How much for a loan (600BTC)?

[capn noe]

I'm going into the bank on Wednesday of next week to get a loan for a new box truck, which I need for transporting things. I'm curious what kind of terms I'd get if I took a BTC loan instead of one from the bank. I'll be needing about 6,000USD for the truck I have my eye on, which has a good lift gate. My current trucks are garbage and I hate them more every time I get in one. HATE. I now actually have to kick the compressor to get the lift gate to raise on the larger one. So ghetto...

Lets say I'd want terms that completed in 6 months - 12 months.

I have excellent credit, if that matters to anyone.

 Please, nobody send me 600BTC at this point. The actual loan amount I'm asking for will not be 600BTC, but 'near it'. I am willing to undergo any identity scrutiny.

[capn noe]

Also, I'd prefer a loan from someone that accepts USD and BTC for repayment. I use USD a LOT more so it is available to me. If not, I can convert the USD to BTC for payments... but I'd prefer to have the option.

[ElectricMucus]

I'd say dank came up with a way more interesting story. 

[capn noe]

I'd say dank came up with a way more interesting story. 

I'm all just boring pallet jacks and box trucks over here. See the link in my sig for more details of what I do.

[ElectricMucus]

I'd say dank came up with a way more interesting story. 

I'm all just boring pallet jacks and box trucks over here. See the link in my sig for more details of what I do.

Don't mind me.
Just let the viewers know how you intend to pay back a year long loan if the price of BTC goes up lets say 700%?

[BurtW]

I expects he want a dollar denominated loan with dollar payback terms.  The BTC payback would be just if the lender wants payback by that method.  Assuming BTC skyrockets he would be paying back less BTC.

[Akka]

Yep, using BTC only as transfer medium for the value.

I think that's a nice experiment.

But I don't think you find a competitive loan here. Bitcoiners are still used to ridiculous rates from various scams.

I only know it from Germany, but there are portals where private persons give credits to private persons at usually much more competitive rates than banks.

https://www.auxmoney.com is a good one and has already >400.000 People(user accounts) in it.

I think there are platforms like this in the US as well.

[capn noe]

I've been following bitcoin for over a year now and never expected to even consider it for something like this. I get loans like this from the bank about twice yearly, usually for large equipment or buying large lots of equipment from auction. I'm just curious, with all the coinage people throw around here all willy nilly, what kind of offers I'd get. Now that everyone is realizing that 7%/week is crazy, that is.

[BurtW]

But I don't think you find a competitive loan here. Bitcoiners are still used to ridiculous rates from various scams.

Yes the rates were inflated by BS&T however you will still have to pay a lot more in interest because:

1) I keep my BTC and do not lend them out.  I end up with the same number of BTC at the new higher value.

2) I lend out my BTC and get back LESS of them.  I end up with LESS BTC at the higher value.

You will not find anyone (who is long BTC) willing to part with their BTC for a "reasonable" dollar on dollar interest rate and this has nothing to do with scams, pirateat40 or BCS&T.

You will find people (me for instance) who lend out BTC for reasonable BTC on BTC interest rates.  But the "real" intestest rate you will pay if you have to buy BTC to pay back the loan in six months can and probably will be astronomical.

[capn noe]

So, does this open the options for service payments for interest? I'll take a 600btc loan to be repaid with USD at time of loan + 20% interest in BTC to be used in shipping and receiving costs as well as credit in my surplus. I'd deliver a few skids of materials 6 states away and call that 'interest' just fine.

eh?

[Fjordbit]

I think there are platforms like this in the US as well.

We have them, like http://www.prosper.com/ , but I don't find their rates to be competitive. They aren't even competitive to credit cards.

Edit but I agree bitcoin lenders are unrealistic with their APRs. The other side of it, though, is that there are so many borrowing scams that it's not worth it to offer a low APR.

[slider1978]

I think there are platforms like this in the US as well.

We have them, like http://www.prosper.com/ , but I don't find their rates to be competitive. They aren't even competitive to credit cards.

