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Author Topic: USD loan in BTC $500-$3000 12% annual rate  (Read 2366 times)
Littleshop
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September 30, 2011, 09:57:15 PM
 #1

Something different.  I have a credit card loan that I am paying off and would be interested if it can be done through the bitcoin community.

I would take the loan and pay down the credit card. Each month I would pay 1/10 of the USD principle plus 1% interest payable in BTC at the rate at the time the payment is due.

Not sure if the community is ready for this yet, but if it was, all of the interest that is going to the bank would stay in the community and I would have a better rate.


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edd
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September 30, 2011, 10:47:39 PM
 #2

Are you asking for $500 or $3000 or just anything in between?

Still around.
Littleshop
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September 30, 2011, 10:49:34 PM
 #3

Anything in between.  Up to $3000 if multiple people.

fivebells
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October 01, 2011, 01:39:39 AM
 #4

You're seriously only paying 6% on credit card debt?
Littleshop
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October 01, 2011, 02:40:10 AM
 #5

No, I am paying more.  I will need to encure fees though to do the transaction such as possibly buying coins pay back loan.

fivebells
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October 01, 2011, 11:33:00 AM
 #6

What's the benefit of this arrangement?  Getting more bitcoins in circulation?
Littleshop
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October 01, 2011, 02:43:42 PM
 #7

What's the benefit of this arrangement?  Getting more bitcoins in circulation?

Me saving money.  My interest going into the community instead of to a big bank.

Littleshop
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October 17, 2011, 09:46:13 PM
 #8

Boy I hate giving this money to Bank of America.  Sad

MaxSan
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October 17, 2011, 10:00:58 PM
 #9

id be happy to do it regularly when a bit mroe flush but the issue again is what kinda security do people have =/ can we gte your addres and security on your mining quipment or something? xD

Again, cant do right now, maybe in a years time id be up for this in return for miners as security hehe
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October 17, 2011, 10:16:26 PM
 #10

Boy I hate giving this money to Bank of America.  Sad

Half a point ain't much to offer someone for tying their money up for almost a year. It's barely above a national bank free savings account. That coupled with the risk and well...

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bitleaker
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October 17, 2011, 10:21:12 PM
 #11

Boy I hate giving this money to Bank of America.  Sad
Then why did you borrow it from them in the first place?

Considering the risks involved, I'll loan you the money but my rate won't be +0.5%. I'll consider +10%.
Littleshop
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October 18, 2011, 12:27:02 AM
 #12

Boy I hate giving this money to Bank of America.  Sad
Then why did you borrow it from them in the first place?

Considering the risks involved, I'll loan you the money but my rate won't be +0.5%. I'll consider +10%.

They were giving lines of credit when others were not!

The rate is .5% a month.  Why would I pay loan shark rates when I already have the loan?  I want to pay off the loan and pay less, not more!

fivebells
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October 18, 2011, 10:58:38 AM
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id be happy to do it regularly when a bit mroe flush but the issue again is what kinda security do people have =/ can we gte your addres and security on your mining quipment or something? xD
  Yeah, there is no way I would do this without a fairly invasive financial audit and collateral which I could confidently sell for a substantial fraction of the loan amount.  I don't have BoA's collection capabilities and we are headed into hard times which will make default very tempting for a lot of people.  (Not saying I have any specific reason to suspect the OP is a substantial default risk, just that I am inexperienced and see this as a dangerous time to be a creditor.)
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October 18, 2011, 02:22:24 PM
 #14

Boy I hate giving this money to Bank of America.  Sad

Half a point ain't much to offer someone for tying their money up for almost a year. It's barely above a national bank free savings account. That coupled with the risk and well...

6% a year is many times the national savings bank rate. 

RandyFolds
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October 18, 2011, 06:12:25 PM
 #15

Boy I hate giving this money to Bank of America.  Sad

Half a point ain't much to offer someone for tying their money up for almost a year. It's barely above a national bank free savings account. That coupled with the risk and well...

