Cryptomultiplier (OP)
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October 14, 2023, 03:04:32 PM |
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I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence. Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
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_act_
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October 14, 2023, 03:26:11 PM |
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You can get a loan on this forum and the lender does not need to know your identity. You will see services like that on the lending board on this forum. If you have collateral like altcoins, or if you are in a signature campaign, you get a loan on this forum.
But if the loan is through bank or those loaning apps, they will demand for your identity and if you default any loan, you will be reported in a way that other loaning sites and bank will know.
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YUriy1991
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October 14, 2023, 03:57:04 PM |
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Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
I'm just general and not much different, as long as I know when it comes to borrowing, especially when we apply for loans at traditional banks or other financial institutions. The terms and conditions apply, first and second, a strict identification process is applied, starting from verifying credit whether you have applied for it or not, then checking a person's financial capability in terms of repaying the loan in the future by the bank. And if I'm not mistaken, loans with a high enough rating allow you to get BTC quickly via credit card. But, it's best not to. There is a downside, prices may not reflect this reality for long because everything is volatile.
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Cryptomultiplier (OP)
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October 14, 2023, 03:59:14 PM |
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You can get a loan on this forum and the lender does not need to know your identity. You will see services like that on the lending board on this forum. If you have collateral like altcoins, or if you are in a signature campaign, you get a loan on this forum.
Am just learning about this and thanks for the candidness. I still think that a person who can get this kind of loan here would have got to attain a certain rank in order to be granted such loan. Unless it doesn't really matter, what's to say that it's any different to what happens in the real world. Perhaps am thinking too much, but would like a third party be involved such like in P2p where there's an escrow account? What about the interest, is it going to be any better?
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alastantiger
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Crypto Casino and Sportsbook
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October 14, 2023, 04:01:26 PM |
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I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
Because I have had some experience from loan app companies I will share with you. Literally anyone can get a loan within 30 minutes from a loan app. You do not need to be known or even to need to be employed. Those details are unnecessary what these loan app need from you is your KYC, your bank account information, and you would be required to connect your bank account to the loan app such that if you default on payment, the loan app will automatically deduct the money from your bank account if you have any money in it. In my country you will be required to take a picture of yourself, grant the app permission to access your contacts, text messages and other apps on your phone, you'll have to submit national ID with tracking number on it. These qualify you for a loan.
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DabsPoorVersion
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October 14, 2023, 04:13:03 PM |
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You can get a loan on this forum and the lender does not need to know your identity. You will see services like that on the lending board on this forum. If you have collateral like altcoins, or if you are in a signature campaign, you get a loan on this forum.
Am just learning about this and thanks for the candidness. I still think that a person who can get this kind of loan here would have got to attain a certain rank in order to be granted such loan. Unless it doesn't really matter, what's to say that it's any different to what happens in the real world. Perhaps am thinking too much, but would like a third party be involved such like in P2p where there's an escrow account? What about the interest, is it going to be any better? There's a rank requirement of course and sometimes they ask for a collateral. But it depends on the lender if what is the minimum rank to apply for a loan. A few requirements are being applied as we do not know each other here and an identification is not being required. These requirements are being apply to secure that the borrower will pay the debt. Even for you if someone ask you to borrow money with someone you do not know, you can't simply lend money and trust someone especially a newbie rank to have a loan.
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AbuBhakar
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October 14, 2023, 04:21:52 PM |
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Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
It’s not about the need to be known but rather your capability to repay the loan that’s why most of the bank choose known people that can repay the loan since they need to guarantee safety of their capital. You can loan anytime even you are just still new if you can prove a strong source of income or assets that can be use as collateral. Banks just need to secure that loan will be paid through financial capabilities of their client.
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BIT-BENDER
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October 14, 2023, 04:38:38 PM |
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My question to you OP is that if a random person comes to you seeking for loan and has no collateral just plainly wants you to give him a loan and he tell you when he would repay you, would you give this person the loan? I highly doubt if you would.
