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senbonzakura
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August 21, 2011, 06:24:31 PM
 #1

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mute20
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August 22, 2011, 03:32:57 AM
 #2

Good move you needed to protect yourself. Like credit there needs to be restrictions or people will take advantage.
pirateat40
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August 22, 2011, 04:04:26 AM
 #3

BTW I love what you are doing for the community and enjoy watching your ability to manage it all.
Quick question how does IBB make money if you offer interest free loans?

I'm sure its been asked and said before, sorry.

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August 22, 2011, 04:12:59 AM
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BTW I love what you are doing for the community and enjoy watching your ability to manage it all.
Quick question how does IBB make money if you offer interest free loans?

I'm sure its been asked and said before, sorry.
Tips. I'm actually suprised how well that's working out. Of course, it isn't offsetting the fraud, unfortunately.

Given that you are the main provider of loans here, and that I'm the main mod who patrols this forum, I think I can sticky this. If additional loan providers appear, I will have to unsticky this post to be fair. PM me (anybody) when you believe that has become the case.

pirateat40
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August 22, 2011, 04:14:44 AM
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+1

pirateat40
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August 22, 2011, 04:23:59 AM
 #6

we try to make money from 3 ways

1.investing in companies listed on glbse or new companies to be listed on glbse.com and get shares of profit

2. provide loans and get gratuity

3. ads on website

so we cannot rely on regular revenue/income from loans gratuity. we hope our main income would be from our joint venture service and ads on website.



Thanks for explaining it.  Keep up the great service. Smiley

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August 22, 2011, 05:38:16 AM
 #7

BTW I love what you are doing for the community and enjoy watching your ability to manage it all.
Quick question how does IBB make money if you offer interest free loans?

I'm sure its been asked and said before, sorry.
Tips. I'm actually suprised how well that's working out. Of course, it isn't offsetting the fraud, unfortunately.

Given that you are the main provider of loans here, and that I'm the main mod who patrols this forum, I think I can sticky this. If additional loan providers appear, I will have to unsticky this post to be fair. PM me (anybody) when you believe that has become the case.

thank you Maged


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August 23, 2011, 05:48:28 AM
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While I do commend you, IBB, for the wonderful service that you provide to so many members of this community, I must express my dissatisfaction with one qualification. I think it is unfair to base your lending decision on age. Not only is the client's age nearly impossible to verify, but it is irrelevant. I request that you rescind all qualifications regarding age. The ageist policy contributes to the bigotry against those under 18. Your other qualifications are all sensible, and can be related to the likelihood that the client will repay their debts. However, your current rules are prejudiced and based on stereotypes that need to be abolished from society. It is unfortunate that your organization is assisting in the spread of these wrong, discriminatory views. Please revise your conditions.

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August 23, 2011, 06:02:11 AM
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There needs to be some cut of line for age. Would you lend money to a 3 yr. old?
It needs to be somewhere.
Cory
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August 23, 2011, 06:09:50 AM
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There needs to be some cut of line for age. You you lend money to a 3 yr. old?
It needs to be somewhere.
I absolutely would if that 3-year-old had more than 200 non-spam posts on this forum, provided verifiable identification, and had performed successful trades with other trustworthy members of the community. Why draw the line at an arbitrary quality like age?

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August 23, 2011, 07:25:43 AM
 #11

Sadly there has been some correlation to age vs. number of defaulted loans.

I think with age comes maturity, there will always be some ahead and behind the curve.

We are all witnessing the ebb and flow of this thread and I think over time certain respectable younger people will become more obvious in the community. Therefore deeming a second look on a case by case basis, if those individuals request.  I cannont speak for Senbonzakura. but I would encourage this thought process with him.
I'm glad to hear that you may be willing to make exceptions. Unfortunately, that does not change the fact that it is unfair to restrict all persons in a immutable group based on the actions of others in that group. There should be no extra hoops to jump through. A person cannot choose their age; it is not a good measure of their reliability.

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August 23, 2011, 06:36:49 PM
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Does IBB have a web address?
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August 23, 2011, 07:28:26 PM
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Not to kill you with questions but what are Islamic compatible methods of debt collection ? Can you assign/sell debts for collection?

This might help mitigate losses.

1. Sell the debt to someone local to the defaulting party (at a discount of course)
2. Assignnee sues in small claims for specific performance in name of original party.

This is called an assignment of a chose in action and might be a remedy for against scammers.

