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No I don't have collateral - if you require collateral than I can't do a loan with you
uhh... Dude, you have nothing to offer as a collateral?As I said, I have a laptop and a phone but as I said I need/use those things for my everyday life. Anything I had that I could give as collateral I would have sold and just used the money for the project.
Therefore, you have no collateral, which would mean no loan.
What happens if you don't pay back?
Could the lender just chargeback? You see, it's very difficult with paypal.
Paypal has a dispute system does it not? Or will that not last the term of the loan. If I don't pay back, then yes I would have defaulted. - hence the risk of the loan. If there was no risk why would there be interest? However, I do have a decent reputation here and have spent a decent amount of time on the boards so I won't just default.
He has a point. It's not like he's come straight out of newbie jail asking for a loan, and PayPal isn't like BTC, where there's no way to get your money back.
Who in their right mind would even consider this route? I wouldn't go through the hassle to file a charge back.
How much hassle is $350 worth to you. I got my payback from a netflix mistake after a ~5 minute filing a charge back. I would love to be paid $350/5 minutes... but of course I won't default so that's not a problem and you won't have to take that route.