Lending money to people is a risky business and to mitigate your risks you have to go the extra mile in knowing more about this person you want to give your loan to, so I don't see any issue with that. Before you go applying for loan you have to give some information about yourself and still you have to be of good records, if you don't like that then avoid taking loans.
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Lorence.xD
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October 14, 2023, 04:40:39 PM |
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Well from my understanding from this, it's not only aiming for our thinking that once we did not pay the loan, they could just easily send someone to the address. Knowing your personal information is one their assurance that you could pay them cause they know your identity. They would also process if your monthly salary could pay up your loan, and they would interview you like how much money do you spend to provide your needs so they could calculate. And if it happens that you just by passed and did not pay literally the debt, they could just simply contact the place of your job so they could less your debt to your salary which is legal.
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rat03gopoh
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October 14, 2023, 04:56:07 PM |
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In a crypto context? You may have heard of defi lendigs, one of which is a platform that allows you to borrow without giving away your identity. In essence, it depends on who the borrower you are referring to is. In conventional banks, if you have a good lobby with the officers you may be allowed to borrow using someone else's identity. lol
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Captain Corporate
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October 14, 2023, 05:23:47 PM |
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To be fair the reason why they get all those is to know what to do if you do not pay back. If there was somehow some hidden anon person you are %100 sure that would pay you back, the nyou could give them a loan too, whats the point of asking anything you are %100 certain that the person will pay you back. However, since we are not %100 sure, the reason to get identification is that if you do not end up paying the loan backı, they could sue you and take you to court. For example I take out a loan from a bank, and I give all my information to them, I end up not paying it back, since they who I am and where I live, then come to my house with cops and lawyers and take my stuff, that's always how its handled. This is why the idea of identification is not to see if you are worth it, that's what financial statements are for, not your house address, not even your name, they just need your financial information even if the name was hidden, for you to be able to get a loan or not, the other personal information parts are there to make sure they can come after you if you reject or can't pay the loan back.
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Stepstowealth
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October 14, 2023, 05:47:37 PM |
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Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
If you are known, people easily can identify with what you do and have an idea of what you earn. If people know what you earn or have an idea based on your profession, they can become more willing to help you out with loans knowing that you have the capacity to pay back the loan. This is my thought on why unknown people who barely can provide any form of identification are rarely eligible for loans from individuals or companies like loan apps. If you are not known too, it can be easy for you to disappear with loans and never repay.
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uneng
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October 14, 2023, 05:58:04 PM |
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Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
To be known implies the possibility the lender analyzes your reputation accurately, so you don't need to offer further guarantees in order to borrow money. However, it's not a must in every deals, because anyone can borrow money from a bank without having to be known. But then, they have to offer another guarantees: collaterals or guarantors who will sign the papers within the borrower, compromising themselves to pay the debt in case the borrower fails. It's really common when signing papers to have access to a financing at educational institutions, buying properties and starting a business. The lender will never get annoyed by the fact you aren't a known person. His only concern is about solid guarantees the money is going to be paid back somehow without setbacks.
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Findingnemo
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October 14, 2023, 06:37:00 PM Last edit: October 15, 2023, 08:41:31 AM by Findingnemo |
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The only criterion required to get a loan is proof of paying it back because they can't simply give money to everyone without knowing how they will pay it back that is why you can get a loan if you give your salary proof or income tax returns for the recent past years which serves the purpose of identifying how much they can lend to you and what your worth really is.
I don't feel it odd or anything because that is the structure of the traditional financing system now talking about decentralized loans you don't need to identify yourself but you need to provide valid collateral for the amount for example the lending section in bitcointalk where your reputation will be served as collateral but you can get maximum of few hundreds for that, if you need huge amount it won't work.
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Hamphser
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October 14, 2023, 06:55:07 PM |
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I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence. Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
For bank loan applications then of course it would really be just that normal that they would really be giving out priority into those people who are known and does have that valid collateral or whoever had passed up with their qualifications and this is why it is really that hard to make yourself that be able to pass up and would be approved whenever you do really ask for a loan. You would really be needing to provide on whatever they've been asking and of course it would really be just that normal that collateral should be there or whatever that assurance that you could really have on having a loan. As for online loans then i have experienced for needing up such location but i dont think that it would really be that something to be precise considering that locations could really be altered out on making use of data connection on which you could really still be able to skip out if you do really intend not to show up your own place on the said transaction. As for P2P then it would really be not that possible yet you are really that still touching up the platform on which in regarding to be able to make use of that p2p then you should really be having that verified account and the rest then dealing up with real user or bot on the platform in regarding p2p transactions is unlikely.
