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Title: Questions with a possible loan Post by: tkeod on March 05, 2014, 03:50:03 AM Hey guys,
I just had a question about collateral... How exactly does it work if I'd like to ask for a loan and would put something up for collateral? Would I ship my item to the lender? I have items to use as collateral, I was just confused on that subject. But besides that fact, I would like to put up a request for a 3 bitcoin loan. I have purchased a mining rig from a seller who gets rigs at wholesale price and he said as long as I keep coming back purchase through him he will give me a good price on units. I will use the loan to purchase another mining rig for myself and I will gladly repay the lender in a timely manner. I'd like to put the loan length at 3 months just to make sure I am 100% positive I will be able to repay the loan plus interest. Although if the difficulty doesn't jump up too much I should be able to repay the lender in a matter of 2 months. Feel free to comment with any advice or loan options. Thanks :) Title: Re: Questions with a possible loan Post by: Tomatocage on March 05, 2014, 04:03:21 AM Dunno about others, but I only accept alt coins as collateral. No physical items.
Title: Re: Questions with a possible loan Post by: tkeod on March 05, 2014, 04:09:21 AM Dunno about others, but I only accept alt coins as collateral. No physical items. Just out of curiosity, why only alt coins? Title: Re: Questions with a possible loan Post by: Tomatocage on March 05, 2014, 04:22:33 AM Just out of curiosity, why only alt coins? They're easy to move around. For negligible transaction fees you can transfer considerable value across borders without scrutiny from customs agents, instantly. With physical goods, not so much. Title: Re: Questions with a possible loan Post by: tkeod on March 05, 2014, 04:28:54 AM Just out of curiosity, why only alt coins? They're easy to move around. For negligible transaction fees you can transfer considerable value across borders without scrutiny from customs agents, instantly. With physical goods, not so much. So if I didn't have alt coins but had physical items for collateral it'd be better to find someone in my area as a lender? Title: Re: Questions with a possible loan Post by: Vod on March 05, 2014, 05:00:05 AM Just out of curiosity, why only alt coins? They're easy to move around. For negligible transaction fees you can transfer considerable value across borders without scrutiny from customs agents, instantly. With physical goods, not so much. So if I didn't have alt coins but had physical items for collateral it'd be better to find someone in my area as a lender? Correct. Save on shipping and handling charges (which the borrower usually pays) Title: Re: Questions with a possible loan Post by: tkeod on March 05, 2014, 05:19:02 AM Just out of curiosity, why only alt coins? They're easy to move around. For negligible transaction fees you can transfer considerable value across borders without scrutiny from customs agents, instantly. With physical goods, not so much. So if I didn't have alt coins but had physical items for collateral it'd be better to find someone in my area as a lender? Correct. Save on shipping and handling charges (which the borrower usually pays) Anyone happen to be in the Arizona region? ahah Title: Re: Questions with a possible loan Post by: Vod on March 05, 2014, 05:20:14 AM Just out of curiosity, why only alt coins? They're easy to move around. For negligible transaction fees you can transfer considerable value across borders without scrutiny from customs agents, instantly. With physical goods, not so much. So if I didn't have alt coins but had physical items for collateral it'd be better to find someone in my area as a lender? Correct. Save on shipping and handling charges (which the borrower usually pays) Anyone happen to be in the Arizona region? ahah Try localbitcoins.com :) Title: Re: Questions with a possible loan Post by: tkeod on March 05, 2014, 05:45:01 AM Just out of curiosity, why only alt coins? They're easy to move around. For negligible transaction fees you can transfer considerable value across borders without scrutiny from customs agents, instantly. With physical goods, not so much. So if I didn't have alt coins but had physical items for collateral it'd be better to find someone in my area as a lender? Correct. Save on shipping and handling charges (which the borrower usually pays) Anyone happen to be in the Arizona region? ahah Try localbitcoins.com :) I didn't see a borrow option there so I posted here and i'm also checking out BTCJam Title: Re: Questions with a possible loan Post by: Tomatocage on March 05, 2014, 05:45:53 AM Anyone happen to be in the Arizona region? ahah I'm in Phoenix/Tempe. Title: Re: Questions with a possible loan Post by: tkeod on March 05, 2014, 05:55:07 AM Anyone happen to be in the Arizona region? ahah I'm in Phoenix/Tempe. I dont know how the whole lending/borrowing process officially works but I'm in Flagstaff and I wouldn't mind making the drive down to where you are. I'd have to drive to the valley anyway if this deal worked out so i can pick up the mining unit. If you wanted to PM we could work something out Title: Re: Questions with a possible loan Post by: Duomo on March 06, 2014, 07:27:39 AM I really do recommend getting alt coins such as litecoin or other alt coins to conduct loans on this forum if your going to ask for a bitcoin loan. I can understand if you want to put up a physical item if you want to secure the loan, but after selecting an escrow with a lender and then shipping the item, your probably going to spend more than you most likely want to. Some people here hesitate to meet up with individuals whether for safety reasons or just the size of the journey to meet up. Then again I don't speak for everyone when I say this but I personally recommend offering litecoin,peer coin, ect for collateral.
Title: Re: Questions with a possible loan Post by: tkeod on March 06, 2014, 06:37:52 PM I really do recommend getting alt coins such as litecoin or other alt coins to conduct loans on this forum if your going to ask for a bitcoin loan. I can understand if you want to put up a physical item if you want to secure the loan, but after selecting an escrow with a lender and then shipping the item, your probably going to spend more than you most likely want to. Some people here hesitate to meet up with individuals whether for safety reasons or just the size of the journey to meet up. Then again I don't speak for everyone when I say this but I personally recommend offering litecoin,peer coin, ect for collateral. Yea, I appreciate your advice. I plan on getting a scrypt miner pretty soon so I can get litecoins or dogecoins to start using as collateral. Title: Re: Questions with a possible loan Post by: E.exchanger on March 11, 2014, 10:45:30 PM Its usually the borrower who bears the cost of sending / receiving the collateral also the escrow fee if doing escrow in between for the collateral .a collateral can be anything > then the value of loan.
for the loan request also mention the collateral you are offering ??? Title: Re: Questions with a possible loan Post by: tkeod on March 11, 2014, 10:54:59 PM Its usually the borrower who bears the cost of sending / receiving the collateral also the escrow fee if doing escrow in between for the collateral .a collateral can be anything > then the value of loan. for the loan request also mention the collateral you are offering ??? I have no problem covering the fees lol. But hopefully there's an escrow agent in Arizona lol. I'd just deliver it to them. |