Is the need to be known a requirement to qualify for a loan(s)?

[Silberman]

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?

even in this forum, lenders like in "board lending" prefer borrowers who have a good reputation, especially in the real world, when i first borrowed money from the bank, there were many questions asked by the bank to me, even though they initially refused to give me a loan because i couldn't show them that my income was stable and could pay them on time, i'm sure this applies all over the world, reputation is the most important thing in this world, without it it will be very difficult for you to succeed trusted other people, especially the borrower, keep your name good.

And you do not need to have a big reputation either, as long as you apply for several loans on the same bank and you pay them on time this will create a reputation for you of someone that is worthy to lend them some money, so it should not be surprising that the next time you set foot on that bank not only you are given preferential treatment, but you could also obtain way more money as a loan and for this process to be completed very quickly compared to your previous requests.

[Bananington]

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?

even in this forum, lenders like in "board lending" prefer borrowers who have a good reputation, especially in the real world, when i first borrowed money from the bank, there were many questions asked by the bank to me, even though they initially refused to give me a loan because i couldn't show them that my income was stable and could pay them on time, i'm sure this applies all over the world, reputation is the most important thing in this world, without it it will be very difficult for you to succeed trusted other people, especially the borrower, keep your name good.

And you do not need to have a big reputation either, as long as you apply for several loans on the same bank and you pay them on time this will create a reputation for you of someone that is worthy to lend them some money, so it should not be surprising that the next time you set foot on that bank not only you are given preferential treatment, but you could also obtain way more money as a loan and for this process to be completed very quickly compared to your previous requests.

Very true about the preferential treatment because only a person who has become a noted customer benefit in real sense.
The need to be known is very solid, but to be known for the good things such like fulfilment of credits on time, spending discipline will give one a better option anyday as compared to one who doesn't payback loans on time or have a good money spending habit.

These days though, loans can be gotten from anywhere even with the loaner not knowing anyrhing about the loanee, except for a picture that may be badly taken, residential documents that may be outdated or government issued documents that may need renewal or revalidation. Bitcoin members here I learnt can get loans here but it depends still on some requirements that points to ones actual claim of existence.

[taufik123]

-snip-
These days though, loans can be gotten from anywhere even with the loaner not knowing anyrhing about the loanee, except for a picture that may be badly taken, residential documents that may be outdated or government issued documents that may need renewal or revalidation. Bitcoin members here I learnt can get loans here but it depends still on some requirements that points to ones actual claim of existence.

There are many such loans, which only require a photo ID and phone number.
But I'm sure the borrower will regret it in the end, because the interest and service fees are very high and they can even be regarded as loan sharks, blackmailing borrowers if they don't pay on time.
The high-interest rate will make the loan look like a lot because of the ongoing interest.

But for some loans provided on this forum, it is clear how the mechanism is with the interest that has been stated and agreed by the borrower.
Usually, many members of this forum who make loans to @DarkStar_

DarkStar's Loans | BTC, USDT

[Nerdy doctor]

As a financial institution, just knowing who you’re giving a loan to isn’t going to repay the loan. Obviously, there is some need to know just who is applying for the loan, that is just a step in the list of requirements needed before being qualified for a loan.
The ability to pay back and on time too is what most likely would be at the lenders mind when taking out a loan. The bank also doesn’t give loans if you don’t have the means to pay back despite being well known.

[erep]

There are many such loans, which only require a photo ID and phone number.
But I'm sure the borrower will regret it in the end, because the interest and service fees are very high and they can even be regarded as loan sharks, blackmailing borrowers if they don't pay on time.
The high-interest rate will make the loan look like a lot because of the ongoing interest.

I often hear that it is an online loan service because they don't verify your employment details and monthly income, they only need photo documents, ID card and telephone number, they provide easy service but they set high interest rates, you are always being watched if you don't pay off the loan on time, they will blackmail and confiscate the things you have. I suggest stop making online loans and if necessary apply for a conventional loan with a lower interest rate and they follow friendly collection rules.

But for some loans provided on this forum, it is clear how the mechanism is with the interest that has been stated and agreed by the borrower.
Usually, many members of this forum who make loans to @DarkStar_

DarkStar's Loans | BTC, USDT

Loan services on forums are easier without the need for any documents and low interest rates, they will approve loans depending on the reputation of the account, if we are active participants in the signature campaign for weekly passive income then we can apply for higher loans.

