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FYI there are 4.33 weeks in a month. So your monthly interest bonus is actually negative.
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Before this process started I had a 710 credit score, now I hover somewhere around 625 because I have so many hard checks on my record.
I went to Lending Club too late, they require a 660 or higher credit score to even start processing a loan. Same story with Prosper, they require a 640 or higher credit score. I checked all three bureaus and I had a 630 after I applied, even though they reported my score to be 525? You might want to think about disputing anything that's hurting you on your report. Credit Boards runs a great forum that might be a good place to start. |
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40 BTC Sent. 44 BTC Due on or before July 31, 2012 to 12nPajfpTxXUssaD4f6cnq7aAV4WsTkS2r
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Grats on the sale of another 150 shares. Anything to add on the ultimate recipient of funds?
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I currently have 50 BTC to lend, up to 25 BTC each. No post count requirements. Rates will be at least 5% per week, terms up to 4 weeks.
You must satisfy me that you have the ability and inclination to repay. How that is done I will leave to the borrower, and I will ask questions as nessicary.
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3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.
Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.
But, if you get one here, congrats!
This would be far from anonymous! I do plan on disclosing all requested information (within reason) to the lender. (Also I'm gonna sign the OP with my PGP key right now) But, would your lender or lending syndicate actually take a lien on your title? Why not a commercial bank? I'm trying to help you finish your case for a loan. While we're at it, will you put anything down on the car? Amortized or ballon loan and what time horizon? I'm sorry if this sounds like bashing, I'm trying to help you finish your application. |
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3% APR Is something that you generally see on new or used cars less than 3 years old. Also, you only get 3% APR on minimum issue of 15K. And that lender would actually be a recorded lien holder on your title.
Plus, they verify credit scores and income. I don't think this forum is going to lend a relatively high amount of USD (for this forum) at a rate below anything here, not hedged against BTC. You need a credit union, not an anon loan.
But, if you get one here, congrats!
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So is it a good idea to buy AT MARKET or should we still purchase limit orders and risk those orders will never be filled and the value of BTC continues to rise?
Depends - what's your time horizon, next week or next year? If you're holding long term, just buy @ market. If you're taking a short term position, there isn't much depth back to a little over 7, chance it. |
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I really hate having to use mtgoxlive.com - please get this back up soon.
goxlive is a resource hog, and doesn't have the same features you do. Please, come back!!!
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OK, but my question is not on the lender side (why do they charge so much) but on the borrower side (why are they willing to pay so much). Why do people take out these loans? What are specific examples of someone needing such a loan for a legitimate reason?
I can always buy a mining rig with a credit card and not pay anything for a month until the bill arrives. Why would I look for a BTC loan?
Easy - many people associated with BTC are young / students and don't have credit cards (or every dollar counts because they have low limits). Also - many countries don't have consumer lending to the level of the US/Canada and Western Europe. Would I take a $10,000 loan at 10% per month? Most likely not, but would I take a $100 loan and pay back $110 the following month? Much more probable. And lastly - some people want to buy something that you can only buy with BTC without having to wait to convert their fiat to BTC. |
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What you seem to fail to understand is most BTC loans are non-recourse loans. Pretty much anyone can pack up and go home, not pay a small loan and nothing will happen to them. That's why rates are higher for newer / less trusted members.
Also - lenders here don't get to see your real world credit worthiness.
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loan sharks, pawn shops, title loans, credit cards, payday loans all charge high interest rates and people pay them.
what is the difference?
This exactly. Pay day loans carry insane interest rates. BTC loans have less recourse to the lender than a pay day loan. |
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IPO is live with 5000 bonds for sale @ 0.1 BTC
This is funding an expansion of a short term, high interest (fiat) micro lending & debt buying business. Assessment of continuing feasibility will be conducted on July 15th, 2012, and if all looks well, additional bonds will be released @ 0.1 BTC
This type of business took a spanking during the 2008-09 economic downturn, but default rates seem to have bounced back to near-norms. The main issue affecting the size of coupon payouts will be volatility of BTC exchange rates.
Coupon payouts will likely begin tomorrow evening.
Thank you.
Why won't you say who they are? How would we actually know if they defaulted? I might as well send BTC to some random bitcoin address. "Well "they" defaulted guys. Sorry about that." lol. Agreed - I'd probably take a small position in this if: 1. I knew where the money was going. 2. I had a cutthrough guarantee of the ultimate recipiant of the funds. |
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FYI - the spot price of gold is currently $1571 / oz. That coin should weigh 17.5 grams and is 22 karat. That Yields .565853139 oz of gold. Which would be $888.96 USD or at the current exchange rate (6.58 btc/usd), 135 Bitcoins for this Eagle at scrap value.
At 100 Bitcoins, that's a good deal. The pawn shop would likely give you more.
Pawn shops give like 25% of the value lol.. Yes, they give a discount to bullion. But the less scammy ones take 10% back from scrap max. |
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Great to see satisfied customers of lenders / investors. This is what unregulated capitalism looks like. Here's to another successful year.
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I think things will quiet down after a few more happy mondays.
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It's a great idea because all of the bid side liquidity will be increased. It's so hard to move out of a position quickly. Also, more transaction volume means more fees for glbse.
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Not to bump a way old topic, but just got btc here for 2% discount from gox, and used the cash deposit. Totally a buyer's market right now.
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If you're interested in splitting this up, I'll take 25 BTC of your request. (Obviously that would be for $173.33 USD on Dwolla) PM me.
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