5 BTC loan - 30+ days

[drewster]

Hello,

Looking for small loan for about a month.
Details are all on Btcjam here:

https://btcjam.com/listings/9282

Thanks in advance!

[Tomatocage]

I can supply this loan for 210 LTC collateral. PM me for deposit address.

Nevermind. It's fairly clear what you're trying to do here.

[Vod]

Hello,

Looking for small loan for about a month.
Details are all on Btcjam here:

https://btcjam.com/listings/9282

Thanks in advance!

Is this you?

Andrew Benson
Guardian Financial, Inc.
Maple Grove,  Minnesota  55369
gfihomeloans.com/
info@gfihomeloans.com
phone: (763) 400-7500

[Vod]

You are not listed on their staff page:
http://gfihomeloans.com/staff.php

I will contact them to make sure they are guaranteeing these loans, as you state in BTCJam.

[drewster]

Hello,

Looking for small loan for about a month.
Details are all on Btcjam here:

https://btcjam.com/listings/9282

Thanks in advance!

Is this you?

Andrew Benson
Guardian Financial, Inc.
Maple Grove,  Minnesota  55369
gfihomeloans.com/
info@gfihomeloans.com
phone: (763) 400-7500

Yep that's me.

[drewster]

You are not listed on their staff page:
http://gfihomeloans.com/staff.php

I will contact them to make sure they are guaranteeing these loans, as you state in BTCJam.

The company is not guaranteeing my loans, my income FROM the company is why they will get paid even if things go to crap.

I will post that on jam in a sec.

[Vod]

Email sent. 

Hello Lior,

I am writing to you about one of your employees, Andrew Benson.  He has come into my community and has taken out several loans worth $10,000.

He is claiming that Guardian Financial is guaranteeing these loans.

We are concerned about this, since he is showing a pattern of a scammer.  He took out several small "reputation" loans for amounts of $200 and promptly paid those back.  Now suddenly he took out a loan for $2,000 and another loan for $2,500.  These have NOT been paid back yet and he is now asking for a loan of $5,000.

Can you please reply and let us know if these loans are guaranteed by your company as he states?  Will you cover the losses should he decide not to pay back?

Thank you

[drewster]

I can supply this loan for 210 LTC collateral. PM me for deposit address.

Nevermind. It's fairly clear what you're trying to do here.

Yes obviously you would be taking an incredible risk with having more than 100% collateral in LTC.   

[Lucky Cris]

This should go down in history!    Or at least be made a sticky for all potential scammers to see.

[drewster]

This should go down in history!    Or at least be made a sticky for all potential scammers to see.

Well it should also probably be an example for people accusing others of scamming with no basis other than a hunch.

Vod I see you contacted my company and I also heard that they have replied to you. Perhaps you could post that reply here as well for all to see.

On a hunch you badmouthed me both here and on the other site, and put this "trust -11" whammy on my profile here, and I have not harmed anyone. 

Thanks,
Andrew

[Vod]

Well it should also probably be an example for people accusing others of scamming with no basis other than a hunch.

Hardly a hunch.

Anyone can look at your BTCJam history and see you took out a number of small loans and promptly repaid them to build reputation.  Then you took a $2,000 loan, then a $2,500 loan.  You haven't repaid those, and now you're asking for another $5,000 loan.  (you've cancelled that $5,000 loan and now asked for a $3,000 one instead)

Obvious is obvious, but we will know for sure when your 20% loans come due in a week.   

https://btcjam.com/users/9705

[drewster]

Well it should also probably be an example for people accusing others of scamming with no basis other than a hunch.

Hardly a hunch.

Anyone can look at your BTCJam history and see you took out a number of small loans and promptly repaid them to build reputation.  Then you took a $2,000 loan, then a $2,500 loan.  You haven't repaid those, and now you're asking for another $5,000 loan.  (you've cancelled that $5,000 loan and now asked for a $3,000 one instead)

Obvious is obvious, but we will know for sure when your 20% loans come due in a week.   

https://btcjam.com/users/9705

Yep I know anyone can see the history. And yes I also know that I took smaller rep loans initially. The thing is, both scammers and non-scammers alike have very similar profiles initially, with taking small rep loans at first. There's no way around it... nobody gets any loans if they don't start that way.

I didn't cancel the 5 BTC loan it expired, unfunded, most likely due to your assistance. As I had posted in that loan request, the main point of bit was to refinance two other ones, rolling it forward.

You mention that i have another $3000 loan that is requesting funding , unless I am misunderstanding your meaning, but that is not the case at least not yet.

[Lucky Cris]

This should go down in history!    Or at least be made a sticky for all potential scammers to see.

Well it should also probably be an example for people accusing others of scamming with no basis other than a hunch.

Absolutely, the table turns both ways. No, no evidence... but this is a good example of what could happen to potential scammers. Maybe it will make them think twice. Look at it as your post as the chosen one; but in a good way.

Vod I see you contacted my company and I also heard that they have replied to you. Perhaps you could post that reply here as well for all to see.

Vod, he does have a point. And please do post the response so we can all see.   Now my soapbox: While I think actions like this will deter potential scammers, I think this was done prematurely. This community have to be on the lookout for scammers, we shouldn't assume that everyone is a scammer because he simply "fit the patter of being a scammer." Technically he hasn't scammed anyone yet, hopefully we'll know for sure next week like you said. But next week isn't today. And what if this turned out to be a legit request and this email cost the OP his job? Now we're risking people's livelihood with no solid evidence. This was a rather aggressive/effective tactic, but it could've been presented with a little less accusation. I really love your passion Vod!  (Hope you're a dude or I take that emoticon back!)  