Edit but I agree bitcoin lenders are unrealistic with their APRs. The other side of it, though, is that there are so many borrowing scams that it's not worth it to offer a low APR.

Try www.lendingclub.com, their rates are very good if you have good credit.

[schnell]

First of all as of this post 6000 dollars is worth 497.5 BTC.
You have okay history, but nothing as big as this.
If you ask me, you just plucked a sum out of the air hoping you would get lent it. Nobody wants be pay interest on an extra 102.5 BTC they won't even use.

Please nobody lend to him. If he likes he can provide me or another trusted party with id and other info, which they will release if you scam. But even then, you will not get your bits back.

[capn noe]

The loan I am asking about is not 600BTC, I put that in there as an estimate for scale. The truck I am looking at is not exactly 6000USD either, but it is also an indicator of scale. Frankly I'm not really ASKING for a loan, I'm more interested in what terms I'd be offered for one especially of this scale. That also doesn't include the sales taxes and initial maintenance that the vehicle will undergo before I add it to my fleet, which I can't calculate yet. I expect when I go in to ask about a loan next week I'll be asking for closer to 7500USD.

Also, for those that might respond with rates; I will succumb to almost any identity requirement. Keep that in mind for your valuation.

If somehow I came to terms with someone and actually went forward with this, I'd put a hard figure down.

I guess I'd better update the first post. Please, nobody send me 600BTC at this point. The actual loan amount I'm asking for will not be 600BTC, but 'near it'. I am willing to undergo any identity scrutiny.

[schnell]

The loan I am asking about is not 600BTC, I put that in there as an estimate for scale. The truck I am looking at is not exactly 6000USD either, but it is also an indicator of scale. Frankly I'm not really ASKING for a loan, I'm more interested in what terms I'd be offered for one especially of this scale. That also doesn't include the sales taxes and initial maintenance that the vehicle will undergo before I add it to my fleet, which I can't calculate yet. I expect when I go in to ask about a loan next week I'll be asking for closer to 7500USD.

Also, for those that might respond with rates; I will succumb to almost any identity requirement. Keep that in mind for your valuation.

If somehow I came to terms with someone and actually went forward with this, I'd put a hard figure down.

I guess I'd better update the first post. Please, nobody send me 600BTC at this point. The actual loan amount I'm asking for will not be 600BTC, but 'near it'. I am willing to undergo any identity scrutiny.

If you say so.

[capn noe]

If you say so.

I do. Maybe a good protocol would be to create a scam accusation thread for every loan request like this, to sideline discussion about risk assessment?

Eh?

[ElectricMucus]

If you say so.

I do. Maybe a good protocol would be to create a scam accusation thread for every loan request like this, to sideline discussion about risk assessment?

Eh?

No the best thing would be to delete threads like yours on sight.
At least you could have read this thread and come up with something more trustworthy and entertaining. What you did there is like you told a 14 year old to come up with something which fits the description and post it.

Congrats, I'd give you a trollpoint if I had some left 

[Scott J]

If you say so.

I do. Maybe a good protocol would be to create a scam accusation thread for every loan request like this, to sideline discussion about risk assessment?

Eh?

In my experience you have to go through this with almost every loan request.

While I can understand people wanting to call out actual scammers, it's usually the people who aren't involved in lending who shout the loudest.

[capn noe]

No the best thing would be to delete threads like yours on sight.

So, yes then. Or you think... the mods should have a system for deleting posts that wouldn't involve a thread beforehand?

words words words words words

[Akka]

But I don't think you find a competitive loan here. Bitcoiners are still used to ridiculous rates from various scams.

2) I lend out my BTC and get back LESS of them.  I end up with LESS BTC at the higher value.

Not if you just use BTC as transfer medium of value as I proposed.

Yep, using BTC only as transfer medium for the value.

Meaning:

• 1. The Lender buy bitcoin worth 6000$ and transfers them
• 2. The reciever sells them, as he need $
• 3. To payback he buys bitcoin worth of 6000$ + interest
• 4. Lender has made a profit

This way both partys are protected from voltarity.

This also makes global loaning easier.