[Quidat]

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?

even in this forum, lenders like in "board lending" prefer borrowers who have a good reputation, especially in the real world, when i first borrowed money from the bank, there were many questions asked by the bank to me, even though they initially refused to give me a loan because i couldn't show them that my income was stable and could pay them on time, i'm sure this applies all over the world, reputation is the most important thing in this world, without it it will be very difficult for you to succeed trusted other people, especially the borrower, keep your name good.

If we do speak on this forums lending section then i would say that it wont really be that much strict considering that you could really be able to get non-collateral loans which is really that something that you could get in real life. Im an avid loaner with those people who do offer loans on lending section and without needing to expose or in need of some information then it is really that a great convenience on getting a loan and without having that collateral been asked and you've been approved which it is really that something very helpful in times of needs.

They would really be just simply needing those criterias that they had set before you would really be making that eligible for the loan.If you do zoom out, then it is really that a huge risks
for them which considering that lending up an amount into someone you cant really be that so sure that they would be able to repay then its a huge risks.
You cant really be able to get nothing from it.

[Ever-young]

What are thoughts?

I see almost nothing wrong with what those entities in charge of giving out such loan is doing, they are just trying every possible ways to reduce the rate at which their customers might run away with their money so they need every bit of a details that can help them catch any loan defaulter, and another thing they need to verify who they are given out loan to and consider the amount that the person can be able to repay back at the given period, I guess that’s why most of this information are being needed.

Some citizens are just out their to spoil others business, if they make that loan given of a thing very easy and don’t include such policies you will discover that anyone can just wake up any day pick up any smart phone and fill form to get a loan with out having the intention of paying back. Anyone who is not okay with any loan app rules and policy should avoid using their service that’s just the best thing to do.

[livingfree]

They have to make it clear to know who they are after to. That's okay if the banks are too strict on whom they're granting the loan requests. Because if they are not strict and they just grant everyone's request, they may soon file for bankruptcy.

But I think that as long as you have provided all the requirements needed and you can proof that you're a paying customer, they will consider as well those that are not known in their communities.

Wherever you go, when the loaner doesn't see you capable of paying and don't know how to charge you, you'll just declined.

[taufik123]

-snip-
you are always being watched if you don't pay off the loan on time, they will blackmail and confiscate the things you have. I suggest stop making online loans and if necessary apply for a conventional loan with a lower interest rate and they follow friendly collection rules.

Not only that, customer data will be disseminated when customers cannot pay on time.
This is quite scary where data such as KTP is very private but instead, it is disseminated.

They also have an application installed on the loaner's device and just so you know the application can intercept some important data such as SMS, location, and others.
So never deal with unverified or illegal online loans.
Conventional loans are more humane and not like online loans.

[serjent05]

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.

Not only to be known to proof their existence but also to know their capability to pay the loan.  Information is also needed if one is to provide a collateral such as property to know whether they are the true owner of the property.

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.

It is an SOP for the Centralized services, before anyone can access their service especially lending, they one who wanted to borrow money should be fully identified.

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?

As I stated centralized services need to know the person who requested a loan.  That is needed for filing and the data is stored for future needs in case the company needs to provide details of their transaction to the authority.  Aside from that, they need to know the person so that they can file a case against them when the person failed to pay their loan.

[taufik123]

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?

As I stated centralized services need to know the person who requested a loan.  That is needed for filing and the data is stored for future needs in case the company needs to provide details of their transaction to the authority.  Aside from that, they need to know the person so that they can file a case against them when the person failed to pay their loan.

There are many SOPs that must be followed when making a loan with conventional services such as BANK.
Even surveys are done very thoroughly because many people in my place make loans with a guarantee of land titles, vehicle titles, or other securities.

That will determine whether they qualify for a loan or not, and paycheck receipts are also needed to see if they can pay their monthly bills or not.

If they cannot pay they will apply for a warning first and if they cannot pay within the specified time until they are in arrears, then the vehicle or house they live in will be confiscated, it will be a good guarantee for the bank when they cannot make payments.
If they only make demands on the obligated party they will not benefit, the bank also thinks about the worst.