Cory
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August 23, 2011, 08:07:48 PM
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I already gave loans to young people under 16. One couldnt pay back a loan because his friend hacked his computer and took out the btc and later argued and was reluctant to pay back. In the end his father had to help him out and buy btc from mtgox to pay back the loan.

I did say somewhere that honest trustworthy people with say only 50 posts or 100 posts will not be able to get loans(sadly) due to(scammers) these conditions above. But previous customers are ok and dont have to follow these conditions.

Trust me i want to give loans to a 16 year old or even a 13 year old. The problem is sometimes they may not have the means to pay back, on this forum there are many scammers who are 12 and 13 -16 years old.

If you are a young person and still want a loan (for emergencies or something), you can pm me all your info telephone/name/address/id's and I could probably loan 1 or 2 btc.

Over 18 is to scare away the scammers , that said i am willing to lower it to 16, i shall do now.
I appreciate your response, and I'm overjoyed that you decided to lower the age limit. Now fewer people are going to be discriminated against. Smiley It is unfortunate that you have experienced a greater default rate among those under 18. However, I am unconvinced that age can be used to effectively determine how likely a client is to default when compared to something like number of posts or successful trades with other members. It is unnecessary to restrict loans to those over a certain age, especially when there are plenty of more effective methods available and you are putting in the time to gauge the morality of the individual anyway.


It may be unfair, yes. But many many business's in this genre have these similar rules in effect.

I find it unfair that I pay more in car insurance being a male. This is based on the actions if others in my group.
The first thing that came to my mind when I read the conditions in the first post was car insurance, too! Yes, it is definitely unfair that males pay more in car insurance than females, just like it is unfair that younger drivers pay more than older drivers. I'm glad that you can see the injustice. Why propagate the wrongdoing in your business?

teflone
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August 23, 2011, 10:46:37 PM
 #15

I already gave loans to young people under 16. One couldnt pay back a loan because his friend hacked his computer and took out the btc and later argued and was reluctant to pay back. In the end his father had to help him out and buy btc from mtgox to pay back the loan.

I did say somewhere that honest trustworthy people with say only 50 posts or 100 posts will not be able to get loans(sadly) due to(scammers) these conditions above. But previous customers are ok and dont have to follow these conditions.

Trust me i want to give loans to a 16 year old or even a 13 year old. The problem is sometimes they may not have the means to pay back, on this forum there are many scammers who are 12 and 13 -16 years old.

If you are a young person and still want a loan (for emergencies or something), you can pm me all your info telephone/name/address/id's and I could probably loan 1 or 2 btc.

Over 18 is to scare away the scammers , that said i am willing to lower it to 16, i shall do now.
I appreciate your response, and I'm overjoyed that you decided to lower the age limit. Now fewer people are going to be discriminated against. Smiley It is unfortunate that you have experienced a greater default rate among those under 18. However, I am unconvinced that age can be used to effectively determine how likely a client is to default when compared to something like number of posts or successful trades with other members. It is unnecessary to restrict loans to those over a certain age, especially when there are plenty of more effective methods available and you are putting in the time to gauge the morality of the individual anyway.


It may be unfair, yes. But many many business's in this genre have these similar rules in effect.

I find it unfair that I pay more in car insurance being a male. This is based on the actions if others in my group.
The first thing that came to my mind when I read the conditions in the first post was car insurance, too! Yes, it is definitely unfair that males pay more in car insurance than females, just like it is unfair that younger drivers pay more than older drivers. I'm glad that you can see the injustice. Why propagate the wrongdoing in your business?

Its just numbers.. it might not seem fair for companies to do that, but if they didnt, Im sure these companies would have even more ridiculous costs associated with them..

I think Senbonzakura is a pretty understanding person, and will remain flexible.

But the majority of the rules are for newcomers..

And like many things, Trust is earned, there must be some basic requirements for Senbonzakura to protect the FREE service offered here..

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Cory
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August 23, 2011, 11:05:17 PM
 #16

I already gave loans to young people under 16. One couldnt pay back a loan because his friend hacked his computer and took out the btc and later argued and was reluctant to pay back. In the end his father had to help him out and buy btc from mtgox to pay back the loan.

I did say somewhere that honest trustworthy people with say only 50 posts or 100 posts will not be able to get loans(sadly) due to(scammers) these conditions above. But previous customers are ok and dont have to follow these conditions.

Trust me i want to give loans to a 16 year old or even a 13 year old. The problem is sometimes they may not have the means to pay back, on this forum there are many scammers who are 12 and 13 -16 years old.

If you are a young person and still want a loan (for emergencies or something), you can pm me all your info telephone/name/address/id's and I could probably loan 1 or 2 btc.

