Loan buisness profitable??

[Timbits]

I see a lot of people on here offering loans is this a profitable venture or is more for helping out the community???

[Candystripes]

It's not profitable unless you are extremely strict and lucky that users don't default. Try loaning with collaterals, that is profitable.

[bitkilo]

Try asking marcotheminer he does a lot of loans on this site.
There is also many other people doing loans here so as long as you get collateral for the loans you give out you shouldn't have too many problems if they don't pay back.

[justinetime]

I see a lot of people on here offering loans is this a profitable venture or is more for helping out the community???

They will never do that if they can't make profit.
If you have a plan to offer loan, take a collateral to protect you from loan scammer.

[stellar69]

I see a lot of people on here offering loans is this a profitable venture or is more for helping out the community???

I guess yes, the loan business is profitable. I have seen many people making nice profit out of it. The only thing to take care of is that you give loan to right people. People who don't even charge any interest on loans are also in profit because people are happy to tip them while repaying the loan.

[waterpile]

It depends on how you manage your loaning service. Take not there are so many users offering loaning service, so competition is high

[mailmansDOGE]

I see a lot of people on here offering loans is this a profitable venture or is more for helping out the community???

Some people who manage their campaign well have a lot of profit while loaning out to people. I think MZ is in profit even though he doesn't charge any interest. Good things happen to good people.

[enryk]

I see a lot of people on here offering loans is this a profitable venture or is more for helping out the community???

Loaning to trusted members of the forum is fine. However you have to be extra careful each time while loanin.

[bitkilo]

If you not careful you can fall for tricks like this member is trying to pull:
https://bitcointalk.org/index.php?topic=948352.0

[micky123]

I was also wondering the same. I want to get into the loaning business. I have loaned a few people and my profits from loaning have outweighed my losses so far.
I understand that collateral is extremely important when requesting a loan and i feel that is the way to go. In case the lendee is willing to my terms of providing collateral, but requests for an escrow, are there any members on the forum who accept escrow without any fee as a service to the community? I know i can always ask the lendee to pay escrow fees if they insist. I would be very wary of using their suggested escrow though, unless the member is a well known and trusted member of the community.

[bitkilo]

I was also wondering the same. I want to get into the loaning business. I have loaned a few people and my profits from loaning have outweighed my losses so far.
I understand that collateral is extremely important when requesting a loan and i feel that is the way to go. In case the lendee is willing to my terms of providing collateral, but requests for an escrow, are there any members on the forum who accept escrow without any fee as a service to the community? I know i can always ask the lendee to pay escrow fees if they insist. I would be very wary of using their suggested escrow though, unless the member is a well known and trusted member of the community.

You should only ever use a escrow that both parties approve to.
Here is a list of escrow providers, some are free or as little as 1%.
https://bitcointalk.org/index.php?topic=108716.msg1180916#msg1180916

Acceping forum accounts as collateral is also risky because they can become hard to sell when so many are on the market like now.

This is also good advise when deciding on escrow provider.

State your Reputability, and any fees you require.

Another criteria might be if the escrowed funds will be held in full, without being lent out.
Also there's no protection from the "oops I got hacked" out.   I'm not sure what that might be ... perhaps promising to hold the funds are held in an offline, cold storage wallet?  (using Armory to create the spend transaction from the online node, thus no electronic hack is possible.)

Good luck.

[micky123]

I was also wondering the same. I want to get into the loaning business. I have loaned a few people and my profits from loaning have outweighed my losses so far.
I understand that collateral is extremely important when requesting a loan and i feel that is the way to go. In case the lendee is willing to my terms of providing collateral, but requests for an escrow, are there any members on the forum who accept escrow without any fee as a service to the community? I know i can always ask the lendee to pay escrow fees if they insist. I would be very wary of using their suggested escrow though, unless the member is a well known and trusted member of the community.

You should only ever use a escrow that both parties approve to.
Here is a list of escrow providers, some are free or as little as 1%.
https://bitcointalk.org/index.php?topic=108716.msg1180916#msg1180916

Acceping forum accounts as collateral is also risky because they can become hard to sell when so many are on the market like now.

This is also good advise when deciding on escrow provider.

State your Reputability, and any fees you require.

Another criteria might be if the escrowed funds will be held in full, without being lent out.
Also there's no protection from the "oops I got hacked" out.   I'm not sure what that might be ... perhaps promising to hold the funds are held in an offline, cold storage wallet?  (using Armory to create the spend transaction from the online node, thus no electronic hack is possible.)

Good luck.

Awesome information to have, especially for a newbie setting out into the big, bad world of loaning btc  .
I would never accept forum accounts or any other accounts for that matter. I am planning to only accept alt coins as collateral as i can liquidate them easily in case of default. So, is it accepted to give some grace period in case the person is unable to pay back on time, before i could liquidate the collateral? I think one PM to advise them of the delay should be sufficient and if no reply, in 2 days, i could go ahead and liquidate the collateral?

[jorjito25]

I was also wondering the same. I want to get into the loaning business. I have loaned a few people and my profits from loaning have outweighed my losses so far.
I understand that collateral is extremely important when requesting a loan and i feel that is the way to go. In case the lendee is willing to my terms of providing collateral, but requests for an escrow, are there any members on the forum who accept escrow without any fee as a service to the community? I know i can always ask the lendee to pay escrow fees if they insist. I would be very wary of using their suggested escrow though, unless the member is a well known and trusted member of the community.