[Iroh]

I’m surprised you’re just finding out that banks don’t just give out loans to just anyone interested in taking out a loan. If they did that constantly, there would have to refund customer deposits used In doing business as the bad debt that would ensure would be crippling to the bank.

I know most people would agree that for you to get a loan from the bank, you need to provide identification and some sort of reassurance that the loan would be repaid. “Trust me bro, I’m good for it” isn’t going to cut it.

[Mr. Magkaisa]

-snip-
These days though, loans can be gotten from anywhere even with the loaner not knowing anyrhing about the loanee, except for a picture that may be badly taken, residential documents that may be outdated or government issued documents that may need renewal or revalidation. Bitcoin members here I learnt can get loans here but it depends still on some requirements that points to ones actual claim of existence.

There are many such loans, which only require a photo ID and phone number.
But I'm sure the borrower will regret it in the end, because the interest and service fees are very high and they can even be regarded as loan sharks, blackmailing borrowers if they don't pay on time.
The high-interest rate will make the loan look like a lot because of the ongoing interest.

But for some loans provided on this forum, it is clear how the mechanism is with the interest that has been stated and agreed by the borrower.
Usually, many members of this forum who make loans to @DarkStar_

DarkStar's Loans | BTC, USDT

       -  I can only add that the percentage that DS has is quite high for me; his approach is nice and friendly, to be honest. If only I had a big fund, I would imitate @DS's approach. Second, Shahan is also there, and his approach is also friendly.

The only thing that is important is that we should not let the trust that these two reputable people give to the forum be broken. There are many people who have helped @DS and @shasan in the forum community here, and it can be said that if they have regular borrowers, it can be said that they trusted borrowers because they also don't let their accounts be damaged here in the forum, even though we are all anonymous here.

[Gozie51]

As a financial institution, just knowing who you’re giving a loan to isn’t going to repay the loan. Obviously, there is some need to know just who is applying for the loan, that is just a step in the list of requirements needed before being qualified for a loan.
The ability to pay back and on time too is what most likely would be at the lenders mind when taking out a loan. The bank also doesn’t give loans if you don’t have the means to pay back despite being well known.

More also for a new customer, he or she will be well scrutinized including going to visit on the collateral he has presented. A customer who has almost maintained the agreement of his creditor gets easy access to loan facilities and even the creditor is open to allow addictional loan even when they have not redeemed the first just because the trust has been built over time as the customer is known to fulfill payment as at when agreed. Everyone giving out loan wants to be sure to get the money back without mercy stories.

[Minecache]

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?

even in this forum, lenders like in "board lending" prefer borrowers who have a good reputation, especially in the real world, when i first borrowed money from the bank, there were many questions asked by the bank to me, even though they initially refused to give me a loan because i couldn't show them that my income was stable and could pay them on time, i'm sure this applies all over the world, reputation is the most important thing in this world, without it it will be very difficult for you to succeed trusted other people, especially the borrower, keep your name good.

If we do speak on this forums lending section then i would say that it wont really be that much strict considering that you could really be able to get non-collateral loans which is really that something that you could get in real life. Im an avid loaner with those people who do offer loans on lending section and without needing to expose or in need of some information then it is really that a great convenience on getting a loan and without having that collateral been asked and you've been approved which it is really that something very helpful in times of needs.

They would really be just simply needing those criterias that they had set before you would really be making that eligible for the loan.If you do zoom out, then it is really that a huge risks
for them which considering that lending up an amount into someone you cant really be that so sure that they would be able to repay then its a huge risks.
You cant really be able to get nothing from it.

But there is a difference between borrowing money on a forum and borrowing money from a bank. You won't need to pledge or provide your identity to the lenders on the forum, but what's the maximum amount you can borrow? A few hundred dollars or a few tens of thousands of dollars? It's just a very small amount and not even significant if you need a large amount of money to do business. At that time, borrowing money from banks will become more complicated and require more collateral, but you can borrow large amounts of money for your business.

[pinggoki]

If every person on this planet is honest and has integrity, the need to be known wouldn't even be a qualification for loans because if everyone is honest then everyone is going to be paying their loans no matter what but we don't live in that kind of world where if you show a weakness, someone will definitely exploit it. I think that for loans, it's an understandable thing for them to do because they're lending money and they have to have some kind of guarantee that they can get back on their loan after all, no one gave a loan because they're charitable and they really want to help.

