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Author Topic: newbie question regarding loan  (Read 108 times)
danielgold20
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April 29, 2018, 10:22:28 AM
 #1

Hello!

I wanted to know if a person here take a loan for example of 0.1 BTC the worth 1000$ ( for example )

and people are giving him X money/BTC for his loan
when he will need to return the loan is he return th X amount of money that he take for a loan or X amount of BTC

I am asking because if for example I toke an loan of 0.1 BTC that worth 1000USD and I said i will repay next month and the next month 0.1 BTC worth 1500 USD
so how much i need to return still the 0.1 BTC or 1000 USD?

Thank for the help !
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Sellingaccs
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April 29, 2018, 10:28:55 AM
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You've already gotten tagged for looking for help to commit a crime, so you will not get a loan of a any kind without  collateral.

So if you want a "personal loan worth of 1BTC, you need a collateral worth of atleast 1.2BTC

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April 29, 2018, 10:29:44 AM
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 #3

Hello!

I wanted to know if a person here take a loan for example of 0.1 BTC the worth 1000$ ( for example )

and people are giving him X money/BTC for his loan
when he will need to return the loan is he return th X amount of money that he take for a loan or X amount of BTC

I am asking because if for example I toke an loan of 0.1 BTC that worth 1000USD and I said i will repay next month and the next month 0.1 BTC worth 1500 USD
so how much i need to return still the 0.1 BTC or 1000 USD?

Thank for the help !


if loan not tied to fiat by agreement, you should repay 0.1BTC +interest, no matter what the BTC price is at that time.
danielgold20
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April 29, 2018, 10:37:36 AM
 #4

Hello!

I wanted to know if a person here take a loan for example of 0.1 BTC the worth 1000$ ( for example )

and people are giving him X money/BTC for his loan
when he will need to return the loan is he return th X amount of money that he take for a loan or X amount of BTC

I am asking because if for example I toke an loan of 0.1 BTC that worth 1000USD and I said i will repay next month and the next month 0.1 BTC worth 1500 USD
so how much i need to return still the 0.1 BTC or 1000 USD?

Thank for the help !


if loan not tied to fiat by agreement, you should repay 0.1BTC +interest, no matter what the BTC price is at that time.

and how does the interest agreed? each person that want to take the loan says how much he will pay ?
or the person that give the loan saying how much does he want?
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April 29, 2018, 11:16:21 AM
 #5

Hello!

I wanted to know if a person here take a loan for example of 0.1 BTC the worth 1000$ ( for example )

and people are giving him X money/BTC for his loan
when he will need to return the loan is he return th X amount of money that he take for a loan or X amount of BTC

I am asking because if for example I toke an loan of 0.1 BTC that worth 1000USD and I said i will repay next month and the next month 0.1 BTC worth 1500 USD
so how much i need to return still the 0.1 BTC or 1000 USD?

Thank for the help !


if loan not tied to fiat by agreement, you should repay 0.1BTC +interest, no matter what the BTC price is at that time.

and how does the interest agreed? each person that want to take the loan says how much he will pay ?
or the person that give the loan saying how much does he want?


Most lender has fixed rates, but some agree negotiate, or another way, when borrower post request (starting new topic) with own rules and terms, and waiting until someone meet this.
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April 29, 2018, 07:11:31 PM
 #6

I am asking because if for example I toke an loan of 0.1 BTC that worth 1000USD and I said i will repay next month and the next month 0.1 BTC worth 1500 USD
so how much i need to return still the 0.1 BTC or 1000 USD?

If you take out the loan in BTC, you need to return the same amount of BTC.

A famous account called dank once got burned by this.  He was taking out small loans and repaying them, but the last time he tried the price skyrocketed and he couldn't pay back.


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April 30, 2018, 01:00:27 AM
 #7

You would only repay the amount in USD rather than BTC if that is what you and the lender specifically agreed on before the loan took place. However, a big point of lending BTC is that you get that amount back even if the price goes up - you don't have to sell it and buy it back at who-knows-what price.

Although I did get burned once after giving a 1 BTC loan when the price was $200, when by the repayment date (which was not very far in the future) the price reached $1000+. The borrower could not pay it back in full and defaulted on the rest - but it would have been much worse for me if I had gone by USD value and ended up with less than 0.2 BTC.
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