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Author Topic: Newbie about BTC lendig  (Read 749 times)
SkippyLongBottom
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April 21, 2013, 02:33:16 PM
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So when I am able to post in regular forum I will be requesting a 10btc Loan.. In desperate need for this loan fast, will be able to give all information needed. Will offer 19% interest over the course of 12months and not change set BTC payback due to changed value, in other words my payback will be in full 10btc plus 19% interest no matter how the btc value rises. If it is 300+ dollars I will not pay back loan to dollar amount but to BTC amount. How likely is it I will have luck finding that loan here, and ow likely would it be today or tomorrow?
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John (John K.)
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April 21, 2013, 02:36:07 PM
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So when I am able to post in regular forum I will be requesting a 10btc Loan.. In desperate need for this loan fast, will be able to give all information needed. Will offer 19% interest over the course of 12months and not change set BTC payback due to changed value, in other words my payback will be in full 10btc plus 19% interest no matter how the btc value rises. If it is 300+ dollars I will not pay back loan to dollar amount but to BTC amount. How likely is it I will have luck finding that loan here, and ow likely would it be today or tomorrow?
No, you'll have next to no luck even if you're willing to give all info like ID card, utility bill, bank statement, phone call etc. Not to mention that 19% a year is crazy low for bitcoin loans - the running rate is around 10%+ a MONTH for established users.

Go get a bank loan/CC loan.

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April 21, 2013, 02:39:22 PM
 #3

As John K said, you will have no hope in getting the loan. People would make more hanging on to their BTC than lending them out over a year with that percentage of interest. Stick to earning some money another way.

If Bitcoin ever became widely used, we can all say we was in it from the start.
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April 21, 2013, 03:05:37 PM
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For reference, a ~BTC10 equivalent personal loan from my bank for 12 months would be charged at 29.9% APR, and bear in mind they know where I live, how much I earn and (more importantly for them) they have the legal resources to chase up their repayments.

10% less for a more risky venture doesn't sound very appealing.

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April 21, 2013, 03:12:54 PM
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Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
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April 21, 2013, 03:14:17 PM
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Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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April 21, 2013, 03:16:02 PM
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Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days

You're doing it wrong.  Nothing could be less profitable than lending BTC.

Do you have a bank account?   Get a credit card through them... it doesn't take that long.

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April 21, 2013, 03:17:30 PM
 #8

For reference, a ~BTC10 equivalent personal loan from my bank for 12 months would be charged at 29.9% APR, and bear in mind they know where I live, how much I earn and (more importantly for them) they have the legal resources to chase up their repayments.

10% less for a more risky venture doesn't sound very appealing.

I see that my original post has been a bit confusing.. I hope my later post makes more sense as far as interest ate and additional charges fr it bein a BTC loan..

As for security measures, all my information will be given, along with any creative way to maintain security even after loan cycle.. in other words loop hole to the fact a regular bank loan would have legal resources to chase up their repaymets.. a loop hole in which I would provide collateral means to provide resources for investor to chase up investment IF I were not able to pay.. For peace of mind
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April 21, 2013, 03:19:34 PM
 #9

For reference, a ~BTC10 equivalent personal loan from my bank for 12 months would be charged at 29.9% APR, and bear in mind they know where I live, how much I earn and (more importantly for them) they have the legal resources to chase up their repayments.

10% less for a more risky venture doesn't sound very appealing.

I see that my original post has been a bit confusing.. I hope my later post makes more sense as far as interest ate and additional charges fr it bein a BTC loan..

As for security measures, all my information will be given, along with any creative way to maintain security even after loan cycle.. in other words loop hole to the fact a regular bank loan would have legal resources to chase up their repaymets.. a loop hole in which I would provide collateral means to provide resources for investor to chase up investment IF I were not able to pay.. For peace of mind


Just give your bank a call, they love to throw Credit Cards at people. It's how they make money, they rely on people to default on payments and rack up payments but if your positive about it being successful then you shouldn't have any problems paying it back. You have to treat a lender as if they are a bank lending to you anyway so you should have a problem with a Credit Card.

If Bitcoin ever became widely used, we can all say we was in it from the start.
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April 21, 2013, 03:20:13 PM
 #10

For reference, a ~BTC10 equivalent personal loan from my bank for 12 months would be charged at 29.9% APR, and bear in mind they know where I live, how much I earn and (more importantly for them) they have the legal resources to chase up their repayments.

10% less for a more risky venture doesn't sound very appealing.

I see that my original post has been a bit confusing.. I hope my later post makes more sense as far as interest ate and additional charges fr it bein a BTC loan..

