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Author Topic: Question about fees - Lending  (Read 117 times)
journeyman12
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February 03, 2018, 03:09:59 PM
 #1

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?
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February 03, 2018, 07:45:41 PM
 #2

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?


You add the fees to your loan amount, e.g. If they borrow 0.005, and fees are 0.001, then total amount borrowed is 0.006. They will have to cover their own fees when repaying the loan.


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UpsilonTrooper
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February 04, 2018, 06:27:22 AM
 #3

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?


Before sanctioning any loan, the banks will refer the documents submitted by us to legal opinion, cost of agreement papers, and others charges(like local enquiries) shall be bornedby the loners only . Hence they charge processing fees.

Has absolutely NOTHING to do with the topic, you've already been red painted by vod. Stop the spam, it's pointless af and with the merit system in place you can't even rank up

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journeyman12
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February 05, 2018, 04:09:30 PM
 #4

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?


You add the fees to your loan amount, e.g. If they borrow 0.005, and fees are 0.001, then total amount borrowed is 0.006. They will have to cover their own fees when repaying the loan.

Thank you for this clear answer.
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February 05, 2018, 04:13:54 PM
 #5

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?

Aside from the fee's you also have to worry if there's anyone who will trust you with their collateral, unless you will give loans without collateral which adds mo risk in your lending business. If you are serious about it, contact an escrow so that collaterals will be held by a trusted escrow until such time that you earned your trust here. Cheers!

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February 06, 2018, 01:23:25 PM
 #6

The fee will vary up whichever you think is the right amount of charges that is necessarily for the coins your about to loan to the lender not too high and not low but the appropriate amount in the market rate which is similar to the transaction fee of others like lending money to people you lend him 5 then he/she is gonna give you in return 6.

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February 07, 2018, 05:47:46 AM
 #7

Thank you, nydiacaskey01 !
Clear answer. Appreciated.
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February 07, 2018, 06:33:08 AM
 #8

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?

Generally, you just don't do any loans under 0.0025 BTC since it's going to be not worth your time and effort. If you do though, then ask the person to include in their repayment transaction fees as well. Obviously you shouldn't have to cop this fee yourself.

If you're lending microloans out, then potentially you could look at using dogecoins which has a super cheap blockchain fee, and is widely recognized as a liquid altcoin, even though it may be not stable at times.

Alternatively, use offchain transfers via coinbase/xapo to send out the loan. Would not recommend taking these micro-loans in the first place, though.

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February 09, 2018, 04:45:59 AM
 #9

Hi all.

Say I want to provide micro lendings, how exactly does it work with the fees?
In electrum I can choose how much fee I want to pay, but if I put it on low it will take a lot before it confirms, if it ever confirms.
When i put the default fees it can be like half of the borrowed amount.

Who pays the fees in general and how can it be worth it to take/give a micro loan if the fees are so high ?

My transactions with $0.1 fees are confirming pretty quickly.

If the blockchain does become congested again, I'd recommend perhaps conduct your microlending through a website - like nitrogensports or primedice/stake.
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