Giving loans out

[gurg2.o]

∆You must have credible reputation on the forum
∆Must be able to pay the loan back 5 days after loan (can ask for specific circumstances to extend)
∆Will pay back 20%+ loan
∆At this time will do loans up to 100 bit-coins

Thanks

[gurg2.o]

20% for a 5 day loan?

Is that high? I looked in the lending section and saw a lot of people doing 20%+ loans

[coinft]

20% for a 5 day loan?

Well it's high risk, and the market has moved more on occasion. While I can see the math behind it I still don't think this will fly...

-coinft.

[gurg2.o]

Well it's high risk, and the market has moved more on occasion. While I can see the math behind it I still don't think this will fly...

-coinft.

What if I did based on the usd value of the bitcoins to avoid fluctuating prices?

[papa_snurf]

20% for a 5 day loan?

Is that high? I looked in the lending section and saw a lot of people doing 20%+ loans

The annualized rate is 1.2^(365/5) = 602880 -> 60,277,900%.

Yes it is high.

[gurg2.o]

Alright what would be a good interest rate for a 5 day loan? Thanks

[Kluge]

Alright what would be a good interest rate for a 5 day loan? Thanks

Can I answer that in good forum etiquette? If so, I do 14D loans for 104% principal expected at time of payment for single-payment loans, 103% principal if payment's split between the seventh day and fourteenth. So 5 days? 102%, maybe. If this isn't good etiquette, I'll delete this post.

[Myrtlewood]

If the point of the loan is for short term speculation in the markets, that's not an unreasonable rate.  High reward belongs to high risk, which short term currency spec is by definition.

[John (John K.)]

∆You must have credible reputation on the forum
∆Must be able to pay the loan back 5 days after loan (can ask for specific circumstances to extend)
∆Will pay back 20%+ loan
∆At this time will do loans up to 100 bit-coins

Thanks

Its 20%+ interest for the whole loan period, usually for a month or other specified period. Not daily interest, that'll be loan-sharking already LOL. I suggest you post this loaning thread inside the lending subforum.

[Costia]

you could lower the rate and add a constant fee. like 3%+5BTC /week

[PatrickHarnett]

Best paying deposit rate is Priateat40, but let's say that is top of the range (30% month payout)

INAU (Ineedausername) is doing some loans higher than this, but smaller/shorter = 45%/month.  If you need it, it's there as a service.

I have loaned to INAU at 15%/month and have other loans of varying rates 10% to 15%.  A few short-term ones are higher.

Kludge is doing 10%/month.

notme is starting a savings/deposit system paying 1%/week, say 4%/month.

Within that range, the "market" is probably somewhere in the 10-15%/month range, but it depends on reputation, purpose etc.

[mmbregman]

Is there anyone willing to give me a loan of 3 BTC with a small fee? Even though I'm a noobiew?

[gurg2.o]

Sorry no

[JohnnyCash]

Maybe you should instead of giving loans act as an investor in ventures.

Person X says "I need 100 bitcoins for this business transaction, I expect Y profit and will give you Z percent of the profits." Then you can either accept Z or haggle a higher price.

[is4tomj]

gurg2.o,

If you go forward this idea, you will need to figure out how to establish a secured transaction.  A properly perfected secured transaction requires 1) attachment of the collateral; 2) perfection, so that other creditors, or buyers, are put on notice that the collateral has an effective lien; and 3) establish priority over other creditors.

Secured transactions make it possible for banks to give cheaper loans at lower rates. However, even with the best auditing processes some bowers will still default, and a secured transactions make it much cheaper for a creditor to get the money lent back.

In this case it seems very unlikely that you would be able effectively create an enforceable secured transaction by merely lending to those with a prominent presence on a forum.  This strategy is ridiculously risky and you will most likely loose all your bitcoins very quickly.

[packman]

I just got called by somebody telling me to stay off the bitcoin forums and that I was banned, so I am removing my number from this website.

[andresbtc]

What percentage of the loans are defaulted?

[PatrickHarnett]

What percentage of the loans are defaulted?

We're still building that information.  At the moment I'm running 10%.

[danishpride]

It's very easy to setup proper Bitcoin loans, just use same way those pay day loans work, take ID, have the persons contact details and do it all properly.

I will do loans of upto 200 BTC per person.

13% of amount loaned for no more than 14 days, so you borrow 100 BTC say 1st Jan and Pay Back 113 BTC on the 14th Jan.

Very easy. ID required and as I say works same process like payday loans, you don't see them giving out loans without ID etc.

Inbox If you want a loan.

[Kluge]

It's very easy to setup proper Bitcoin loans, just use same way those pay day loans work, take ID, have the persons contact details and do it all properly.

I will do loans of upto 200 BTC per person.

13% of amount loaned for no more than 14 days, so you borrow 100 BTC say 1st Jan and Pay Back 113 BTC on the 14th Jan.

Very easy. ID required and as I say works same process like payday loans, you don't see them giving out loans without ID etc.

Inbox If you want a loan.

Uhhh.... So you'll give me 200BTC if I just scan a copy of ID you have no way of verifying?