As for security measures, all my information will be given, along with any creative way to maintain security even after loan cycle.. in other words loop hole to the fact a regular bank loan would have legal resources to chase up their repaymets.. a loop hole in which I would provide collateral means to provide resources for investor to chase up investment IF I were not able to pay.. For peace of mind
If you have tangible collateral like ASICMiner shares /Liberty reserve funds to back your loan up, most would be interested. For the record, I am willing to lend up to 500BTC for the time being in exchange for 120% of equivalent ASICMiner shares. (and have given around 100BTC worth so far)

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
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SkippyLongBottom
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April 21, 2013, 03:20:32 PM
 #11

Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

This would be where I would need to get creative to figure out some type of collateral / third party / something to give investor peace of mind.

for deadweasel.. I see how you say nothing could be less profitable but this is why I offer the lump sum and current rate garunteed minumum repay
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April 21, 2013, 03:22:24 PM
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Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

This would be where I would need to get creative to figure out some type of collateral / third party / something to give investor peace of mind.

for deadweasel.. I see how you say nothing could be less profitable but this is why I offer the lump sum and current rate garunteed minumum repay
How does the 'garunteed' part come in? I've a small 3.5BTC loan with a quite trusted member here (with OTC rep, ID, FB and stuff) that he has delayed repaying for almost 1 month now. I'm quite disillusioned by collateral-less loaning now.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

SkippyLongBottom
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April 21, 2013, 03:28:04 PM
 #13

Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

This would be where I would need to get creative to figure out some type of collateral / third party / something to give investor peace of mind.

for deadweasel.. I see how you say nothing could be less profitable but this is why I offer the lump sum and current rate garunteed minumum repay
How does the 'garunteed' part come in? I've a small 3.5BTC loan with a quite trusted member here (with OTC rep, ID, FB and stuff) that he has delayed repaying for almost 1 month now. I'm quite disillusioned by collateral-less loaning now.



The 'garuntee' I refer to is payback at current rate of BTC price.. so if BTC price goes down I pay to current rate but if BTC goes up I ay to that BTC rate.. as for collateral.. how much ASICMiner share etc for 10btc... also I would over increase interest/ late charge if I were late on any months payment
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April 21, 2013, 03:34:24 PM
 #14

Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

This would be where I would need to get creative to figure out some type of collateral / third party / something to give investor peace of mind.

for deadweasel.. I see how you say nothing could be less profitable but this is why I offer the lump sum and current rate garunteed minumum repay
How does the 'garunteed' part come in? I've a small 3.5BTC loan with a quite trusted member here (with OTC rep, ID, FB and stuff) that he has delayed repaying for almost 1 month now. I'm quite disillusioned by collateral-less loaning now.



The 'garuntee' I refer to is payback at current rate of BTC price.. so if BTC price goes down I pay to current rate but if BTC goes up I ay to that BTC rate.. as for collateral.. how much ASICMiner share etc for 10btc... also I would over increase interest/ late charge if I were late on any months payment

That's worthless. Most people I know will lend BTC for BTC (if BTC goes up/down the same amount of BTC is repaid) if it was backed by something. An example share collateral I would do is: 100 ASICMiner shares are transferred to me, and I transfer around 90BTC to you. I reserve the means of liquidating the shares if the mean share/BTC falls to around 0.95 each unless the difference is repaid to me within 24hours. If you default I possess the shares. It's that easy - most legit lenders agree to such arrangements. If the lender does not have an equivalent collateral he probably shouldn't be getting a loan anyway as he most probably won't have the means to repay it.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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April 21, 2013, 03:35:29 PM
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Try to listing at the btcjam.com, hope you will find someone who interesting for the invesment.
Good luck ...  Wink


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April 21, 2013, 03:38:23 PM
 #16

Try to listing at the btcjam.com, hope you will find someone who interesting for the invesment.
Good luck ...  Wink



By the way, I absolutely do not recommend investing on BTCJam unless you're experienced and willing to soak up the losses. I've never loaned on there before, but based on multiple reviews many 'loaning' offers there turn out to be scams.

My BTC Tip Jar: 1Pgvfy19uwtYe5o9dg3zZsAjgCPt3XZqz9 , GPG ID: B3AAEEB0 ,OTC ID: johnthedong
Escrow service is available on a case by case basis! (PM Me to verify I'm the escrow!)

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April 21, 2013, 03:42:28 PM
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Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

This would be where I would need to get creative to figure out some type of collateral / third party / something to give investor peace of mind.

for deadweasel.. I see how you say nothing could be less profitable but this is why I offer the lump sum and current rate garunteed minumum repay
How does the 'garunteed' part come in? I've a small 3.5BTC loan with a quite trusted member here (with OTC rep, ID, FB and stuff) that he has delayed repaying for almost 1 month now. I'm quite disillusioned by collateral-less loaning now.



The 'garuntee' I refer to is payback at current rate of BTC price.. so if BTC price goes down I pay to current rate but if BTC goes up I ay to that BTC rate.. as for collateral.. how much ASICMiner share etc for 10btc... also I would over increase interest/ late charge if I were late on any months payment

That's worthless. Most people I know will lend BTC for BTC (if BTC goes up/down the same amount of BTC is repaid) if it was backed by something. An example share collateral I would do is: 100 ASICMiner shares are transferred to me, and I transfer around 90BTC to you. I reserve the means of liquidating the shares if the mean share/BTC falls to around 0.95 each unless the difference is repaid to me within 24hours. If you default I possess the shares. It's that easy - most legit lenders agree to such arrangements. If the lender does not have an equivalent collateral he probably shouldn't be getting a loan anyway as he most probably won't have the means to repay it.

