Random thought — can a “loan shark” style lender work here in the forum?

[Vaculin]

I know we have lenders around here, and shasan is the most active one I see. So I started thinking… what if there was a lender who works kinda like a casino loan shark? Someone you can borrow from quickly whenever you need money, no long process, but probably with a high interest rate to balance the risk.

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

curious if anyone sees this as an opportunity or something that would just crash instantly.

[Maslate]

I think there are gamblers who actually borrow from that lender, they just don’t put “gambling” as the reason because it won’t get approved. Most people just write “personal” and that’s it. Whatever the real purpose is, as long as the loan gets approved, they’ll use it anyway.

Loan sharks usually do very short-term loans like 1 week, but with Shasan it’s mostly 1 month minimum. You can even extend, but of course you have to pay the penalty.

[mindrust]

It is a knife that cuts both ways. If you raise your rates to loan shark levels, then only scammers will want to use your services and you will accept none of them because you’ll inspect every account’s history, trust ratings and rank.

High rates + honest customers = won’t work. Nobody will bite.

Either;

Fair rates + honest customers = can work, you’ll earn a bit less but you won’t get scammed easily.

Or

High rates + high scam rate = also might work if you are ok with getting scammed a lot right because your rates will be high anyway.

[GreatArkansas]

I don't think it will work here; there will be a lot of scams for sure, especially if there is no collateral. Like, only their account is collateral? Lik,e you will only get negative feedback once you default on a loan? It's a very no for me.

[joeperry]

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

It's pointless here since most of the users are anonymous or pseudonymous, unlike in real life loan sharks where the lender know where they can find you and your personal information (not actually sure about this since I am not borrowing any money from anyone) but if you do it in the forum you'll just making yourself a fool since they can just vanished without a trace, but if you are thinking about previous borrowers that already build trust. Also, you wouldn't be able to borrow money easily as you at least need to have previous successful transactions before or at least have a collateral.

[aioc]

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

It's pointless here since most of the users are anonymous or pseudonymous, unlike in real life loan sharks where the lender know where they can find you and your personal information.

That's true, they may even report you to your company, your family, and your friends, and that’s a big concern. Lenders know how to manipulate debtors; they will even take people and all that you value to force you to pay. Physical casinos are one of the worst places to get a loan; they will make sure you pay, and they can ruin you if you cannot.
You can ask for vital information as collateral, as they do in physical casinos, but you will get negative feedback if you do this.

[Pandu Geddon]

curious if anyone sees this as an opportunity or something that would just crash instantly.

Perhaps this can be done on the local board, where the transactions are unlikely to be completely anonymous. High interest with high risk. But still, loan sharks require collateral. If they don't get collateral for the loan, I suppose the loss would be theirs. The process won't be easy, and if you want to build a lending business, you might need to plan it better. The way of loan sharks might not be suitable.

[cryptoaddictchie]

I know we have lenders around here, and shasan is the most active one I see. So I started thinking… what if there was a lender who works kinda like a casino loan shark? Someone you can borrow from quickly whenever you need money, no long process, but probably with a high interest rate to balance the risk.

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

curious if anyone sees this as an opportunity or something that would just crash instantly.

A casino style loan shark setup would fall apart fast because, unlike typical forum loans transactions that rely on collateral, reputation, or verifiable history, this model removes all safeguards and in an anonymous environment that means unenforceable debts, sky high default rates, and a system that would be instantly overrun by borrowers who can vanish without consequence, making it a guaranteed a negative experiment for any lender. Well I doubt anyone would try here.

[Nightwalker(NW)]

It is pointless to do that over here because already the lending section and the lender who is active is already serving same purposes than to have another lender, besides I think Shasan only gives loan to those who are in active campaign and not those gambling because it's very risky to lend money that gamblers whom we don't know if they can be able to pay their loan or not.
I think if anyone wants to gamble and needs load they can do that are their country where they know them very well, maybe they can as well present a physical items as collateral to the money they are borrowing.

[taufik123]

Lenders with leech style land won't survive, I'm sure it's because more will not make payments, let alone they are gambling addicts,
even if the reason for personal use is not to be trusted, they also won't pay with high interest and what guarantees will be given.

Because Shasan and some of the borrowers on this forum have criteria for people they will lend,
not small accounts with no contributions but those who are active in signature campaigns who have a weekly income.

Even some large accounts try to borrow and be approved, but they do not pay on time and
will of course be charged a late payment fee according to the agreement between the borrower and the lender.

[Charles-Tim]

I know we have lenders around here, and shasan is the most active one I see. So I started thinking… what if there was a lender who works kinda like a casino loan shark? Someone you can borrow from quickly whenever you need money, no long process, but probably with a high interest rate to balance the risk.

If you want to start a loan business on this forum, just make use of the service board and do away with anything that has to do with the gambling board. That is enough for people to know about your loan service.

