Does the forum need another lender?

[DireWolfM14]

I've been contemplating starting my own lending service, but it seems like there's a lot of competition for not many opportunities to lend safely.  Am I wrong?  I see some of you lenders are attracting clients who are honest and want to borrow legitimately and are getting paid back on time.  But it seems there are far more people looking to scam.

I'm interested in the opinions of all, including would-be competitors.  If you folks think there is too much competition as it is, then there's little use in me throwing my hat into the ring.

[shasan]

I've been contemplating starting my own lending service, but it seems like there's a lot of competition for not many opportunities to lend safely.  Am I wrong?  I see some of you lenders are attracting clients who are honest and want to borrow legitimately and are getting paid back on time.  But it seems there are far more people looking to scam.

I'm interested in the opinions of all, including would-be competitors.  If you folks think there is too much competition as it is, then there's little use in me throwing my hat into the ring.

If you give loan only by taking as collateral then it is risk-free. I mean almost no risk. You can only check either the mentioned collateral is ok or not.
If you want to give a loan without collateral then that is risky. You cant understand when they will repay or will default. I have given multiple loans for a few people and at last, they scammed. Few legendary may default 0.03 BTC while a member may repay 0.04BTC. To understand borrower's mind is almost impossible. But if you have any confusion you should stay away from giving the loan and keep in mind, never be too much greedy as scammer will offer too much interest.
I am a lender too, but I am not your competitor. Lending is not my professional business.

[nydiacaskey01]

There's a only a few active lenders in this forum if you look at the this section there is Zazarb, Condoras, Shasan and darkstar (not in order of popularity and capital). I may have missed the other lenders, sorry for those that I missed. There are occasional lenders who just show up when someone created a thread asking for a loan with good credentials. I guess a 5th lender in this forum is still welcome. If you can offer a competitive interest rate then maybe they will chose to borrow BTC from you.

[magneto]

Personally, if you have spare BTC lying around anyways, then if you can finance someone's collateralised loan then it makes 100% sense. It takes minimal effort to start a thread.

However, you need to be extremely careful about controlling the quality of your lenders. Most of the high quality, no collateral borrowers already borrow from some established lender on the regular, so I doubt that you'll able to convince them to switch over to you easily. Others who request loans on this board are mostly scammers/high risk propositions.

I mean, it doesn't hurt to launch, and maintenance work is fairly low. It's just that you have to be realistic with your expectations and such. High quality, collateralised loan requests are few and far between from what I've seen. A clearly established guideline for your loans should be constructed before opening your business.

[shasan]

I guess a 5th lender in this forum is still welcome. If you can offer a competitive interest rate then maybe they will chose to borrow BTC from you.

Yes, once there is more lender there will have more competition, as a result, it will be helpful for the borrower.  And we should try to help our community at our best.

[Parodium]

It's not that there's too much competition, it's that there are few users willing to offer adequate collateral for loans, which means most loans go unfunded.

On the flipside, most of these are scammers, so you'll probably end up in the same boat as the rest of us lenders.

[harizen]

Competition might not be the right term as giving loans is an assistance*. Different borrowers also looks at different terms*.

Lenders are always welcome as long as they follows some basic protocols.

Im sure you already knows some of the must things to do when giving out loan so no need for advice. Just push your plan whenever you are ready.

[DarkStar_]

shasan is pretty borrower unfriendly from what I see so you could definitely compete if you wanted to for the smaller loans. You can compete against condoras with slightly lower rates as well. For larger loans, you might struggle to compete with zarzab and I (though my rates are certainly beatable)

[UserU]

shasan is pretty borrower unfriendly from what I see so you could definitely compete if you wanted to for the smaller loans. You can compete against condoras with slightly lower rates as well. For larger loans, you might struggle to compete with zarzab and I (though my rates are certainly beatable)

Borrower-unfriendly? Mind elaborating?

[DarkStar_]

shasan is pretty borrower unfriendly from what I see so you could definitely compete if you wanted to for the smaller loans. You can compete against condoras with slightly lower rates as well. For larger loans, you might struggle to compete with zarzab and I (though my rates are certainly beatable)

Borrower-unfriendly? Mind elaborating?

