rent his collater, to have the money he need

i could agree that there are, maybe cases where a loan would be mandatory, if you need it for an urgency and you can't sell or rent because you need the money asap

I provide a loan here and I took collateral - all went ok and I got repayment in time as agreed. We used Escrow.
I did not take loan yet, but never say never  ;)

Out of this forum I provide some loan and I am still waiting for repayment. This is lesson.

I think to took and provide loan using BTC is great opportunity.

I personally feel great about the idea of taking loans. The loans carry much more risk due to Bitcoin nature as it is pseudonym. However, with enough background searching around the forums, the risk would be reduced marginally. You can always give no collateral loans for above certain rank and post quality.

I don't think this is good idea.
With loans in BTC there are a lot of problems.
Such loan is not regulated by law, can not apply in the tax return, bitcoin is not used officially in my country etc.
If I can't pay back to the bank, I'm legally protected by the state, and can apply for financial help.
If I can't pay back loan in BTC, who can help me?
No, I would never use loan in Bitcoin.

in my opinion
its hard to lend money using bitcoin because its online and the anonimity of the user is high

but the good part is
its an easier way to loan money rather than loaning from banks

Yeah. I would take out a loan in btc if I needed it. I would only take the loan to convert the btc to fiat though.
I would then use the fiat loaned to me to pay whatever I needed the loan for in the first place.
To replay the loan I would just buy btc with fiat and send the btc back.

Hard to imagine loans in BTC being widespread. loans require trust, which anonymity and lack of feasible digital collateral is unable to provide.

Only if its for something that involves bitcoin solely. I won't take out a loan, convert to to fiat. The volatile price stops me from doing that.
I wouldn't to take a loan for $1000 withdraw it and finding myself with $800.

Yes loan is good when it is one to one interaction so that the trust is built upon but you simply cannot trust anyone as you are not aware personally who are you dealing with so it is better not to take loan in bitcoin

yeah, there is no doubt that there are still a lot of honest people everywhere. but the point is you can not tell, unless you personally know somebody.
just look at lending section of the forum. there are many newbie accounts that are asking for loans. who can tell if there is someone in the middle of them who is really honest and doesn't want to scam you.

besides i think if you want to lend/ load bitcoin you should make your contract in fiat not btc, since the price is so volatile and can rise and fall drastically that is a better choice.

When it comes to money you can't even trust your closest friends. I've been fucked over for the sake of a hundred dollars or less by people I've known for years. It does very strange things to people.

Once you throw in the internet, quasi anonymity and irreversible payments, I truly cannot see why anyone would ever issue a loan.

I did a small loan last week. I needed a little extra btc to pay for shipping on some miners I ordered. As long as you follow the rules in the lending forum it is an easy process.

Most of loan here are through BTC. The loanees can use BTC pay to the merchants directly! No need bother with the different exchange rate and fees!

I am not against to take such kind of loan, which is quick and anonymous. Especially when in an emergency, we need money to pay the bill before we get paid!

The rule is not fair for the low level account owners, who has low reputation but need emergent loan! They have no called legit collateral but is honest ppl. So they would rather go to btc jam to ask a loan!

Bro, Bitcoin hasn't even been conceived by Satoshi in 2001 - LOL :)
(I know it's a typo ;) )

I don't think anyone will give you a Bitcoin loan for 2 years though.
Then again maybe there is someone who might.

Also, you could ask for a 100$ loan in Bitcoin, then return the same: 100$ in Bitcoin.

I Suggest not to do so. It is better that you keep you bitcoins safe and secured without disclosing it to others. As You cannot trust here anyone you don't know with whom you are dealing in person and ya If you know him personally then you can go for loan in bitcoins or else it is too risky.

Yes, sure why not. As long as I would have something profitable to invest in, I would.

I try to avoid all loans I possibly can - so I would approach a loan in BTC the same way I'd approach a loan in fiat.

I never take a loan because I don't need it but if u want you can take by reading terms and conditions

mm nah , I personally never did and probably never will .
I gave loans couple of times to people and they gave me back before time ,so I try to help people since my financial life is pretty fine and I don't need to borrow any money . I'am just a teenager who live with his parents and have all  ::)

Taking out loan in BTC reminds me taking mortgage credits in CHF (swiss franc), that many people in my country did few years ago and all of them were screwed up when CHF went up by 20%. Of course nobody would take out (or even give) loan in BTC for xx years, but in spite of this, that is kinda gambling for me.

definitely not. i wouldn't even take a loan in fiat. it's the fact that i don't like owing money to some one or a company. that's a no go for me.

BTCjam is definitely not the place to go. You are literally submitting your ID to an anonymous person in the internet. No guarantees that their web security is good. Identity theft is much more possible this way. The default rate is ridiculously high there.

taken out over 20 loans on BTCJam and paid all of them back successfully :P, so yeah why not?

