Bitcoin Forum
December 03, 2016, 05:57:32 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: [1]
  Print  
Author Topic: An experiment in loans  (Read 865 times)
Gareth Nelson
Hero Member
*****
Offline Offline

Activity: 722


View Profile
July 05, 2012, 02:53:32 PM
 #1

This is more an experiment than anything else.

I'll loan any random newbie or anyone else apart from known scammers or people who otherwise set off too many alarm bells even for this experiment up to 5BTC, here's my rates:

1BTC at 0.05BTC per week - 0.5BTC deposit up front to be returned after loan ends unless loan not repaid
2BTC at 0.1BTC per week   - 1BTC deposit up front to be returned after loan ends
3BTC at 0.2BTC per week   - 1.5BTC deposit up front to be returned after loan ends
4BTC at 0.3BTC per week   - 2BTC deposit up front to be returned after loan ends
5BTC at 0.4BTC per week   - 2.5BTC deposit up front to be returned after loan ends

If you can not make a deposit, the above rates increase by 0.1BTC per week and recurring payments are required
If payments are late, they will be taken out of the deposit, if there is no deposit then full details of the default will be posted in public.
If loans are not repaid then any deposit is forfeit.

Longest periods allowed:
1BTC for 1 month
2BTC for 2 weeks
3BTC for 2 weeks
4BTC for 1 week - unless you are willing to pay an extra of 0.2BTC per week, in which case 1 month
5BTC for 1 week - unless you are willing to pay an extra 0.4BTC per week, in which case 1 month

1480787852
Hero Member
*
Offline Offline

Posts: 1480787852

View Profile Personal Message (Offline)

Ignore
1480787852
Reply with quote  #2

1480787852
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1480787852
Hero Member
*
Offline Offline

Posts: 1480787852

View Profile Personal Message (Offline)

Ignore
1480787852
Reply with quote  #2

1480787852
Report to moderator
1480787852
Hero Member
*
Offline Offline

Posts: 1480787852

View Profile Personal Message (Offline)

Ignore
1480787852
Reply with quote  #2

1480787852
Report to moderator
danieldaniel
Hero Member
*****
Offline Offline

Activity: 854


View Profile
July 06, 2012, 03:51:54 PM
 #2

Just wondering, what exactly are you experimenting?

Raoul Duke
aka psy
Legendary
*
Offline Offline

Activity: 1442



View Profile
July 06, 2012, 03:56:54 PM
 #3

This is more an experiment than anything else.

I'll loan any random newbie or anyone else apart from known scammers or people who otherwise set off too many alarm bells even for this experiment up to 5BTC, here's my rates:

1BTC at 0.05BTC per week - 0.5BTC deposit up front to be returned after loan ends unless loan not repaid
2BTC at 0.1BTC per week   - 1BTC deposit up front to be returned after loan ends
3BTC at 0.2BTC per week   - 1.5BTC deposit up front to be returned after loan ends
4BTC at 0.3BTC per week   - 2BTC deposit up front to be returned after loan ends
5BTC at 0.4BTC per week   - 2.5BTC deposit up front to be returned after loan ends

If you can not make a deposit, the above rates increase by 0.1BTC per week and recurring payments are required
If payments are late, they will be taken out of the deposit, if there is no deposit then full details of the default will be posted in public.
If loans are not repaid then any deposit is forfeit.

Longest periods allowed:
1BTC for 1 month
2BTC for 2 weeks
3BTC for 2 weeks
4BTC for 1 week - unless you are willing to pay an extra of 0.2BTC per week, in which case 1 month
5BTC for 1 week - unless you are willing to pay an extra 0.4BTC per week, in which case 1 month



hmmm... So you're charging between 8% and 16% per week for a 5 BTC loan... or should I say, you're charging 16% and 32% per week, given that half of the principal is deposited as insurance.

Gareth Nelson
Hero Member
*****
Offline Offline

Activity: 722


View Profile
July 06, 2012, 08:44:14 PM
 #4

Just wondering, what exactly are you experimenting?

I want to see whether there is a market for people who are unknown but desire credit - risky borrowers basically - and see whether they would be willing to take out a secured loan.
squall1066
Legendary
*
Offline Offline

Activity: 1680


www.squallcoin.com


View Profile WWW
July 08, 2012, 10:57:45 AM
 #5

as a noob i thought you might like my insight, even though I am still new to all this I have still taken out small loans with other forum members for more than your offering, asking less in return, Now i appreceate that lenders such as your self would have to cut possible losses, and you all do it in various ways, But my main point is, What exactly would I do with a 1BTC loan? or actually a 0.5BTC loan as i would have to part with half up front. Ahh i hear you say, its to help me establish some kind of credit history with you and other forum members! good point but I do hear of people lending small amounts to get a bigger one (from other members mainly) then run off.

Please note I am in no way knocking your plan but just giveing a noob point of view, I know there are blatent scammers out there, I have seen some of the funny posts, So there must be a balance between trust and suspicion, Finding it, However, Is hard!

▄▄▄▄▄▄
▄▄▄▄
▄▄
◥◤
◢◣
.
JOIN THE CLUB !
▄▄▄▄▄▄
▄▄▄▄
▄▄

Bitrated user: squall1066.
Gareth Nelson
Hero Member
*****
Offline Offline

Activity: 722


View Profile
July 08, 2012, 03:18:56 PM
 #6

as a noob i thought you might like my insight, even though I am still new to all this I have still taken out small loans with other forum members for more than your offering, asking less in return, Now i appreceate that lenders such as your self would have to cut possible losses, and you all do it in various ways, But my main point is, What exactly would I do with a 1BTC loan? or actually a 0.5BTC loan as i would have to part with half up front. Ahh i hear you say, its to help me establish some kind of credit history with you and other forum members! good point but I do hear of people lending small amounts to get a bigger one (from other members mainly) then run off.

Please note I am in no way knocking your plan but just giveing a noob point of view, I know there are blatent scammers out there, I have seen some of the funny posts, So there must be a balance between trust and suspicion, Finding it, However, Is hard!

I am asking a lot, yes - but that's the experiment - I want to see whether risky borrowers really are more willing to pay more.
Pages: [1]
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!