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Author Topic: Need your suggestion, may start a BTC lending service  (Read 1971 times)
MVP_NLTH
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February 10, 2017, 09:55:45 AM
Last edit: February 19, 2017, 01:47:49 AM by MVP_NLTH
 #1

I've been having some interest with lending BTC here on Bitcointalk.org, it's a very risky investment. I realize this already and have accounted for.

Having valid collateral is a must to reduce risk lending bitcoin.

Here's where I need an suggestion or opinion!...
There's always users requesting loans without collateral, what do yall think of this.

"If the Borrower requested a loan without collateral, they could have a Default trust/Trusted BTCTalk Forum User with excellent Reputation either Vouche/or Co-sign the loan agreement?"
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February 10, 2017, 12:03:09 PM
 #2

If the member is DefaultTrust , trusted or from the staff then the chances that he is going to scam are unlikely so I see no problem on giving the loan as long as the user don't have any current scam accusations against them. Try to valuate his account worth as well because If the loan request amount is much higher then his account worth then you should definitely ask for a collateral.


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February 10, 2017, 03:19:56 PM
 #3

Good to see that you decided to open a lending service on this forum.I think you should not give loan without collateral.But you can trust DT member by checking their work history.Also you can see their trust setting and all feedback.I think lending service is a big challenge for anyone, and you are just Jr.member.Best wishes for you.
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February 10, 2017, 10:29:51 PM
 #4

If the member is DefaultTrust , trusted or from the staff then the chances that he is going to scam are unlikely so I see no problem on giving the loan as long as the user don't have any current scam accusations against them. Try to valuate his account worth as well because If the loan request amount is much higher then his account worth then you should definitely ask for a collateral.
Yes, a thorough investigation examining the forum accounts is a must
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February 11, 2017, 02:48:24 AM
 #5

It's indeed a risky business and a collateral is a must,because we do not know every one here personally,some lenders ask for the equivalent from other altcoins other their account,but if you set it up right you are in for a profit it's much better than trading.


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MVP_NLTH
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February 11, 2017, 03:33:06 AM
 #6

It's indeed a risky business and a collateral is a must,because we do not know every one here personally,some lenders ask for the equivalent from other altcoins other their account,but if you set it up right you are in for a profit it's much better than trading.
Yeah I've started brainstorming about different options for all types of loans I'll be offering. I'm going to have to take the risk lending to borrowers, depends on the Level of Risk and ROI. This will make or break me im reckoning. Hopefully Im not blinded by greed and can stay conservative to make steady profits/ Over loses
HabBear
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February 11, 2017, 03:35:23 AM
 #7

No collateral?

A cosigner is a good idea, that way you can mark the trust of both. However marking negative trust on an account is only valuable if the account has a long history. A newbie or junior member is too new, too easy to buy and discard. You could also make part of the agreement that defaulting on a no collateral loan results in negative trust 2x or 5x the amount loaned.

You should also make the interest high and repayment term quick and the max loan amount low. The goal is to not to encourage customers to engage in no collateral loans.

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February 11, 2017, 03:38:24 AM
 #8

i will discourage you to enter on this type of business. First of all, the only common or majority of collateral here is account on this forum, but in contrary it is forbidden to sell account because you will be tagged by DT with red tag, so it means that you will be in loss if someone borrow you a money and forfeited with their loan, there are many cases here that have same scenario. The only thing you can recover your loss is to sell the account in private and that the DT won't see the loan application of the forfeited borrower.


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passwordnow
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February 11, 2017, 03:45:12 AM
 #9

Here's where I need an suggestion or opinion!...
There's always users requesting loans without collateral, what do yall think of this.

"If the Borrower requested a loan without collateral, they could have a Default trust/Trusted BTCTalk Forum User with excellent Reputation either Vouche/or Co-sign the loan agreement?"


Good luck to your lending plan, but the question is those default trust member will have their time to vouch or co-sign for a guy that wants to loan without collateral? Because their name can be included if that guy will fail to pay you. Better to avoid headaches, just don't give loans to people that will ask you loan without collateral.
MVP_NLTH
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February 11, 2017, 03:49:31 AM
 #10

Here's where I need an suggestion or opinion!...
There's always users requesting loans without collateral, what do yall think of this.