6% a year is many times the national savings bank rate. 

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Littleshop
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October 18, 2011, 06:28:47 PM
 #16

Boy I hate giving this money to Bank of America.  Sad

Half a point ain't much to offer someone for tying their money up for almost a year. It's barely above a national bank free savings account. That coupled with the risk and well...

6% a year is many times the national savings bank rate. 

I am not sure what you are saying.  You are quoting half a point then saying a year.  It is half a point a month. 

RandyFolds
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October 18, 2011, 06:32:44 PM
 #17

Boy I hate giving this money to Bank of America.  Sad

Half a point ain't much to offer someone for tying their money up for almost a year. It's barely above a national bank free savings account. That coupled with the risk and well...

6% a year is many times the national savings bank rate. 

I am not sure what you are saying.  You are quoting half a point then saying a year.  It is half a point a month. 

Aha...poor reading comprehension...that's me.

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SgtSpike
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October 18, 2011, 06:44:03 PM
 #18

If you don't have success, try a prosper loan.  It's pretty easy to get a loan funded there, especially for debt consolidation.  I got a loan for $5k to buy a car that I wanted to fix and resell, got 11.5% interest rate (which wasn't too great, but was far better than my interest rates on the scammy credit cards I had), and it really worked well.  The loan was fully funded by peers in just 24 hours, and I had the money in the bank in 7 days.

They offer down to 6.5% interest now (I think the minimum was 9.5% or so when I got my loan), so the service is definitely maturing and getting stronger.  If you have good credit, you should be able to get close to that rate.  And the interest goes mostly to peer investors, not banks.

EDIT:  This wasn't the purpose of my post, but I just looked to see if they had a referral program, and they do.  So if you DO want to go the prosper route, let me know so I can get you a referral link.  It's $100 bonus for referring people, and I'd be willing to give you half of it if/when you sign up.
Littleshop
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October 18, 2011, 07:14:01 PM
 #19

If you don't have success, try a prosper loan.  It's pretty easy to get a loan funded there, especially for debt consolidation.  I got a loan for $5k to buy a car that I wanted to fix and resell, got 11.5% interest rate (which wasn't too great, but was far better than my interest rates on the scammy credit cards I had), and it really worked well.  The loan was fully funded by peers in just 24 hours, and I had the money in the bank in 7 days.

They offer down to 6.5% interest now (I think the minimum was 9.5% or so when I got my loan), so the service is definitely maturing and getting stronger.  If you have good credit, you should be able to get close to that rate.  And the interest goes mostly to peer investors, not banks.

EDIT:  This wasn't the purpose of my post, but I just looked to see if they had a referral program, and they do.  So if you DO want to go the prosper route, let me know so I can get you a referral link.  It's $100 bonus for referring people, and I'd be willing to give you half of it if/when you sign up.
I may try that next month.  I wanted the money to stay in this community but I also want to get it done too. 

SgtSpike
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October 18, 2011, 07:18:00 PM
 #20

If you don't have success, try a prosper loan.  It's pretty easy to get a loan funded there, especially for debt consolidation.  I got a loan for $5k to buy a car that I wanted to fix and resell, got 11.5% interest rate (which wasn't too great, but was far better than my interest rates on the scammy credit cards I had), and it really worked well.  The loan was fully funded by peers in just 24 hours, and I had the money in the bank in 7 days.

They offer down to 6.5% interest now (I think the minimum was 9.5% or so when I got my loan), so the service is definitely maturing and getting stronger.  If you have good credit, you should be able to get close to that rate.  And the interest goes mostly to peer investors, not banks.

EDIT:  This wasn't the purpose of my post, but I just looked to see if they had a referral program, and they do.  So if you DO want to go the prosper route, let me know so I can get you a referral link.  It's $100 bonus for referring people, and I'd be willing to give you half of it if/when you sign up.
I may try that next month.  I wanted the money to stay in this community but I also want to get it done too. 
Sure, no problem.
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