Yup, dont wanna give out your ID like you give your email.
I think it's clear now we need some sort of Gemini type solution for loans. Gemini is going to be the right way to run an exchange, and now we need the same to be done for loans. Hopefully the Winklevoss or someone else get into it.

I want to get loans because with loans, I can either make more money, or sometimes you need bitcoins instantly, but you don't have any now.   :)

I've taken a couple of loans on the forums, mostly due to the fact that I needed BTC quickly, and my only option of converting from fiat to bitcoin is using a wire transfer to the exchange, which usually takes days. It's easy to get a loan as long as you have reasonable collateral. Without collateral, I would say you shouldn't bother.

But you have to be very sure before you go out there for a loan as high risk is involved in taking a loan in bitcoin as there are chances the person run away with your bitcoins so my advice is trade with someone you personally know.

What user did you use to get the BTC loan? I would like to take one. Is there a list of trusted people in which you can trust to act as escrows for loans? last thing I want is gambling with this.. i'd rather go to da dice if I wanted to gamble.

Let me know too. I would go for a loan only and only If I can trust him. As it is very difficult here to find a trusted person who can guarantee you that your coins will be safe in the future. And if he ensures then would definitely take a loan from bitcoins.

yes i have taken lots of loan(not in this forum) and i have returned them back in time, i usually take loan of small amount which i can repay... so it been a good experience until now

I would take if I wanted to use it to do bitcoin-related things, like open a BTC business or buy before a bubble, or if I had no credit elsewhere.


But the interest rates of BTC loans are too high and long-terms offers(the ones you'll do monthly payments once a month for X times, like bank loans) are hard to get, so I never took a BTC loan and would never take if not in extreme circumstances

Didn't took it yet.
But thought of trading it.

Yeah ofcourse i would accept it if they agree to give.
I'm in need of it.

its depend who are given that loan for me, if my friends given to me as a loan i would take it but if not it that mean take out a loan on btcjam or something else i would not take it

I've never done bitcoin loan, I was afraid that if after borrow I could not return it, and also to be burdened by interest

I think that loans is a bad idea.
If you want some bitcoin you should buy. Even if its 0.1 btc to start ( its only 25 dollars, everyone can afford it). And then try to earn with that.

If I needed a loan and for some crazy reason my bank cut my overdraft, or family members couldn't/wouldn't lend me then I would have no problem taking out a loan in bitcoin if I could get one. By the looks of it if I needed that should be my first choice because of the smaller % interest compared to fiat loans.

I think taking a loan is not a bad idea if you are confident enough that u will return it back.... and we should always take loan which we can return even if lose the loan amount

I have never this but in near future I can take one because I am busy with some project and trying to complete with my own if its happen then ok otherwise I can take one from any where

i think i would take out some loan
because i want to build my new business
but iam not sore that i would take out a loan in bitcoin

But then we are back to square 1 and nothing has ever changed.

Bitcoin must bring full innovation everywhere, if you desperately want the old system, then just use that and quit bitcoin.

But if you want bitcoin embraced ,then you have to stop thinking in the old fashioned way. Bitcoin is capable of much more in the future.

I've never had a loan in my life aside from my mortgage & one credit card. If I ever needed a loan though then I absolutely would be willing to take it out via bitcoin. If the repayment interest was less than a bank loan then why wouldn't anybody take out the loan via bitcoin rather than via a bank? If something is cheaper & you get the same service then do it, obviously :)

Sometimes I do it. But  I don't do it in long terms.
1 Month tops for repayment. Also I invest in bitcoins and cash out in bitcoins so I can repay my loans as bitcoins. I don't care the fiat value of it.

I've taken out several Bitcoin loans. Not sure whether I am just an awesome trader or just lucky but I was able to make a profit off most of those loans as well. 8)
I don't recommend taking a loan out unless you are sure you can pay it back. In my case I have the income but its always been a PITA to purchase Bitcoin. In most cases the loans offered better rates than purchasing the BTC off LBC and didn't require me to go on some absurd quest to meet the LBC sellers ridiculous requirements(scanning docs, going to certain banks, video chat over skype). The Bitstamp process takes about week to turn fiat into BTC. I tell the lender the date I plan to pay the back and start the Bitstamp process a week before to make sure the coin is ready come due date. Sometimes I get lucky and someone on LBC is in a rush for $ and will accept Interac Email Transfer. In that case I have coin within 30mins but its rare to find a seller on LBC willing to accept that method of payment who doesn't have insane rates or wants my first born.
Assuming you are legit and can offer collateral to the lender then its not a bad route to take if you want BTC same day. BTCjam isn't a bad option either but the lenders on here are much easier to deal with and require far less hoops to be jumped thru.