On a hunch you badmouthed me both here and on the other site, and put this "trust -11" whammy on my profile here, and I have not harmed anyone.  

Personally, I don't trust the 'trust' system because there are more red flags for 'fitting' a profile rather than actually meeting it. But to each his own.

[Tomatocage]

drewster, you're new here, so you probably didn't know. The strategy that you're employing (taking out multiple small loans, then going in for the big kill to "consolidate") is a text-book scam tactic that we'e seen over and over, ad nauseum. Whether your request is legit or not is largely irrelevant -- it's highly unlikely that you'll find anybody who is crazy enough to loan you that kind of money.

[drewster]

This should go down in history!    Or at least be made a sticky for all potential scammers to see.

Well it should also probably be an example for people accusing others of scamming with no basis other than a hunch.

Absolutely, the table turns both ways. No, no evidence... but this is a good example of what could happen to potential scammers. Maybe it will make them think twice. Look at it as your post as the chosen one; but in a good way.

Vod I see you contacted my company and I also heard that they have replied to you. Perhaps you could post that reply here as well for all to see.

Vod, he does have a point. And please do post the response so we can all see.   Now my soapbox: While I think actions like this will deter potential scammers, I think this was done prematurely. This community have to be on the lookout for scammers, we shouldn't assume that everyone is a scammer because he simply "fit the patter of being a scammer." Technically he hasn't scammed anyone yet, hopefully we'll know for sure next week like you said. But next week isn't today. And what if this turned out to be a legit request and this email cost the OP his job? Now we're risking people's livelihood with no solid evidence. This was a rather aggressive/effective tactic, but it could've been presented with a little less accusation. I really love your passion Vod!  (Hope you're a dude or I take that emoticon back!)  

On a hunch you badmouthed me both here and on the other site, and put this "trust -11" whammy on my profile here, and I have not harmed anyone.  

Personally, I don't trust the 'trust' system because there are more red flags for 'fitting' a profile rather than actually meeting it. But to each his own.

Honestly I don't know how you're supposed to tell who's going to pay and who is going to scam. I did some tiny investments on there too (lending to others), and it's really hard to "guess". A couple that I thought for sure would screw everyone paid up decent amounts on time, and a couple that looked solid walked away without another word.  

I know most here won't lend anything without full collateral. Tomatocage, I gave u a hard time about it, but I don't know a better way.. not really. My day job is the business of lending, and we verify the crap out of everything about everyone, and still once in awhile get screwed -- occasionally out of fraud, but more often out of circumstances -- somebody loses a job, for example.

[Vod]

My day job is the business of lending

Which raises a giant red flag. If you actually are a professional lender, why are you paying out 15%-20% on these one week loans?

A professional would go purchase the coins himself and save 20%.  But you keep paying out 20% over and over again.  

I can see a legit user needing one loan, maybe two if they handle their money poorly.  But a professional lender who keeps borrowing over and over and paying interest? 

[drewster]

My day job is the business of lending

Which raises a giant red flag. If you actually are a professional lender, why are you paying out 15%-20% on these one week loans?

A professional would go purchase the coins himself and save 20%.  But you keep paying out 20% over and over again.  

I can see a legit user needing one loan, maybe two if they handle their money poorly.  But a professional lender who keeps borrowing over and over and paying interest? 

I'm trying to figure out if there's an opportunity there, and if it's scalable at all. Specifically, if it's possible to borrower longer term and lend out short. This market is exactly backwards from the standard lending markets.   In most lending markets -- treasuries, mortgages, auto loans, corporate bonds, shorter terms have lower interest rates than longer terms do. That's how banks make most of their money -- borrow short and lend long.

But on this Btcjam it does not seem to be like that -- the longer term loans -- not the loan REQUESTS, but the ones that are actually funded -- tend to have cheaper rates than the shorter ones. I think the reason for this is that only those who have established a solid repayment history are the only ones that ever get funded on the longer terms, regardless of what the rate is. 

So for example it seems common to be able to borrow at 15% for a month (astronomically high by any normal standards) but then lend several times at 10-15% or higher in a week. This is even more exaggerated because many borrowers will do stupid little loans at high rates and then repay them immediately to build rep -- so many times a 7-day loan will be repaid in a day but with full interest. From that point of view there is appears to be a profit opportunity, but the question is if the defaults can be made low enough to have it net positive. And if all that works out, can it be scaled up enough to be worthwhile of the time spent.

[Vod]

We'll see in 7 days, when all three of your loans are due, and you'll pay over 1btc in interest alone.

If you manage to pay these off, without resorting to taking out new loans (that is a ponzi), then I will be happy to remove the negative trust I have given you.  

[drewster]

We'll see in 7 days, when all three of your loans are due, and you'll pay over 1btc in interest alone.

If you manage to pay these off, without resorting to taking out new loans (that is a ponzi), then I will be happy to remove the negative trust I have given you.  

Only one of my loans is due next week, and two of them are currently costing me nearly nothing in terms of Btc as they were pegged to usd when bitcoin price was lower.

I do intend to repost my consolidation loan request in some form or another, and it would really appreciate it if you would not interfere. It is not ponzi, it is refinance.

Good night

[Lucky Cris]

We'll see in 7 days, when all three of your loans are due, and you'll pay over 1btc in interest alone.

If you manage to pay these off, without resorting to taking out new loans (that is a ponzi), then I will be happy to remove the negative trust I have given you.  

Well the red flag will definitely prevent him from taking out a new loan, wouldn't it. I'm not sure if you're trying to help or hurt the situation.

Also, have I made your ignore list somehow?