You should only ever use a escrow that both parties approve to.
Here is a list of escrow providers, some are free or as little as 1%.
https://bitcointalk.org/index.php?topic=108716.msg1180916#msg1180916

Acceping forum accounts as collateral is also risky because they can become hard to sell when so many are on the market like now.

This is also good advise when deciding on escrow provider.

State your Reputability, and any fees you require.

Another criteria might be if the escrowed funds will be held in full, without being lent out.
Also there's no protection from the "oops I got hacked" out.   I'm not sure what that might be ... perhaps promising to hold the funds are held in an offline, cold storage wallet?  (using Armory to create the spend transaction from the online node, thus no electronic hack is possible.)

Good luck.

Awesome information to have, especially for a newbie setting out into the big, bad world of loaning btc  .
I would never accept forum accounts or any other accounts for that matter. I am planning to only accept alt coins as collateral as i can liquidate them easily in case of default. So, is it accepted to give some grace period in case the person is unable to pay back on time, before i could liquidate the collateral? I think one PM to advise them of the delay should be sufficient and if no reply, in 2 days, i could go ahead and liquidate the collateral?

Yes, but normaly if the ask for a loan they dont have alts...

[bitkilo]

I was also wondering the same. I want to get into the loaning business. I have loaned a few people and my profits from loaning have outweighed my losses so far.
I understand that collateral is extremely important when requesting a loan and i feel that is the way to go. In case the lendee is willing to my terms of providing collateral, but requests for an escrow, are there any members on the forum who accept escrow without any fee as a service to the community? I know i can always ask the lendee to pay escrow fees if they insist. I would be very wary of using their suggested escrow though, unless the member is a well known and trusted member of the community.

You should only ever use a escrow that both parties approve to.
Here is a list of escrow providers, some are free or as little as 1%.
https://bitcointalk.org/index.php?topic=108716.msg1180916#msg1180916

Acceping forum accounts as collateral is also risky because they can become hard to sell when so many are on the market like now.

This is also good advise when deciding on escrow provider.

State your Reputability, and any fees you require.

Another criteria might be if the escrowed funds will be held in full, without being lent out.
Also there's no protection from the "oops I got hacked" out.   I'm not sure what that might be ... perhaps promising to hold the funds are held in an offline, cold storage wallet?  (using Armory to create the spend transaction from the online node, thus no electronic hack is possible.)

Good luck.

Awesome information to have, especially for a newbie setting out into the big, bad world of loaning btc  .
I would never accept forum accounts or any other accounts for that matter. I am planning to only accept alt coins as collateral as i can liquidate them easily in case of default. So, is it accepted to give some grace period in case the person is unable to pay back on time, before i could liquidate the collateral? I think one PM to advise them of the delay should be sufficient and if no reply, in 2 days, i could go ahead and liquidate the collateral?

Yes it would be best to send a aminium of 1 PM advising the loan is late and you will sell their alt coin collateral if no reply within 24 hrs, also check to see if they have been online since your last PM.

Alt coins like btc are very volatile, so it would be best to get 120% of alt coin collateral or your btc loans, that way if the price moves much you can still cover your loses.

[micky123]

I was also wondering the same. I want to get into the loaning business. I have loaned a few people and my profits from loaning have outweighed my losses so far.
I understand that collateral is extremely important when requesting a loan and i feel that is the way to go. In case the lendee is willing to my terms of providing collateral, but requests for an escrow, are there any members on the forum who accept escrow without any fee as a service to the community? I know i can always ask the lendee to pay escrow fees if they insist. I would be very wary of using their suggested escrow though, unless the member is a well known and trusted member of the community.

You should only ever use a escrow that both parties approve to.
Here is a list of escrow providers, some are free or as little as 1%.
https://bitcointalk.org/index.php?topic=108716.msg1180916#msg1180916

Acceping forum accounts as collateral is also risky because they can become hard to sell when so many are on the market like now.

This is also good advise when deciding on escrow provider.

State your Reputability, and any fees you require.

Another criteria might be if the escrowed funds will be held in full, without being lent out.
Also there's no protection from the "oops I got hacked" out.   I'm not sure what that might be ... perhaps promising to hold the funds are held in an offline, cold storage wallet?  (using Armory to create the spend transaction from the online node, thus no electronic hack is possible.)

Good luck.

Awesome information to have, especially for a newbie setting out into the big, bad world of loaning btc  .
I would never accept forum accounts or any other accounts for that matter. I am planning to only accept alt coins as collateral as i can liquidate them easily in case of default. So, is it accepted to give some grace period in case the person is unable to pay back on time, before i could liquidate the collateral? I think one PM to advise them of the delay should be sufficient and if no reply, in 2 days, i could go ahead and liquidate the collateral?

Yes, but normaly if the ask for a loan they dont have alts...

Thank you for the information. If i offer interest free or very low interest, i believe i deserve to hold some collateral just to protect myself from those scammers who would no doubt, ask for loans from time to time. I am not comfortable asking for accounts as collateral simply because the user can go back and claim that their account was hacked or they could very easily reset their password by using "Forgot Password" on this forum. If i ask for accounts as collateral, i don't think its a good practise to change the email / other info associated with the account, just to protect myself, right?

[jorjito25]

But is the only way to protect you, insnt it?