I've considered it. But what a friend told me from his experience with BTCJam is that you want to make sure everything, including future income, is practically guaranteed because the members tend to jump all over you if you're late with a payment even once.

never take a loan yet, and didnt know BTC can be loan ( before joined here ) well if it can be loan i wont loan it too, prefer to find it by other way like faucet or anything,,

Well that should be the case with any loan. One shouldn't borrow money without honestly believing they can pay it back. Investors are taking a risk and sometimes they get burned. Its their right to leave negative feedback if the borrower doesn't live up to their obligations. The borrower should try to make their payments early where possible. In the end it works out best for all parties involved. The investor gets the return they expected,  the borrower gets a good rep and a lower rate on future loans should they be required. Negative feedback isn't permanent, the lender can delete the bad feedback should the borrower pay up etc.

Yes I considered taking a loan and probably providing loan as well.
There are more cons than pros if you are providing loan such as higher chance that loan may default.

yeah, bitcoin can be loaned and you can take loan in bitcoin too but you have to pay it back with "interest". so take a loan only if you need it and only if you can earn the profit more than the interest that you have to pay back. and also you have to provide collateral

No surprise, if fiat can be loaned, then same with bitcoin, with interest and collateral surely. Imo sometimes loan or lending become a way to gain trust between lender and recipient, which the recipient will get high trust if he can repay with its interest even higher.

problem with lender is if exchange rate is down from day loan was approved.
that's a loss if you ask me even if you say there will be interest.
thats why i would understand if lenders ask for high interest to protect their investment as well

Yes indeed!
As you see above I've borrowed a few times on here and now I have lenders PMing me at times to offer loans. Like if I request a loan from one lender their competition will PM me offering to do it right away.  I usually thank them for the offer but turn them down to stay loyal to my original lender however when this happened recently my regular lender was leaving for vacation so I took them up on the offer. I find it funny how folks are leaping out of the woodwork to offer me funds. Its too bad that doesn't happen in the real world :)

Of course I will cause it is also money. Taking a loan in bitcoin has more cons though but I still take it
It is also instant and convenient compared to cash

I haven't taken never a loan in bitcoin. I haven't had the necessity to do this. But if I will need one for sure that I will ask one. But with one condition. I will take it for a short period. The value of bitcoin in us dollar is very unstable. So it can be the opposite. I take the loan to do something and I can lost to much in returning back it. So, in other words, instead of having that i want, I cannot have even my money back.

I haven't taken any loan in bitcoin until today. And I don't think that I will take this kind of loan some day. Bitcoin is to much volatile and n one know how and what it will be the price of bitcoin even within one day. I remember the time of MT Gox when the price does high every hour. And the time of Silk Road when within a day the price goes very very low. With every such kind of volatility I cannot believe a loan in bitcoin.

Taking out loan in bitcoin is not recommended, because its a deflationary currency, its value can go up massively, which is not good.

Taking out loan is only acceptable if the currency you get is a very inflationary like euro and other fiat.

Seems you have gain high trust from your lender, and other lender want to get profit in your situation  :)  Are you running a business so you borrowed btc few times?

Well fiat is better imo if you can get it from your friend in real life, its value is stable, not like bitcoin.

Well it depends on each people perception, what do they think about it. Actually with bitcoin, you can borrow money from abroad user here, if you cant get any from your friends in real life  :)

If you have a job you can most likely get a 5-6% interest loan out in euro, probably up to 10.000€ in europe.

If you dont have a job then you are probably a scammer, and probably not deserve a loan in first place.

If you dont have a job but you plan to create a business out of it, then the risk is higher and you deserve 10-15% interests, which is even harder to pay than a 5% so, it might go scam later, or it might default, as the price will go to 600$ soon :)

I dislike taking loans in general. I think I would not take a loan in Bitcoin. But in my case it's not an entirely Bitcoin specific loan aversion

Yes I think taking a loan is not an good idea and that also on bitcoin doesn't sounds great, It is better that we work hard and earn bitcoins rather then going for a loan, as you never know anything could happen and it is not safe to go for a loan you might loose your bitcoin as well.

Thats why we need a collateral to guarantee us that our loan transaction can be safer. And the collateral must have higher value than the loan, so no one cant get loss. Atleast with the loan, we can help other person for his business.

I would take small loans, but since I believe in it so much and I am positive the price will grow a lot in the future, I would be afraid each day that the price will explode.

I mean, if I was to take 5 btc loan at the moment,  that would be arond $1300,i.agine if price jumped to $1000 a Bitcoin, I would have to give back $5000. That's a huge risk in my opinion.

taking a loan is a good option for emergency situations
i will not take a loan if its just to buy something as i might end up paying interest which makes the item i bought expensive since aside from the original price, i have to add the interest

Not unless I really had too

Nope,

I refuse to loan, even with general currency.