Over 18 is to scare away the scammers , that said i am willing to lower it to 16, i shall do now.
I appreciate your response, and I'm overjoyed that you decided to lower the age limit. Now fewer people are going to be discriminated against. Smiley It is unfortunate that you have experienced a greater default rate among those under 18. However, I am unconvinced that age can be used to effectively determine how likely a client is to default when compared to something like number of posts or successful trades with other members. It is unnecessary to restrict loans to those over a certain age, especially when there are plenty of more effective methods available and you are putting in the time to gauge the morality of the individual anyway.


It may be unfair, yes. But many many business's in this genre have these similar rules in effect.

I find it unfair that I pay more in car insurance being a male. This is based on the actions if others in my group.
The first thing that came to my mind when I read the conditions in the first post was car insurance, too! Yes, it is definitely unfair that males pay more in car insurance than females, just like it is unfair that younger drivers pay more than older drivers. I'm glad that you can see the injustice. Why propagate the wrongdoing in your business?

Its just numbers.. it might not seem fair for companies to do that, but if they didnt, Im sure these companies would have even more ridiculous costs associated with them..

I think Senbonzakura is a pretty understanding person, and will remain flexible.

But the majority of the rules are for newcomers..

And like many things, Trust is earned, there must be some basic requirements for Senbonzakura to protect the FREE service offered here..
Right. I agree with what you said.
As I mentioned, there will always be a more direct route to take than age. Worried about newbies? Require that the borrower has been a member here for a while. Concerned about trust? Make sure that the borrower has made several successful trades with other respected members of the community.

teflone
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August 23, 2011, 11:56:49 PM
 #17

I already gave loans to young people under 16. One couldnt pay back a loan because his friend hacked his computer and took out the btc and later argued and was reluctant to pay back. In the end his father had to help him out and buy btc from mtgox to pay back the loan.

I did say somewhere that honest trustworthy people with say only 50 posts or 100 posts will not be able to get loans(sadly) due to(scammers) these conditions above. But previous customers are ok and dont have to follow these conditions.

Trust me i want to give loans to a 16 year old or even a 13 year old. The problem is sometimes they may not have the means to pay back, on this forum there are many scammers who are 12 and 13 -16 years old.

If you are a young person and still want a loan (for emergencies or something), you can pm me all your info telephone/name/address/id's and I could probably loan 1 or 2 btc.

Over 18 is to scare away the scammers , that said i am willing to lower it to 16, i shall do now.
I appreciate your response, and I'm overjoyed that you decided to lower the age limit. Now fewer people are going to be discriminated against. Smiley It is unfortunate that you have experienced a greater default rate among those under 18. However, I am unconvinced that age can be used to effectively determine how likely a client is to default when compared to something like number of posts or successful trades with other members. It is unnecessary to restrict loans to those over a certain age, especially when there are plenty of more effective methods available and you are putting in the time to gauge the morality of the individual anyway.


It may be unfair, yes. But many many business's in this genre have these similar rules in effect.

I find it unfair that I pay more in car insurance being a male. This is based on the actions if others in my group.
The first thing that came to my mind when I read the conditions in the first post was car insurance, too! Yes, it is definitely unfair that males pay more in car insurance than females, just like it is unfair that younger drivers pay more than older drivers. I'm glad that you can see the injustice. Why propagate the wrongdoing in your business?

Its just numbers.. it might not seem fair for companies to do that, but if they didnt, Im sure these companies would have even more ridiculous costs associated with them..

I think Senbonzakura is a pretty understanding person, and will remain flexible.

But the majority of the rules are for newcomers..

And like many things, Trust is earned, there must be some basic requirements for Senbonzakura to protect the FREE service offered here..
Right. I agree with what you said.
As I mentioned, there will always be a more direct route to take than age. Worried about newbies? Require that the borrower has been a member here for a while. Concerned about trust? Make sure that the borrower has made several successful trades with other respected members of the community.

Precisely! Smiley

Thats earning trust....  Baby steps..

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August 24, 2011, 12:15:00 AM
 #18

Just curious, does Islam say anything about denying loans to people based on any of those criteria?

(I dont always get new reply notifications, pls send a pm when you think it has happened)

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Cory
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August 24, 2011, 09:50:55 AM
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I'd love to see the age limit removed.  Wink
The other conditions are sufficient.

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August 24, 2011, 08:45:38 PM
 #20


I think 16 is about right, at that age you should be mature enough to understand the resposability of asking for money from a stranger..
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