A cell phone is all you need to get a Bitcoin loan?

[MightyStorm]

It seems that anyone can get a micro finance ctrypto currency loan with the existing services.

What I don't understand, is how they are going to collect the money if someone fails to cough up when the time is due.

Any thoughts?

[thebenjamincode]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

[MightyStorm]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you?

[Soros Shorts]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you?

Looks like the system will include a distributed credit history database which is tied to your phone which in turn is tied to your identity. Pretty much like how the 3 main credit bureaus in the US tie a person's credit history to their SSN. It can work if a person can only have one phone number, so if they blow their credit rating by defaulting on a loan they can't easily get a new identity and new credit history.

[shulio]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you?

In my country you need to put on your address and your real name to get your number activated. This could be how they will get your data if you want to take a loan with your phone but most people are just registering it using a fake name and address . My concern is that how is a person will trust to loan someone through a mobile number

[louise123]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

The title of this thread is misleading:

Lenders and borrowers can connect peer-to-peer, like over the ProudSource platform. And it can all be done by phone.

It has to go through their app which is installed on your phone.
It is not all you need. You probably need to verify other things about yourself too.

[NyeFe]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

If it is done on peer-to-peer basis and over the phone, I can't see how a lender can check a person's trustworthiness. Can you?

It can work if a person can only have one phone number, so if they blow their credit rating by defaulting on a loan they can't easily get a new identity and new credit history.

That's the main problem. A consumer may only have one number, but what will stop other technically advanced users from obtaining more than one SIM card & using them simultaneously? I mean SIM cards can be literally ordered for nothing from their online providers. Vodafone is one example. What about scammers, who are able to obtain SIM card replacements for any number within a certain region?

It has to go through their app which is installed on your phone.
It is not all you need. You probably need to verify other things about yourself too.

If the App is available on Android, and requires unique phone settings such as an IMEI number, then the integrity of the data collected can not be trusted since these tags can be modified at ease.

[sirnoah]

i could see scammers getting many celfones and scamming people...

[Amph]

it could be integrated with something like this http://crypt.la/2014/01/06/satoshi-nakamoto-quotes/

here we are talking about a istitution emitting the loan not random guy on the forum, you can't scam them, it would be like scamming a loan emitted by a bank...

[louise123]

i could see scammers getting many celfones and scamming people...

No need for multiple phones.
A good Android programmer can probably create something that will fool the app.

[MightyStorm]

is this true? the only requirements they need is a mobile phone number? are there any other requirements they need aside of that?

The title of this thread is misleading:

Lenders and borrowers can connect peer-to-peer, like over the ProudSource platform. And it can all be done by phone.

It has to go through their app which is installed on your phone.
It is not all you need. You probably need to verify other things about yourself too.

Yep, my bad.

[hasmukhh]

yeah its true . mobile phones have become a source of income nowadays. you can lend money to anybody using mobile phones.
it is recommended to get or give s loan from a known source as third party people are quite risky to get loan from

[rishabh6115]

Yes it is good to be btc owner beacuse i think it might be true it is not good for taking loan from every third party because he or she avoids it . It might be true

[Kyraishi]

yeah its true . mobile phones have become a source of income nowadays. you can lend money to anybody using mobile phones.
it is recommended to get or give s loan from a known source as third party people are quite risky to get loan from

How so?
How is it a source of income to the consumer?
Can you give me some examples?

Thanks 

[spazzdla]

Yes you can, BTCJAM.

You get screwed..

Why people dump money into loans that promis a 200% return in 30 days I will never understand.  They didn't pay you back?!?! OMG I never saw that coming.....

I just play by the rule B rating or higher, must have paid back coins.  Using this I have gotten paid back everytime, say for 1 payment over 10 loans.

[RitzBitzz]

Sounds very interesting I will have to check it out.

[ecoh012]

how it works? Thanks.

[hasmukhh]

yeah its true . mobile phones have become a source of income nowadays. you can lend money to anybody using mobile phones.
it is recommended to get or give s loan from a known source as third party people are quite risky to get loan from

How so?
How is it a source of income to the consumer?
Can you give me some examples?

Thanks 

example: you can earn bitcoins through campaigns,  faucets etc...
you can trade bitcoins to others and get commission
and a smartphone is enough to handle these jobs.
other than bitcoin , you could use your phone to sell your stuff online too .
you just need to play it the smart way to have a good income through your accessories.

[okae]

i could see scammers getting many celfones and scamming people...

No need for multiple phones.
A good Android programmer can probably create something that will fool the app.

but dont bring ideas to them lol

btw the problem that i can see here is that how is a person will trust to loan someone through a mobile number, but who know maybe this will improve in any way.

[bitnanigans]

Wouldn't it be easy to beat the credit report system by getting a bunch of prepaid numbers? These are very easy to obtain.