[taufik123]

       -  I can only add that the percentage that DS has is quite high for me; his approach is nice and friendly, to be honest. If only I had a big fund, I would imitate @DS's approach. Second, Shahan is also there, and his approach is also friendly.
-snip-

If you want to emulate them then you have to be prepared for all the risks that could happen.
But of course, Ds and Shasan have their own research, utilizing the reputation of each participant and whether or not they are worth the loan amount.

But when some borrowers can't pay because they die, it's a different matter.
It depends on the agreement between the lender and the borrower, If the beneficiary information is provided from the beginning, they have the right to pay.

If there is no agreement and there are some loan arrears then there is no need to pay for it, but the account will be given a reputation that the borrower died and the account will no longer be able to be used for any campaign.

You can see the discussion about deceased borrowers in this thread: https://bitcointalk.org/index.php?topic=5418251.0

But there is a difference between borrowing money on a forum and borrowing money from a bank. You won't need to pledge or provide your identity to the lenders on the forum, but what's the maximum amount you can borrow? A few hundred dollars or a few tens of thousands of dollars? It's just a very small amount and not even significant if you need a large amount of money to do business. At that time, borrowing money from banks will become more complicated and require more collateral, but you can borrow large amounts of money for your business.

Borrowing money from the bank is done when you need a large amount of funds for your business, while the forum is only a small part of it.
The loan amount also depends on the reputation of the account.

If you have bad intentions for the loan then the account will be given a negative trust and it is not worth the loan of only a few hundred dollars with the potential for the account to earn up to thousands of dollars.
Only a fool would do that.

If every person on this planet is honest and has integrity, the need to be known wouldn't even be a qualification for loans because if everyone is honest then everyone is going to be paying their loans no matter what but we don't live in that kind of world where if you show a weakness, someone will definitely exploit it. I think that for loans, it's an understandable thing for them to do because they're lending money and they have to have some kind of guarantee that they can get back on their loan after all, no one gave a loan because they're charitable and they really want to help.

Lending because of generosity only exists in soap operas.
Especially in this forum, everything must have a guarantee and a price, those who are honest will be rewarded but those who are dishonest and have bad intentions will suffer the consequences.
No stranger will be given a loan by the benefactor.

[Eternad]

But there is a difference between borrowing money on a forum and borrowing money from a bank. You won't need to pledge or provide your identity to the lenders on the forum, but what's the maximum amount you can borrow? A few hundred dollars or a few tens of thousands of dollars? It's just a very small amount and not even significant if you need a large amount of money to do business. At that time, borrowing money from banks will become more complicated and require more collateral, but you can borrow large amounts of money for your business.

Some user manage to loan here huge amount due to their trust score and known to have the capacity to pay that amount of money. I agree that forum loan is just a micro loan of we compared to bank business loan but even a micro loan on bank requires you same requirements so it means bank standard protocol is to ask about customers details regardless of the amount involved.

It’s not easy to loan in the forum if you are not trusted here while you can loan on the bank even if you are untrusted to your community with just submitting valid ID and source of income. I think this is the big difference on loaning based to trust alone. Even banks experienced borrowers that is not paying the loan tho.

[Peanutswar]

Before taking a lot of loans from banks and other companies a loan must take a KYC, which comes with the Credit investigation of the company if the person has a bad credit background or not to proceed with the loan, next is they approve now they can discuss the amount of it, and release the loan, those are the common things happen in financing company, but its different here in the forum we have a lending board right here before consider your loan they need to verify your account first if active, merits, capable to pay and etc.,

[pinggoki]

~

Lending because of generosity only exists in soap operas.
Especially in this forum, everything must have a guarantee and a price, those who are honest will be rewarded but those who are dishonest and have bad intentions will suffer the consequences.
No stranger will be given a loan by the benefactor.

That's why I've said in my reply that "If" which means that I'm implying a possibility not reality but we don't live in that kind of world where there's no such thing as pure honesty. Regarding the consequences though, I don't think that the lenders that will default here in the forum is going to be suffering that huge of a consequence because this is online and you can't really dox someone. I don't know about being rewarded though when you pay your debts here, I guess the good thing aren't as physically attractive compared to consequences.