$500 Loan Request - with collateral - help me pay for school!

[NotoriousBIT]

Okay folks, I didn't want to take out a loan for this but it's getting crunch time and the money isn't falling out of the sky anytime soon.  I actually need more but I've worked out a payment plan to pay half of the tuition for class before June 2nd, and the other half within a month.  The first half of the payment is about $650.  I'm requesting $500 because I think I have about that much in collateral.  Since this is my first loan of any type on here, and to protect myself, I only want to use a trusted escrow.  I'll be happy to give a little goodwill that person's way.

Anyway, the kicker with this is I'm not sure how long it will take to repay.  I get paid every two weeks, and I think I could do around $25-100 from each paycheck.  I do get some much needed tuition reimbursement coming in August.  I'd like to set a percentage interest and stick with it.  Also would appreciate sticking to cash prices since I expect BTC to go up in value.

For collateral, I can offer about $500 in Bitcoin stocks, Litecoin, Dogecoin, Ripple, Myriad, and NXT.  I haven't transferred stocks before but I believe it should be a simple little process.

Open to listen to any terms.  My only needs are a trusted escrow and the loaner being okay with accepting anywhere from $25-100 every two weeks. 

[monbux]

Wait, so you are taking a loan in USD and providing a bitcoin collateral?  If so, I could work with that...  But I would only be able to partially fund this loan, how do we send you the money?  In cash?  Through paypal?  And of course, $500 USD worth of bitcoin is a bit too small for me. 

[NotoriousBIT]

Well, I was actually wanting to receive BTC for the loan but I guess cash would work just as well.  Truthfully it doesn't matter.  I'd have to do a little more research into Paypal's (crap) policies when it comes to this.  I know the ease of scamming on Paypal.

I just don't want to cash out my Bitcoin stocks and altcoins. 

I know $500 isn't much for a longterm loan.  I considered asking for more but I now people want the collateral to match up, and I just can't do it.  The amount I currently owe is about $1200.  I think the highest I would ask for is $800.  Honestly, I'd be up for a 25% loan at $800 and pay back $1000 if the loaner is willing to be patient with getting it paid back.  I'm pretty desperate because I need this class to graduate on time and had car trouble that used up my savings.

[Vod]

Well, I was actually wanting to receive BTC for the loan but I guess cash would work just as well.  Truthfully it doesn't matter.  I'd have to do a little more research into Paypal's (crap) policies when it comes to this.  I know the ease of scamming on Paypal.

I just don't want to cash out my Bitcoin stocks and altcoins. 

I know $500 isn't much for a longterm loan.  I considered asking for more but I now people want the collateral to match up, and I just can't do it.  The amount I currently owe is about $1200.  I think the highest I would ask for is $800.  Honestly, I'd be up for a 25% loan at $800 and pay back $1000 if the loaner is willing to be patient with getting it paid back.  I'm pretty desperate because I need this class to graduate on time and had car trouble that used up my savings.

I'd be a coin escrow if you need one.  BTC and LTC only. 

[NotoriousBIT]

Just a quick bump/update.  Still looking to get this filled.  I'll give it 24 hours then I think I'll cash out all my holdings.  Still open to terms and we'll find something we can both agree on.

[NotoriousBIT]

Got an offer through PM and replied.  I'll post the reply here but leave out the person's name until we can agree on something.  Just want this to be out in the public.  I'm sending Vod a PM to see if he's still open to being an escrow.  Anyway, here's my reply :

Yes, and I'll be happy to work with you.  What kind of terms are you looking for?  In the thread, Vod offered to be an escrow.  I don't know him or really anyone, but he has +8 trust so I'll contact him to see if he is still offering.

As for terms, I request $500 worth of Bitcoin and want to pay back $500 worth of Bitcoin, with each payment being valued in USD.  So if the Bitcoin value rises or falls, the amount of Bitcoin I pay back will be higher or lower, but the USD value will be the same.  I hope this makes sense.

As for % interest, how does 15% of 500 sound?  That would mean I pay back $575 with payments every two weeks.  As I said in my thread, I'm looking to pay back between $25-100 every two weeks.  I'll also pay the escrow 5-10%, so from $25-50.

Let me know if this works for you, and I'll contact Vod.  I'll also post this in the thread so we can have it for public viewing.



A quick note, due to the delays in getting Bitcoin cashed out to USD with banks, I'll be looking to get the loan within about 24 hours from now, so if we can't do this I may have to cancel and pull out.



Thanks!

[haploid23]

Wow 10% escrow is a bit much. Some escrow for free, or a service fee of 1%.

[Vod]

Let me know if this works for you, and I'll contact Vod.  I'll also post this in the thread so we can have it for public viewing.

I'll also pay the escrow 5-10%, so from $25-50.

I'm happy to escrow for these terms.  OP is asking to trade securities for escrow - I'm asking for coin.

[NotoriousBIT]

Yeah, thanks for the interest guys but couldn't really get it to work with the securities tied up.  I'm gonna cash out my altcoins for the moment and do what I can to find the rest.  So cancel this loan request.  Thanks anyway!