Topic: 1-2 BTC 2 Week Loan needed to keep up with demand - 25% Interest rate (Read 1578 times)

Yes you already said you maxed out your coinbase purchases. So again, with that much cash why are you not resourceful enough to buy btc through other means? There are plenty of ways, and 2btc can easily be bought with cash deposits, Vanilla, moneypaks, WU, MG, etc.

Asking for a loan because you have no other means to get btc is a red flag. There's no reason for you to pay 25% interest on a loan when you can buy the btc for just a few percentage above market rate.

So, what position are you in now? You no longer need the loan?

The issue was never the cash - it was that all my methods of acquisition were fully tapped until this morning - still waiting on coinbase. And honestly I had no worried about the interest rate, I make fair margins and I knew that the price would bounce back. 25% interest on an emergency loan isn't that bad. That was my max to break even - and that was my goal, to not turn away customers. Sadly I did, and may have to again, but am in a much better spot.

You obviously have the cash, and you're not new to making the exchanges. So what's so hard about using some of that cash to go buy some btc rather than asking for a loan with a higher interest than the premium for buying quick btc? Many people on this forum can easily fill a request of 2btc exchange.

Its sort of a "hard money" kind of loan.  That's really the only thing makes sense on an anonymous forum
with an anonymous currency.

Too many scammers and too easy to scam.

I noticed that - but honestly I just don't understand why this community is so focused on collateral. There are very easy ways to verify lenders ability to repay. I understand that's how it is- but I just was sorta surprised I could walk into a bank and get $100,000 dollars in unsecured credit and manage perfect payment history for nearly a decade, have an 800+ FICO but yet I'm less likely to pay back than someone who gives collateral in "cannabis coin". I've asked for less than $1,000 dollars in BTC. I mean I understand people don't want to be scammed. But there has to be a better way to do this. How is a persons history of borrowing and repayment considered unreliable when it's the basis for our entire economy?

BTC as a principle prides itself on the basis in its technology and finality. That's also what personal responsibility is, and in regards to finance I've demonstrated that as best possible and was offering almost my entire life just so I wouldn't disappoint my customers. I was literally willing to pay 25% interest when my credit history should get me a 4% rate max. However because I don't have as many forum posts or .01 BTC trades im likely a scammer. I just want there to be a better way for people who have more proof in financial responsibility than forum posts to be treated fairly.

Really the concept of BTCJam is great if it actually requested and reported to credit bureaus. Obviously this is different internationally - but if mom and pops renting houses can check and report to bureaus, there surely can be a group that does that with BTC. I know this seems like a rant - but it really frustrated me to see what seemed such an inefficient means of lending. Really i see people offering up noname derivatives of BTC and that takes more credence over a Passsport scan, credit report, bank statement, signed promissory note, proof of residence and paypal invoice....

no one will provide this loan but if you provide a good collateral its another story.

Updated a bit - i'd be borrowing up to 2 BTC, first bitcoin returned within 48 hours at the 25% rate, second within a week at a 20% rate

If you'd like me to make a blood oath and put it on youtube or give you every bit of financial proof I have I'm willing to do it.

I know man - it's a shitty situation. I hate these limits. I figured I was going quite a step further by providing a promissory note, access to the paypal account, documentation of my credit, bank statements, access to my ID, etc. I understand its hard for people to trust, but i'm literally offering every bit of personal info I can to make this happen. If it doesn't, it doesn't. But I know Im honest, I want someone who's honest, and i'm more than willing to pay for it.

Any advice for what else I could possibly do without another cryptocurrency? I mean i've offered bank/paypal invoices, dont know what more I can do.

All you can really do is turn people away.  Stop asking for a loan without collateral or you will get negative trust.   

Upping it to 25% for the first week as I badly need to keep my clients happy - willing to take a loss as long as it means I don't start turning people away.

Again, I'll provide any forms of ID, a signed invoice/promissory note showing I owe the money, bank statements and my credit history, and anything else you'd ask for.

Really appreciate it guys.

Unfortunately it doesn't look like the loan will work as its been offered from glennmatthew - am willing to up the interest rate an additional 5% if need be. I'm willing to take a loss as long as I don't have to shut down business.

Appreciate it.

I'll flick you a PM and offer a contingency, if someone else can't offer you a loan.

All of that sounds fine to me - I was hoping to have a legal document signed, however I'm only looking for BTC at the moment. I'm really at a point where all of my options to acquire BTC quickly are maxed out. So, if you're able to provide BTC instead of funding via PayPal then I'm more than happy to do it.

I'll offer the full amount via Paypal now on the basis of the following (given it's a large amount):

1. We exchange full names, contact telephone numbers and residential addresses.
2. You sign and fax/scan a promissory note, legally binding in the Australian state of New South Wales.
2. You provide a copy of your ID and a bank statement.
3. You can repay the principle by Paypal or Bitcoin. The interest must be paid in Bitcoin.

Let me know if you're interested, and I'll email you a copy of the contract.

In the USA - what amount are you thinking you'd be willing to do?

I may do it.  Where are you located?

Loan amount: 1-2 BTC (whatever amount you're comfortable with)
Interest: 2% for 14 days

just upped the interest rate - I badly need an extremely short term loan, I sold significantly more Bitcoin after this drop than I expected and am willing to take a loss just to make sure I don't have to start turning away orders

Reason: I dabble in arbitrage with BTC for a little extra cash, however with the recent price drop I haven't been able to keep up with demand. I've maxed out my Instant Buy's on Circle and Coinbase and just need a "small" amount to make sure I don't have to turn away my usual customers. I can offer bank statements that show more than enough to cover this loan as well as provide scans of my driver's license or any other documentation you deem necessary. Only looking for 2 weeks as I've got no doubt that the price will stabilize and my limits will be down again. Offering a 20% premium on the BTC if it's paid back at the end of two weeks but would ask a good faith 15% rate if its paid back within the first week.

If the ID and statements are not enough, I can setup a Paypal invoice payable to you tied to the bank account as a safeguard. I'll prove that I have the assets and will provide you all the documentation you need to feel comfortable. In addition I've got over $100,000 in unused credit through Chase and Citi with a spotless payment history since 2007. Here's the basic proof of credit (will add more details for lender - and anyone who see's this please let me know if I left anything in here that's too identifiable):
http://imgur.com/a/6Ap2J

If there's something I'm not thinking of that would make this work please let me know, i'm willing to provide whatever I need to make sure I don't lose business! Please PM me and post here for transparency.

1JwU1f3VR8Lubnxnhtzf9a9rDPiCBmpZHj is the deposit address.