Why do you take a loan on this forum?

[Helena Yu]

Just a random question that popped into my mind, why do you take a loan? because I were someone who in need, I will ask my family first, second is my close friends, third is my friends, then I either ask this forum or take a loan from banks. Fortunately I haven't in situation where I'm really hopeless and no one don't help me, that's why I have never took a loan on this forum.

Most of people use "personal" as their reason, but some of them ask a loan for gambling or trading. Someone say they're actually have funds in their banks or wallets, so in case their gambling or trading didn't work like that what they expect, they can pay off the loan. I mean, why you not fund it using your own money instead of taking out a loan?

Some might ask a loan to send their tokens because they lack of gas fees which is understandable.

Someone could ask a loan for subscribe porn videos because they don't want to link their identity, which also understandable.

The other reason that make sense is for emergency needs to pay medical bills because they need huge amount in short time.

Those are the reasons that make me think why someone ask a loan on this forum are make sense, but you can add other reasons too.

I also want to ask for lenders, have you ever face a legal problem? because you don't know what your coins is used for and the original source of coins you received (CEX are against this).

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The two people that I know that take loan on this forum is not because of gambling or trading. It is used for house building purpose. They were both about to finish the house and think of collecting loan to finish it. I am talking about different people and different buildings but both are my friends.

[Timelord2067]

There's a user here (I'm sure you all know who I am talking about without me having to say their name) who has been "building trust" over many months with loans that started out as $100 - $200 at a time - they have a proven history of being late with their loan repayments and now they are lending anywhere from $1,000 to $2,000 at a time with overly abundantly generous loan repayments and far fetched stories of "get rich schemes" that is funding their lending habit.

And that's the thing.  It's a habit.

Drug users have a habit.  They start out with recreational amounts of illicit substances. Then, as their dependency on drugs overwhelms them, they get greedy and turn to theft or deception to fund their habit taking out "pay day loans" to fund their addiction.  On payday, they repay the loan for the previous week of drug taking, then have to take out another loan to pay for this week's fix.

Rinse and repeat.

But back to non collateral loans.  With a proven record of late repayments and what looks like a "drug habit addiction" lending, (or at best a gambling addiction) anyone lending to such a user has no right to complain when that user overdoses or misses a repayment (or simply goes dark) when they can't repay their obligations.

Forewarned is forearmed.

[HedgeFx]

There is a user here that woudn't admit he  made a wrong judgment  ( https://bitcointalk.org/index.php?topic=5455155.msg62357567#msg62357567 )
There is a user here continue to tell lies about "being late" other users that repaid early tons of loans (https://bitcointalk.org/index.php?action=trust;u=2221175)
There is a user here who is incapable to live his life pacefully  because he continues to hold a grudge, when it would have been enough to admit that he was wrong instead of continuing to denigrate despite him being contradicted by the facts on a daily basis.

There's a user here (I'm sure you all know who I am talking about without me having to say their name) who has been "building trust" over many months with loans that started out as $100 - $200 at a time - they have a proven history of being late with their loan repayments and now they are lending anywhere from $1,000 to $2,000 at a time with overly abundantly generous loan repayments and far fetched stories of "get rich schemes" that is funding their lending habit.

And that's the thing.  It's a habit.

[Bitcoin_Arena]

Maybe because it's a crypto loan, so if there's something they want to do online like payments and instead of having to borrow cash and then first converting it to crypto. A crypto loan would be more direct. Other members get payments from the forum signatures, so I think they find it easier to get no collateral crypto loans and just pay within a month using the signature earnings.

I believe there are several reasons members borrow loans. Borrowing loans to trade and gamble is a little extreme IMO unless if the person knows what they are doing and has a contingency plan.

[Danydee]

Why do you take a loan on this forum?

Because the forum is very good very nice !

[Poker Player]

The two people that I know that take loan on this forum is not because of gambling or trading. It is used for house building purpose. They were both about to finish the house and think of collecting loan to finish it. I am talking about different people and different buildings but both are my friends.

I hope they live in Mogadishu and don't have access to the banking system, then, because taking a loan here and paying an interest rate of 10/15/20% per month, which translates (averaging) to 180% per year when you can take a fixed mortgage in the USA for 7% per year or less and in the EU for 5% per year or less is pretty dumb financially speaking.

I would say, Helena Yu, that in some cases it is people with few resources from poor countries who do not have access to the banking system and in others it is people who use the loans for things that the bank would not give them, such as trading or gambling. That is why they pay such high interest rates.

[alterra57]

Banks and family members don't take crypto as collateral.

[Poker Player]

Banks and family members don't take crypto as collateral.

And they also don't give loans for having a Bitcointalk account, with a certain seniority and prestige and participating in a signature campaing, which is one thing I forgot to say in my previous post.

[yahoo62278]

If people wanted the reason for their loan to be known, they would post the reason. Most of the reasons that have been given are correct though. A person can take a loan here and repay with sig campaign payments. To get a no collateral loan you have to have a history of quick repayment or high rep here, but most of the lenders know who is and who isn't a risk from previous loans. You're also not risking real estate for the loan, you're risking reputation which some consider more important.