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Gozie51
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October 14, 2023, 07:58:00 PM |
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That is almost like a rhetorical question or enquiry you are going into. It is as simple as will I loan money to someone that I don't know. Meaning will I loan money to someone that I can't get the money back from despite his or her verbal promises and of course that is why guarantor comes in and the place of a guarantor in a loan contract is important.
So whether offline or online, a first timer in a loan contract is well scrutinized than the person who has been getting the loan and repaying as at when agreed. In other words, the first time stand a lesser chance to get a loan than he who defaults to repay but he who repays at when due would always get loan and even more if he request.
You can get a loan while staying anonymous at least here but you must meet the conditions and those are means to ensure the money is recovered.
So to loan is a business and whoever is in the business works to sustain it and profit, so they won't give out loan to who won't pay back including interest. Banks ensure they get a collateral above the value of the loan you are going for.
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Silberman
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October 14, 2023, 08:19:07 PM |
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...
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
That has always been the case, in the past banks used to be local banks and not the multinational corporations that we see today, and they will not lend you any money if you were from a region which was outside of their influence, so a bank at New York will not lend money to someone from Texas and the reverse was also true, so it is not that surprising that banks want to know as much as they can from you before they give you a loan, as otherwise they may lend their money to someone that may never pay them back.
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Sim_card
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October 14, 2023, 08:21:38 PM |
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You can get a loan on this forum and the lender does not need to know your identity. You will see services like that on the lending board on this forum. If you have collateral like altcoins, or if you are in a signature campaign, you get a loan on this forum.
But if the loan is through bank or those loaning apps, they will demand for your identity and if you default any loan, you will be reported in a way that other loaning sites and bank will know.
You are right, because this forum operates in a decentralized way. Why I said so is that nobody cares to know about your identity and they will also advice you to stay anonymous and that is why you must be in a signature campaign for the lender to be rest assured that you will be able to pay back. Apart from this forum, I don't think that there is anywhere that you will seek a loan from that wouldn't need your identity and your information. Whether be it online banking apps or our local banks or even money lenders. If they don't know your identity or have your information, it is like they are dealing with a ghost and how will you ask a ghost to repay his loan when you don't know how to reach him. In my country, you go in person to get the loan and if it is an online app, you must use your BVN in your application.
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Huppercase
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October 14, 2023, 09:59:53 PM |
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I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
You may not like banks but trust me, if you are them when it comes to lending money to people, you will need to use 3 eyes to see well and make decisions that will favor you to be able to continue the business. You see, human beings are very wicked and they change at slightest opportunity. If documentations are not done properly and they lend money to them, more than 75% of them will not come back to pay back their debt, so don't blame the banks for going overboard to loan known individuals and people they can easily track down. How do you want a loan to be given to a strange person that you cannot track when he dafualt a payment? What are you going to do if they don't really have a means to pay back? These are the problems you should ask. Even in a decentralized lending platforms that document and information are not collected, a collateral deposit is required before you can borrow money from any of their protocols. If you wish to have a successful business in lending, make sure you know who you are lending but if they provide collateral, I may depends on safe the collateral relative to amount needed.
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gunhell16
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
October 14, 2023, 10:21:59 PM |
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I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence. Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans? That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
There are so many loan apps in this era, and most of them, when it comes to charging, are very intense. If you are delayed for one day, a person who borrows from lending apps will immediately experience intense harassment.Apart from the very high interest they charge, the amount you owe is not full because they immediately reduce the percentage that has already been given to you. It's even better to borrow here on the forum than from lending apps; as long as you know how to communicate properly, it's fine. As a matter of fact, the people who will give you a loan here will quickly trust you as long as you meet their criteria.
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