I see what you mean, but the loan I need is only 10BTC , so are there any other suggestions of collateral? I mean, I would be willing to figure out even some means to tie my Bank Account number + Routing to something for lenders peace of mind, knowing that if it is not repayed by end of payment cycle they have means for direct pulling.. now I would need a trusted lender for that and ifpullling starts appening early or of a greater amount then specified I would take legal action but otherwise with trusted lender account could be set up to directly pull fund if not payed by payment cycle.. and then after full repay removing direct deposit
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April 21, 2013, 03:46:28 PM
 #18

Well I meant 19% a month.. but I do understand how unlikely it is I will recieve a loan.. It is just that CC/Bank loans will take too long for me to recieve and are tough for me to get, I have no credit card open for cash advance and loan will take too long. I would need within the next few days and since I am now very into the BTC economy I figured it my best option. I have even opened an account on BTCjam however I am a brand new user so it is unlikely I will get funding off the bat and if so itd take too long. So I figured those with big BTC must be around on here to invest.. The other benefit I would provide would be a garuntee minumum of the dollar amount of 10 btc at current rate, if rate lowers over the 12 months I will still pay to current rate. However if rate rises I will still pay to 10 btc minumum plus 19% a month.. Which means giving loan now will not take away from investment of holding btc. Another offer would be a 400 dollar lump sum at end of payment cycle or 150 lump sum at beginning and 150 lump sum at end of repayment cycle.. Reason being is due to the fact that this is the btc market not a bank loan or CC.. The expenses over the course of 12 months are no problem for me to pay, I just need an investor with 10 BTC for within the next couple days
How would the investor make you pay up if you just ignore him? It's not like the banks who can destroy your credit ratings or repossess your stuff.

This would be where I would need to get creative to figure out some type of collateral / third party / something to give investor peace of mind.

for deadweasel.. I see how you say nothing could be less profitable but this is why I offer the lump sum and current rate garunteed minumum repay
How does the 'garunteed' part come in? I've a small 3.5BTC loan with a quite trusted member here (with OTC rep, ID, FB and stuff) that he has delayed repaying for almost 1 month now. I'm quite disillusioned by collateral-less loaning now.



The 'garuntee' I refer to is payback at current rate of BTC price.. so if BTC price goes down I pay to current rate but if BTC goes up I ay to that BTC rate.. as for collateral.. how much ASICMiner share etc for 10btc... also I would over increase interest/ late charge if I were late on any months payment

That's worthless. Most people I know will lend BTC for BTC (if BTC goes up/down the same amount of BTC is repaid) if it was backed by something. An example share collateral I would do is: 100 ASICMiner shares are transferred to me, and I transfer around 90BTC to you. I reserve the means of liquidating the shares if the mean share/BTC falls to around 0.95 each unless the difference is repaid to me within 24hours. If you default I possess the shares. It's that easy - most legit lenders agree to such arrangements. If the lender does not have an equivalent collateral he probably shouldn't be getting a loan anyway as he most probably won't have the means to repay it.

I see what you mean, but the loan I need is only 10BTC , so are there any other suggestions of collateral? I mean, I would be willing to figure out even some means to tie my Bank Account number + Routing to something for lenders peace of mind, knowing that if it is not repayed by end of payment cycle they have means for direct pulling.. now I would need a trusted lender for that and ifpullling starts appening early or of a greater amount then specified I would take legal action but otherwise with trusted lender account could be set up to directly pull fund if not payed by payment cycle.. and then after full repay removing direct deposit
I can throw you the loan in a jiffy if you can drop me 11 shares of AM through one of the passthroughs. No need worrying that I won't return you the shares after you settle the debt - I hold much more than that daily for my escrow service.

Hmm ... your suggestion would be quite troublesome for this amount, not to mention that the lawyer fees to set this up (I assume) will blow the loan away.

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Joshster
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April 21, 2013, 03:47:39 PM
 #19

What if you fail to keep funds in that account, the payments would bounce and you could just close the account. If I was a lender I wouldn't be happy with that arrangement. You should look into other means to make money and then buy the amount of BTC you need. For example, sell some items you don't need on eBay. The time frame you need the money in also won't happen, the loan you're asking for is a unrealistic amount unless you had collateral. If I was you just understand what you're asking for isn't possible and move on.

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SkippyLongBottom
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April 21, 2013, 04:12:18 PM
 #20

Well, the bank covers money overdrawn, the lender would receive their money and if I couldn't keep funds in the account then I would owe the bank.. I just don't have AM shares right now unfortunately
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