[xLays]

Here are my personal reasons why I prefer to borrow here instead of other options. One reason is that your application can be edited and cancelled anytime you want (although you can't cancel it once it's granted). You have direct contact with the lender compared to the lending company I use, where it's too much hassle to contact them, especially since you can only reach them through chat support. Another reason is that you don't need to provide your identity. So you don't have to worry about your privacy. There are many other reasons why I chose to apply for a loan here, but those are just some most common ones.

[Helena Yu]

There's a user here (I'm sure you all know who I am talking about without me having to say their name) who has been "building trust" over many months with loans that started out as $100 - $200 at a time - they have a proven history of being late with their loan repayments and now they are lending anywhere from $1,000 to $2,000 at a time with overly abundantly generous loan repayments and far fetched stories of "get rich schemes" that is funding their lending habit.

Disclaimer: I'm saying to general users, not for the user you refer to.

Yeah I also think like that, it's all about building trust, so they ask a loan in this forum. The genuine loan is either small loan (for gas fees) or big loan (for medical health etc that they don't have any way whom they need to ask).

One thing that easy to notice is the user ask the loan from many users, let's say we already have multiple financial deals and you gave me positive feedback. But in the next loan, I post my loan application to other lenders.

Other members get payments from the forum signatures, so I think they find it easier to get no collateral crypto loans and just pay within a month using the signature earnings.

Isn't they already have money from the forum signatures in the first place?

I would say, Helena Yu, that in some cases it is people with few resources from poor countries who do not have access to the banking system

If they're struggle for having access to the banking system, isn't owning cell phone and purchase internet package is harder? remember they're poor.

You have direct contact with the lender compared to the lending company I use, where it's too much hassle to contact them, especially since you can only reach them through chat support. Another reason is that you don't need to provide your identity. So you don't have to worry about your privacy.

You can ask a loan from friends or families.

[UserU]

A few things that come to my mind:
1) Less embarassing to ask on a public forum as a stranger than an acquaintance/ family member/ friend, especially when it comes to online vice activities
2) Reputation. If either side has borrowed multiple times especially repeated business, it gets much easier
3) Flexibility. If my paycheck/ payout is due in X days, I rather not dip my hands into my pocket first. Let the loan give me some sense of security.
4) For the scammers/ newbies, trying their luck on gullible victims

[pinggoki]

A few things that come to my mind:
1) Less embarassing to ask on a public forum as a stranger than an acquaintance/ family member/ friend, especially when it comes to online vice activities

This is probably the best reason in my opinion why people are taking loan here in the forum, it's probably much easier to do it here too because you just need to have a reputable people to deal with and you're good to go unlike with a loan that you will have to face the lender, it gets hard at times because there's going to be negotiations that you yourself don't want to get yourself into. Plus there's also the benefit that the lenders won't probably care about how you will use your money as long as you return it with the interest.

[Danydee]

A few things that come to my mind:
1) Less embarassing to ask on a public forum as a stranger than an acquaintance/ family member/ friend, especially when it comes to online vice activities

This is probably the best reason in my opinion why people are taking loan here in the forum, it's probably much easier to do it here too because you just need to have a reputable people to deal with and you're good to go unlike with a loan that you will have to face the lender,

Especially as you do it in a dedicated place.. the lender is already offering it's services as it!  And the lender too is free from accepting your request or not... without any other embarrassement or maybe the risque of asking a known person could put him in a worse financial situation for helping you!
So you could prefer loan and repay interest instead of eventual  issues, embarrassments or so !


Also taking a regular loan from bank or lending institution is not everytime suitable for the cases of the loans made here.. not huge amounts, small durations ...  also many people prefer the dissociatin between their regular finances and their activity related to crypto.. So for some short and small actions making a regular bank loan would just not be suitable.

[pinggoki]

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Also taking a regular loan from bank or lending institution is not everytime suitable for the cases of the loans made here.. not huge amounts, small durations ...  also many people prefer the dissociatin between their regular finances and their activity related to crypto.. So for some short and small actions making a regular bank loan would just not be suitable.

I don't know about the dissociation part but I can wholeheartedly agree that small amounts to lend can be a good reason to do it in the Lending section of this forum compared to banks and such plus the fact that banks need you lots of stuff to deal with like paperwork and in some cases, credit scores, that's not the best metric to allow someone to get a loan, that's why it's better than banks.

[pawel7777]

Some people might have already exhausted all the options mentioned, i.e. tapping into their own funds or asking family/friends. But for others, convenience is definitely a factor too. Some may have their funds locked in investment or fixed term deposits so they're not easily accessible. But even if you hold bitcoins in a non-custodial wallet, it could be cheaper to get a quick ~ $100-200 loan in USDT and pay the interest than it would be to transfer bitcoins to centralised exchange, pay ~$30-40 transaction fee + exchange and withdrawal fees.
And when asking friends/family, there's usually some element of embarrassment to it when you have to explain why you need money etc, plus you could be putting them in an uncomfortable spot if they don't have much available cash themselves. Whereas here, you could just ask without any explanation, pay it back and be done with it.

But I agree that it's sad that people don't feel comfortable in talking to their family first and would rather pay interest to a stranger on the internet to avoid awkwardness.