Need $6000, have collateral

[AndrewK]

Hey Guys,

I need about $6000 to help purchase a wedding ring for my girlfriend. The term for the loan would be 6 months. I would like to pay less than 5% APR as I have the bitcoin to cover the full loan amount as collateral.

Bitcoin would be escrowed with DannyHamilton or similar.

I pay you back the cash value of the loan plus the interest in 6 months... and receive my bitcoins back. Failure to pay results in the forfeit of bitcoins.

Loan can be repaid anytime within the 6 months with no penalty but the interest is guaranteed. Interest can be paid in bitcoin or USD... whichever the lender prefers.

Price as of right now is $436 per bitcoin. That would equate to 13.76btc as collateral.

These are all negotiable except the escrow.

Need cash deposited into my wells fargo account.

Post suggestions here... PM me for a quick response.


Thanks!
Andrew

[RyanMilligan1]

What is the collateral?



Congratz on the proposal though, hope it goes to planned.

[KWH]

What is the collateral?



Congratz on the proposal though, hope it goes to planned.

I pay you back the cash value of the loan plus the interest in 6 months... and receive my bitcoins back

[AndrewK]

Congratz on the proposal though, hope it goes to planned.

Thanks man, thats another thing I'm struggling with... how I will pop the question.

So I realize that people may be concerned with the price of bitcoin dropping... I will say that I have a enough collateral to put in the escrow account to satisfy anyones due dilligence, will give you proof of identity and contact info... and finally, I fully intend to pay a loan back no matter what the price of bitcoin does because I'm honest... But if that doesn't sway you, obviously you'd have legal recourse.

Need to buy this ring soon (her birthday is in june and it takes 4 weeks to get the ring made)...

Thanks guys!
Andrew

[fluffypony]

Congratz on the proposal though, hope it goes to planned.

Thanks man, thats another thing I'm struggling with... how I will pop the question.

So I realize that people may be concerned with the price of bitcoin dropping... I will say that I have a enough collateral to put in the escrow account to satisfy anyones due dilligence, will give you proof of identity and contact info... and finally, I fully intend to pay a loan back no matter what the price of bitcoin does because I'm honest... But if that doesn't sway you, obviously you'd have legal recourse.

Need to buy this ring soon (her birthday is in june and it takes 4 weeks to get the ring made)...

Thanks guys!
Andrew

This seems like a reasonable way of securing the loan. One thing that pops into my head: is there a sense of urgency with the proposal besides wanting it to coincide with her birthday? In other words, are you guys talking about marriage and she wants you to take the next step? In my (limited) Bitcoinomics experience it seems the market is getting ready for a bull run, which may make lenders here hesitant to engage (presumably they're spending their fiat money snapping Bitcoin up). I'm not saying you should hold forever, but I get the sense that if you delayed your planned proposal by, say, a month you'd be in a much better position and would be able to splurge on the ring:)

[AndrewK]

We have been dating for 7 years... I told her I was looking for rings this past december and we went ring shopping... She found the perfect setting but I wasn't happy with the quality of the diamond in it so I put the purchase off while I looked. I'm finishing up graduate school and subsequently spent the cash I needed for the ring on living expenses. There is no real urgency other than it would be a great time to do it (she has 2 weeks off and we are possibly traveling to the virgin islands and puerto rico).


I understand some may be speculating that we've made a bottom in bitcoin... But I'm sure there are people out there that want to be diversified with a cash return.

Thanks for the interest!

[AndrewK]

Hey Guys,

I need about $6000 (I would accept as little as $2000 which could help me get the ball rolling) to help purchase a wedding ring for my girlfriend. The term for the loan would be 6 months. I would like to pay less than 5% APR as I have the bitcoin to cover the full loan amount as collateral.

Bitcoin would be escrowed with DannyHamilton or similar.

I pay you back the cash value of the loan plus the interest in 6 months... and receive my bitcoins back. Failure to pay results in the forfeit of bitcoins.

Loan can be repaid anytime within the 6 months with no penalty but the interest is guaranteed. Interest can be paid in bitcoin or USD... whichever the lender prefers.

Price as of right now is $436 per bitcoin. That would equate to 13.76btc as collateral.

These are all negotiable except the escrow.

Need cash deposited into my wells fargo account.

Post suggestions here... PM me for a quick response.


Thanks!
Andrew

[haploid23]

I'm just curious, why can't you be your own loan agent? Since you have the equivalent amount in btc, then cash out that btc to buy the ring. As you slowly make the money back, then convert it back to btc. You just take a small hit on trading fees, but it's still less than 5% APR.

Am I missing something here?

[AndrewK]

No, you are correct... I could do that, but I'm trying to hold my bitcoin as a long term investment or use it to buy specific things (like beer at the local bar that just started accepting bitcoin). Honestly, I think that bitcoin will be much higher in the next couple of months and I don't want to just cash out the coins now.

[AndrewK]

ehhh... worth a shot... Just gonna finance it via other means.

Thanks guys,

[RyanMilligan1]

No, you are correct... I could do that, but I'm trying to hold my bitcoin as a long term investment or use it to buy specific things (like beer at the local bar that just started accepting bitcoin). Honestly, I think that bitcoin will be much higher in the next couple of months and I don't want to just cash out the coins now.

While I agree, and it may be a good way for those looking to cash out that is not the way to persuade someone to give you this.


Thats like saying 'I have 2 ferraris that have never been driven, but can you let me drive your ferrari and you look after both of mine (but you dont get to drive them) and then I'll return yours in 24 hours and collect both of mine, so now my ferrari(s) are still in mint condition but yours has been used and may be worth less than when you gave it to me to drive'

[Benjig]

The lender must be a very trusted one because if the price skyrockets.. he wont be happy to trade the $6000 for the 14 btcs that can worth maybe 2000 each... also it can happen in the otherway.. you can be repaying not 14 but 25 or 30 btcs if the price goes down.

[AndrewK]

^I am more than happy to escrow a couple more coins than above mentioned.

^^That is not exactly accurate, because after the 6 months the person would get their cash returned plus whatever interest was agreed upon. Secondly, lets be honest, the bitcoin to ferrari comparison may be accurate but the dollar? More like let me borrow your Ford escort and you can hold my ferrari as collateral  .

[silentgwad]

Haha, most romantic loan request ever  
Good luck with you search  A BTC collateral worth 6K USD should be way profitable for the lender if any bad thing occurs on your side ( divorce cost?  )

[Justin00]

lol loving this comparison
nicely put.

No, you are correct... I could do that, but I'm trying to hold my bitcoin as a long term investment or use it to buy specific things (like beer at the local bar that just started accepting bitcoin). Honestly, I think that bitcoin will be much higher in the next couple of months and I don't want to just cash out the coins now.

While I agree, and it may be a good way for those looking to cash out that is not the way to persuade someone to give you this.


Thats like saying 'I have 2 ferraris that have never been driven, but can you let me drive your ferrari and you look after both of mine (but you dont get to drive them) and then I'll return yours in 24 hours and collect both of mine, so now my ferrari(s) are still in mint condition but yours has been used and may be worth less than when you gave it to me to drive'