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Author Topic: What do you need a loan for?  (Read 522 times)
thezerg
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April 11, 2012, 06:46:41 PM
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I know this is probably better posted in the loans area but of course I can't post there right now.  I'm fascinated by the micro-loaning going on here, and in other currencies.  Where I live (USA), there is not much I can think of off the top of my head that you would need to borrow (say) 20BTC for and then actually be able to pay back 22 (or whatever) in a few weeks.

If you do not consider your business private, I'd love to hear your story!

Thx!
thezerg
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Wekkel
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April 11, 2012, 07:33:51 PM
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Just an example I could think of:

You want to make payment in BTC now, but must acquire BTC first. Solution: you lend BTC now, and acquire BTC right thereafter in exchange for dollars afterwards to pay back the loan. Could still be cheaper than regular payment if the fees are stiff.

For Europe however, that would hardly be a viable reason due to free SEPA payments within the EU-zone.

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Stephen Gornick
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April 11, 2012, 10:00:04 PM
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You want to make payment in BTC now, but must acquire BTC first. Solution: you lend BTC now, and acquire BTC right thereafter in exchange for dollars afterwards to pay back the loan. Could still be cheaper than regular payment if the fees are stiff.

correctIon: you *borrow* BTC now ...


Yup, the delays in getting funds moved to the exchanges are a big reason.  Sending funds to an exchange can be done using cash deposit at a bank nowadays using BitInstant, for example, but that is in the 4% fee range and takes a trip to the bank.   If a BTC line of credit could be drawn from, then the purchase using the proceeds of the loan can occur today.  Then when the cash transfer via electronic means (e.g., through Dwolla, for instance) occurs bitcoins can be bought later and the loan paid off.

Where I live (USA), there is not much I can think of off the top of my head that you would need to borrow (say) 20BTC for and then actually be able to pay back 22 (or whatever) in a few weeks.

There are lot of instances where BTC funds are the only or best payment method.   When the seller dictates the payment method the buyer complies.  And there are other reasons as well.   Like to pay off a previous loan.  (Ya, taking a loan to pay off a previous loan -- crazy!  Who do they think they are, the U.S. Government?)   And, don't forget, some of these requests are being made by scammers -- either with the intention of defaulting when taking the loan, or with the intention of repaying and building a good reputation history (see definition of "confidence game") to be able to do a bigger scam down the road.

btccomm
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April 11, 2012, 10:05:08 PM
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has anybody combined Bitcoin with the Kiva http://www.kiva.org/ (micro loan) concept?
ShireSilver
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April 12, 2012, 09:12:03 PM
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has anybody combined Bitcoin with the Kiva http://www.kiva.org/ (micro loan) concept?
I've been wondering that too. Wish I had time to work on it myself.

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