[CLOSED] Offering 8BTC Line of Credit @ 15% APR

[gregwtmtno]

How it works:

1. Give me your Bitcoin address.

2. I give you the link to your bucket.

3. Withdraw money when you need it. The money can only be withdrawn to the address you supplied me.

4. Pay interest. Interest on the amount you’ve borrowed is automatically taken from the bucket. Just like any other line of credit, if you haven’t borrowed anything or you pay it back your balance before the interest period, you pay nothing!

That’s really all there is to it. You just have to make sure the bucket is never at zero when it’s time to pay interest.

Why not just take out a loan? With a line of credit, you don’t have to negotiate a new loan every time you need to borrow money. You have the security of knowing that money is available to you.

Additionally, like any other credit line, if you consistently pay off your balance, there may be opportunity to expand your credit.

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[BurtW]

Can you do larger lines of credit?

[gregwtmtno]

Can you do larger lines of credit?

Yes, larger credit lines are an option. I was hoping to start out small though. What were you thinking?

[BurtW]

Just curious.  Not interested in borrowing (at that rate anyway) since I am a lender with my own "bank" called IBM.  (See https://bitcointalk.org/index.php?topic=61756.0)

Interesting idea.  We will see how it goes

[PatrickHarnett]

That’s really all there is to it. You just have to make sure the bucket is never at zero when it’s time to pay interest.

or? 

I need to make this more than a one word post - looks like someone could set up the credit, drain it and be gone.  What else is there as a protection?

[gregwtmtno]

That’s really all there is to it. You just have to make sure the bucket is never at zero when it’s time to pay interest.

or? 

I need to make this more than a one word post - looks like someone could set up the credit, drain it and be gone.  What else is there as a protection?

I mean, it works like any other loan. Anyone making a loan or setting up credit has to make a judgement on how whether the debtor is worthy of credit or not. Credit card companies take the same risks.

[PatrickHarnett]

Thanks for the quick response.  I looked at the "bucket" when you launched the concept a little while ago, and it's a good idea.  It has it's place and uses amongst the different offerings in the lending space, and I hope it works for you.

[SgtSpike]

What kind of personal information do you require for a person to take out a line of credit?

[gregwtmtno]

What kind of personal information do you require for a person to take out a line of credit?

That would depend mostly on the size of the credit. For something really small, good reputation on the forum would be enough. It would be nice to see a previous repaid loan too.

[dmcurser]

I am interested in loaning 25 btc for one months time so I can finish funding new hardware. https://bitcointalk.org/index.php?topic=63596.0 is my request post recent loan https://bitcointalk.org/index.php?topic=62302.0 also sure that shakaru,notme,nelisky can all vouch for me would love to do business with you. Plz let me know as I need this to fund  my purchase tommorow

[notme]

I am interested in loaning 25 btc for one months time so I can finish funding new hardware. https://bitcointalk.org/index.php?topic=63596.0 is my request post recent loan https://bitcointalk.org/index.php?topic=62302.0 also sure that shakaru,notme,nelisky can all vouch for me would love to do business with you. Plz let me know as I need this to fund  my purchase tommorow

I sold dmcurser some GPUs, the transaction went smooth.