Not a huge deal and they are in every right to do so, but threatening to open a scam accusation against someone who is having health issues but still trying to make partial repayments is pretty unfriendly imo. I don't know how other lenders are but I generally will understand if a borrower has issues and will try to help them out (interest freeze, free extension, repayment plan, etc). For example, I lent ~0.15 BTC (don't remember exact amount) to Gleb who struggled to repay due to rising Bitcoin prices, so I allowed them to extend their loan without extra interest.

Archive to shorten the post

These two repayments confirmed. New repayment amount 0.155BTC and repayment should be made on 24th February. Thanks for posting the update.

0.16275 btc due repayment date 3rd march, 2019.
Updated.
Having health problems due to which I was unable to post.

Loan amount increasing day by day as you are not paying interest weekly. According to our deal interest should be paid on time. So, I can't go too long in this way. Please repay at least 0.01BTC each week. Otherwise, I have to create scam accusation.

[shasan]

Not a huge deal and they are in every right to do so, but threatening to open a scam accusation against someone who is having health issues but still trying to make partial repayments is pretty unfriendly imo.

The loan full repayment date was 16th January and if fail repayment of interest should be on time in each week. And there are many weeks not paid any interest a few weeks less amount. So, day by day interest total amount is increasing. For a non-collateral loan, I do not think too much time extension should be allowed for a non-collateral loan where the loan amount is on BTC. On your campaign, I guess s/he can earn about 0.0375BTC per week so s/he could repay easily on/before a deadline. If there was any collateral or interest repaid on time regularly and a problem arises only the time when s/he told health issue then that could be ok. And the price of bitcoin has not increased hence the price dropped 50%. Anyway, as I have not opened scam accusation, I do not think we should talk more about that. And hopefully, think you will not take that as serious to make more discussion.

For example, I lent ~0.15 BTC (don't remember exact amount) to Gleb who struggled to repay due to rising Bitcoin prices, so I allowed them to extend their loan without extra interest.

I think the loan wasn't non-collateral. If it was non-collateral then there might be something different.

[DarkStar_]

For example, I lent ~0.15 BTC (don't remember exact amount) to Gleb who struggled to repay due to rising Bitcoin prices, so I allowed them to extend their loan without extra interest.

I think the loan wasn't non-collateral. If it was non-collateral then there might be something different.

A forum account was my collateral but I'm not willing to sell it. My point still stands - you don't seem to be willing to understand when borrowers run into unexpected issues. You are obviously free to do so, but I still believe you are borrower unfriendly. I digress.

[shasan]

borrower unfriendly.

I have no issue if you call it that's why I have not reacted/replied to you when you posted it. I know sometimes I am not friendly for the borrower (I can't be as the maximum of my loan is non-collateral). But you can't call me that for the example you provided because on the thread you can't know what happens in these times and what we talked on our private discussion.

[DireWolfM14]

Most of the high quality, no collateral borrowers already borrow from some established lender on the regular, so I doubt that you'll able to convince them to switch over to you easily. Others who request loans on this board are mostly scammers/high risk propositions.

That's what I've noticed.

I mean, it doesn't hurt to launch, and maintenance work is fairly low. It's just that you have to be realistic with your expectations and such.

My thoughts exactly.  I don't expect to buy a lambo, but slowly growing the bitcoin account can't hurt.  I have time to come up with a plan, and give it some more thought.

High quality, collateralised loan requests are few and far between from what I've seen. A clearly established guideline for your loans should be constructed before opening your business.

Collateral loans are safe, but with prices of alt coins low maybe confidence in them is low also.  People are more likely to sell their alts than hodl them if they find themselves in need.

you could definitely compete if you wanted to for the smaller loans. You can compete against condoras with slightly lower rates as well. For larger loans, you might struggle to compete with zarzab and I (though my rates are certainly beatable)

You're rates are pretty good, and your budget is more than I have to risk.  You're assessment is fairly accurate, I think I would try to compete for the smaller to the-low-end-of-medium loans.

shasan is pretty borrower unfriendly from what I see

Maybe I could use some lessons from shasan.  Sometimes I think I may be too lenient.  Case in point.

[shasan]

Case in point.

It is a bad experience. This person asked me to loan a lot of time but I denied. I usually do not give any loan to a negatively trusted person. I have given only 1$ to a negatively trusted person and that has defaulted though s/he has about 2k+ dollar in a token. And I think s/he sold those but could not pay me back only 1$.