"If the Borrower requested a loan without collateral, they could have a Default trust/Trusted BTCTalk Forum User with excellent Reputation either Vouche/or Co-sign the loan agreement?"


Good luck to your lending plan, but the question is those default trust member will have their time to vouch or co-sign for a guy that wants to loan without collateral? Because their name can be included if that guy will fail to pay you. Better to avoid headaches, just don't give loans to people that will ask you loan without collateral.
Having Collateral is strongly recommended. Default trusted members won't risk co-signing on a loan if they think the Borrower is going to default. I don't believe they would risk they're reputation on something of high risk
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February 11, 2017, 07:08:56 AM
 #11

Collateral i think is a must. Because theres a lot of scammers around this forum. You know, just for assurance that your client will pay back for what they owe to you. I saw someone that offers loan with no collateral. I just dont know if he was successful running that business here. Collateral is highly recommended. Its for your safety.
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February 11, 2017, 07:42:40 AM
 #12

Collateral i think is a must. Because theres a lot of scammers around this forum. You know, just for assurance that your client will pay back for what they owe to you. I saw someone that offers loan with no collateral. I just dont know if he was successful running that business here. Collateral is highly recommended. Its for your safety.
Without collateral, people must be very generous and enjoy handing out BTC knowing that all they'll get is an IOU for a repayment
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February 11, 2017, 08:31:05 AM
 #13

If you want to give solution to those people who are asking loans without collateral, that isn't going to work as business.

It is not going to make you productive to have this type of lending service but if you really want to make this happen.

It's going to be on your part to just give loans to those guys that has reputation in the forum which I think is your responsibility.

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February 11, 2017, 08:36:34 AM
 #14

If you want to give solution to those people who are asking loans without collateral, that isn't going to work as business.

It is not going to make you productive to have this type of lending service but if you really want to make this happen.

It's going to be on your part to just give loans to those guys that has reputation in the forum which I think is your responsibility.
Well. I don't believe accepting  bitcointalk user accounts as collateral would be a great idea would it? Don't those defaulted user accounts from loans get red flagged?
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February 11, 2017, 09:11:51 AM
 #15

If you want to give solution to those people who are asking loans without collateral, that isn't going to work as business.

It is not going to make you productive to have this type of lending service but if you really want to make this happen.

It's going to be on your part to just give loans to those guys that has reputation in the forum which I think is your responsibility.
I agree its better to stay away from no collateral loans as they may be a draw back for someone that just got into this business besides if they are trusted their should be users who they befriended and will easily fill their loan.
And if you will be accepting accounts you need to make sure the account is in good standing and set high rates too.
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February 11, 2017, 12:28:14 PM
 #16

Yes, there are always people requesting money and very few of them have proper money management skills (or they wouldn't be asking). Unless you can put up with chasing people for money and accepting losses, you should probably steer clear. I doubt even the best money lenders are making much because it is too easy to vanish online and never repay your debts.

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February 11, 2017, 02:26:53 PM
 #17

Yes, there are always people requesting money and very few of them have proper money management skills (or they wouldn't be asking). Unless you can put up with chasing people for money and accepting losses, you should probably steer clear. I doubt even the best money lenders are making much because it is too easy to vanish online and never repay your debts.
I believe it, you have a valid point. Maybe it's best for myself to sit back and take my time with my decision on what I'm going to do next. I will figure something out.

Thanks everyone for your Input.
Much Appreciated
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February 11, 2017, 03:28:11 PM
 #18

If you are tending to make a lending business the no.1 rule should be asking always for collateral,if theres none theres no loan and dont really be too kind because here on online world you cant be sure to the people you are dealing with and speaking of money scammers are always there so better watch out.

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uneng
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February 11, 2017, 03:41:50 PM
 #19

In my opinion it's not a good business. Here on forum it's too risk to lend money and you will need to take accounts as colateral and I know some members of this forum had their trusted negatived because the colateral accounts.
Nothing you can do about it later after your account is negatived. If you want to lend money use Poloniex.

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MVP_NLTH
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February 11, 2017, 03:44:02 PM
 #20

In my opinion it's not a good business. Here on forum it's too risk to lend money and you will need to take accounts as colateral and I know some members of this forum had their trusted negatived because the colateral accounts.
Nothing you can do about it later after your account is negatived. If you want to lend money use Poloniex.
Polo niece? Never heard of it. I'll go check it out sometime
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