I think Jr. Member account is not accepted.
I think High Ranking account would be best as collateral to hold for people who will avail your loan and you don't know them well...
Topic: Account as collateral - How it reflects the forum rule? - page 2. (Read 445 times)
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There are no forum rules on this. You can accept whatever you want as collateral and is entirely up to you to secure.
On the lending section I have seen lenders are offering accounts as collateral, I did the same on my lending service topic following their examples. However, I need a bit of clear understanding.
When a lender ask an account as a collateral for the loan then how does the deal work?
Let's say the answer is "a". In that case - since account selling/buying is prohibited or technically speaking the DTs don't like it - so, if a borrower default a loan and the lender have his/her account in control then how would the lender use the account?
When a lender ask an account as a collateral for the loan then how does the deal work?
- a) Do the lender takes control of the account of borrower before lending the loan? or
- b) It's just a written contract that the account is the collateral and if the borrower default the loan then the lender will ask for the account credentials. (this will be a stupid move IMO, the borrower can deny to give the credentials later)
Let's say the answer is "a". In that case - since account selling/buying is prohibited or technically speaking the DTs don't like it - so, if a borrower default a loan and the lender have his/her account in control then how would the lender use the account?
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