new features on loan

[philggg]

Hi, I just want to cheep in some advice on people who are giving out loan,apart from short term loan loan lenders should put extra security ,as requirement for people taking loan,for example borrowers should be told to veryfy third identity,phone,address as bother bitcion loan site those,this type of identity verification should be done for bigger loans ,while smaller loans should be escrow

[KenR]

Hi, I just want to cheep in some advice on people who are giving out loan,apart from short term loan loan lenders should put extra security ,as requirement for people taking loan,for example borrowers should be told to veryfy third identity,phone,address as bother bitcion loan site those,this type of identity verification should be done for bigger loans ,while smaller loans should be escrow

Thanks for stating the obvious.Those verifications are useless.One rule : Have a collateral with a re-sale value 120% higher than the initial loan request and you're all set to get your request accepted.Id's and other digital verifiations can be easily bought online.

[Swagtoshi]

Hi, I just want to cheep in some advice on people who are giving out loan,apart from short term loan loan lenders should put extra security ,as requirement for people taking loan,for example borrowers should be told to veryfy third identity,phone,address as bother bitcion loan site those,this type of identity verification should be done for bigger loans ,while smaller loans should be escrow

Making people provide identification removes the anonymity of the borrower and it creates a lot of hassle. However, thanks for the advice anyway.

[josephdd1]

Are you serious Op?
Of course you are not!
This is the "new" features on loan?

Maybe it would be great not to make crappy threads and posts.
This would be a true new feature on loan!                                                                                                                                                                                                                                                         

[cooldgamer]

Identity verification can provide a false sense of security to lenders, making them give out more than they should given the lendee's reputation.  A identity the if could easily cash out on somebody with credit cards and bank accounts, then double up by using the person's information to get a loan.

The only time this would come in handy is verifying the identity of a already trusted person, which is better done with signed messages anyway.  Besides that, collateral is the gold standard.

[Cloverdale]

Hi, I just want to cheep in some advice on people who are giving out loan,apart from short term loan loan lenders should put extra security ,as requirement for people taking loan,for example borrowers should be told to veryfy third identity,phone,address as bother bitcion loan site those,this type of identity verification should be done for bigger loans ,while smaller loans should be escrow

identity verifications will not do anything once the borrower defaulted. What lenders need to ask is for a valid collateral to cover up for the loan just in case. If third party verification works then why do you think there are a bunch of scammers in lending sites like btcjam?

[The Sceptical Chymist]

Identity verification can provide a false sense of security to lenders, making them give out more than they should given the lendee's reputation.  A identity the if could easily cash out on somebody with credit cards and bank accounts, then double up by using the person'should information to get a loan.

The only time this would come in handy is verifying the identity of a already trusted person, which is better done with signed messages anyway.  Besides that, collateral is the gold standard.

Word.  So what am I going to do with someone's identity?  Hop on a plane to Sierra Leone and come beat your ass?  Yeah right, and there's no way I can sue for 0.003BTC or whatever paltry sums are being scammed for.  Christ, I wouldn't even bicycle 3 blocks to come beat your ass for that.  So ID and all that crap is U-S-E-L-E-S-S.  As my nogga said, collateral is king in these parts.