[EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!

[renee25]

namecoin now has an option for "scrow" you pay namecoins to an address and they give you the related .bit domain it's still in beta and running on command line, and as everybody know development is slow but someone surely will build something interesting here...

[1714001557]

1714001557

[leevalle]

Coulda mobile wallet be an acceptable form of collateral?

[Muhammed Zakir]

Coulda mobile wallet be an acceptable form of collateral?

Yes! but it is little difficult. You must have some coin it!
Kindly,
      MZ

[leevalle]

Coulda mobile wallet be an acceptable form of collateral?

Yes! but it is little difficult. You must have some coin it!
Kindly,
      MZ

I mean mobile wallet like ISIS WALLET, which is tied to my bank and credit card. Its a form of NFC patment

[DiamondCardz]

Bumping this as it might still stop a couple people from wasting their time trying to get a loan with no collateral. Obviously, scammers are scammers and they'll still attempt to scam, but this sticky will stop some people from wasting their time.

[Bobblehead Pete]

Hmmmm... can anyone give an example of a perfect collateral if the one who wants to loan is in, for example, asia?

[slu2]

Has anyone figured out how to correctly and safely offer up Real Estate deeds, or car titles, with a lien or something of that sort.

I have a 4 plex deed and all of my vehicles are paid for with title in hand.   But how to accomplish a lien or something like that?

I may have to try to find a lawyer that deals with Bitcoin, but so far I haven't found anyone who has a confident answer on this, including my own business lawyer.

[DaNksta]

If they had collateral they probably wouldn't need a loan =/  most would sell their stuff or use it as collaterall for a pawn shop loan

[Muhammed Zakir]

If they had collateral they probably wouldn't need a loan =/  most would sell their stuff or use it as collaterall for a pawn shop loan

2 different answers based on 1 answer? Some collateral are precious which we don't like to sell but you need money, so you can take a loan putting *it* as collateral.

   ~~MZ~~

[slu2]

I got a loan 2 days ago at BTCJam.com for nearly 4 BTC, no collateral.

It took two tries, but I finally got funded.

I am seriously considering setting up a "title loan by bitcoin" company.   This has to be fairly easy to put together.

[DiamondCardz]

I got a loan 2 days ago at BTCJam.com for nearly 4 BTC, no collateral.

It took two tries, but I finally got funded.

I am seriously considering setting up a "title loan by bitcoin" company.   This has to be fairly easy to put together.

Because BTCScam is a terrible site where gullible people go. The repayment rate is something like 75% I think. You lose a ridiculous amount of cash investing.

[slu2]

I got a loan 2 days ago at BTCJam.com for nearly 4 BTC, no collateral.

It took two tries, but I finally got funded.

I am seriously considering setting up a "title loan by bitcoin" company.   This has to be fairly easy to put together.

Because BTCScam is a terrible site where gullible people go. The repayment rate is something like 75% I think. You lose a ridiculous amount of cash investing.

I made a mistake investing the amount of 0.2 btc in two scammers.  So I've lost 0.4 BTC in bad investments, but I have made all of the coin back and then some, so my losses have been covered by my gains.

My loan will be paid back, so I will be another good example of BTCJam.

[abstream]

All this threads for lending makes me wonder - why would you lend bitcoin to forum members if there are exiting platforms/websites for lending(where borrowers have some credit score) - I am not posting the names since I am really interested in the answer and I am not here to spam or advertise...

[abstream]

liquid altcoin?

Hmmmm... can anyone give an example of a perfect collateral if the one who wants to loan is in, for example, asia?

[btcminer021]

Good sticky. Would be nice to see a list of Legendary members who facilitate escrow in order to strengthen the community.

[DiamondCardz]

I've been rather shocked by the fact people are getting back into the habit of requesting No Collateral loans, and I'd strongly encourage lenders to start enforcing this rule more closely again. Just because one No Collateral loan worked doesn't mean it's a good idea.

That said, I understand why the threads offering No Collateral loans came about - there's clearly a fairly attractive market there and you could make some nice coin from the interest. But should still not request No Collateral loans without high trust (i.e. my level, not trying to boast).

[cryptodojo]

Great tidbit of info for Newbies to lending.  Thanks for educating us ALL!

[hunkey600]

i was just thinking why give negative trust if someone has requested loan without collateral, i mean he has not done anything wrong yet....i mean if you think borrower is not trust worthy then simply avoid that person and don't give loans. I am just saying this maybe because of this someone innocent can suffer.

[Muhammed Zakir]

i was just thinking why give negative trust if someone has requested loan without collateral, i mean he has not done anything wrong yet....i mean if you think borrower is not trust worthy then simply avoid that person and don't give loans. I am just saying this maybe because of this someone innocent can suffer.

Are you telling to encourage people without any trust who is very probable alt of established users to ask for loans in a place where users even scammed for as little as $1(maybe less)? Leaving negative trust is to prevent scam. You can see most accounts will be inactive after receiving negative trust which shows those accounts were made solely to ask loan(s).

[DiamondCardz]

i was just thinking why give negative trust if someone has requested loan without collateral, i mean he has not done anything wrong yet....i mean if you think borrower is not trust worthy then simply avoid that person and don't give loans. I am just saying this maybe because of this someone innocent can suffer.

Because it prevents people from being scammed, simply. It's the best measure that can be taken to avoid endless scamming and in all fairness it's only applied where a scam is extremely obvious - no sane person goes on an anonymous online person and asks for a 2 BTC loan with no collateral or anything.