I will also advice people not to borrow money because of gambling, that is a bad sign of gambling addiction. Loan is good if used for a good reason and not gambling.

[swogerino]

I know we have lenders around here, and shasan is the most active one I see. So I started thinking… what if there was a lender who works kinda like a casino loan shark? Someone you can borrow from quickly whenever you need money, no long process, but probably with a high interest rate to balance the risk.

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

curious if anyone sees this as an opportunity or something that would just crash instantly.

I think it can work as long as all the same principles of the Lending section are applied here. I think that reputable persons would love such service despite the high interest rate that they will occur when they will pay the loan. I also think that there would be much lower cases in here as in the Lending sections most of the borrowing is not in big amounts of money, sure there are some but not a lot of them. So based on these thoughts you can go ahead and try, just always abide by the rules of the Lending section to be free from scamming, never go first unless a very trusted member is asking for it and always ask for collateral. This collateral brings back another question which make this idea not working, if gamblers had something as collateral they would be playing it and not asking for a loan.

[Yaunfitda]

I know we have lenders around here, and shasan is the most active one I see. So I started thinking… what if there was a lender who works kinda like a casino loan shark? Someone you can borrow from quickly whenever you need money, no long process, but probably with a high interest rate to balance the risk.

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

curious if anyone sees this as an opportunity or something that would just crash instantly.

Loaning business has been on/off here. Just like what you mentioned, @shasan has been hit hard as well of gamblers or loaners who didn't pay. So I guess it won't work here as gamblers might take advantage of him again and gain trust and then suddenly disappear. It only work in IRL as loan shark has muscle, if you don't pay for sure they will hunt you down. As opposed to this as we are all pseudo-anonymous and even if we trust someone, we will not know that he doesn't or will not pay until the last minute and there's no way for you to go after him. So that is a bad business preposition here, unless there are some collateral. But it's no longer the case in the lending section as they can get a loan without any collateral.

[jcojci]

Gamblers who often playing gambling will not care about that. All they want is money so when they can get it by borrowing from others, that is enough. They don't even care how they will repay the loan because they just focus on continuing their gambling activities.

That could work here but I don't know because that will be up to the gamblers themselves if they are okay with the loan requirement, that can be done. But if they refuse, they will contact those who can lend them money with light requirements.

But that will expose gamblers to risk if they cannot repay the loan. They may lose their collateral or anything they give in exchange.

[Taskford]

I know we have lenders around here, and shasan is the most active one I see. So I started thinking… what if there was a lender who works kinda like a casino loan shark? Someone you can borrow from quickly whenever you need money, no long process, but probably with a high interest rate to balance the risk.

Do you guys think that could even work here? Or is it pointless because of the anonymity and the huge risk for the lender?

curious if anyone sees this as an opportunity or something that would just crash instantly.

I don't think it will work here since lots of people can avoid or default their loans and lender will be sorry with those things done by people. Look at the lending board for sure that there are people borrowing money and runaway. For sure there are several people out there got addicted in gambling then borrow money then run with their obligations.

Only few lenders out here established their business well. If they don't have deep pocket for sure that they will get bankrupt if it happens that most of there lenders runaway. So maybe better for them to think about other business and don't ride with the risk then think about they can get sure profits by becoming a loan shark of this forum.

[Jawhead999]

Loan shark can't work in here because in loan shark, if the borrower can't pay off their debt, the loan shark will call debt collectors to torture them. Technically the loan given in this forum are better than loan shark, they don't need to show their face, very easy to get loan and the interest are low. But, despite so many benefits to the borrowers, the lenders didn't get a worthy reward, if they make their lending service much more complicated, the borrowers might jump to other lenders or lost interest.

[teddybear]

curious if anyone sees this as an opportunity or something that would just crash instantly.

There are already people on the forum that loan you the money if you are reputed enough or you can provide enough digital collateral that can be liquidated. The shark part isn't feasible with crypto as you'd want some control over recovery. Which isn't possible with crypto, unless the person lives close to you or you know them personally.

[noorman0]

-snip-
but probably with a high interest rate to balance the risk.

Whatever the interest rate, it doesn't matter as long as the borrower provides collateral. Otherwise, it's like the lender is indirectly gambling, and the lender should also apply a house edge here. lol

[Dr.Bitcoin_Strange]

Well, if they can bear the risk that comes with lending on the forum, then they can work here, but putting a high interest like you said might actually discourage many members from taking loans from the shark when they can get a negotiable good low interest offer from other members here on the forum already. The high interest could discourage people and from what I have observed so far, interest also discourage some members from taking loan from some lenders on the forum.

[Ojima-ojo]

Loan and gambling is a flight risk for any one who want to go into lending business, how can someone borrow you money knowing fully well that you want to gamble with the money.

How do you intend to payback the loan when your games losses, this is what we have to point out as the risk factor.