⚡️⚡️⚡️[ANN] [PRE-ICO] LendsBay | Credit ecosystem - page 21.

gee777

member

Activity: 728

Merit: 10

Quote from: Owillz on July 17, 2018, 04:25:52 PM

Quote from: ethtrader16 on July 17, 2018, 09:25:22 AM

I just saw on their Twitter and they are rewarding to followers with 5 lendsbay tokens. Exactly I couldn't found that the reason of rewards. But this is a great things that they are giving tokens as rewards.

How do they select the top followers? I mean on what criteria are they ranked top?? By the way congratulations to the winners though

Wow this is interesting. 5 LendsBay to their twitter followers. This is very appreciative of the team and very rewarding for the Followers.

Mr. Boat

newbie

Activity: 72

Merit: 0

Loving these shillas talking about the next "lending coin" scam, just wait..... then you will all change your tune.

phantam

full member

Activity: 546

Merit: 106

Bountyhive.io

They default proceedings was bound to be a hot button issue so it’s good that the team really is putting efforts to streamline it and people realize these loans will be no joking manner they are real person to person loans

CryptoBeefy

full member

Activity: 378

Merit: 100

Quote from: cryptossi on July 17, 2018, 09:39:09 AM

Quote from: RyCriptoC on July 17, 2018, 04:43:26 AM

Quote from: cryptossi on July 17, 2018, 03:27:01 AM

Quote from: tevez_86 on July 16, 2018, 09:58:50 AM

Quote from: cryptossi on July 16, 2018, 09:27:28 AM

Quote from: faulerwilli on July 16, 2018, 04:54:20 AM

Quote from: nesh1 on July 16, 2018, 04:45:05 AM

Quote from: cryptossi on July 16, 2018, 03:02:39 AM

Lendsbay introduces a lot of flexibility in terms of credit history, ones credit history is no longer limited to one country, with Lendsbay people can get a loan anywhere in the world.

So as i understand i can get a loan from another country through Lendsbay? why is that better then getting a loan in your own country.

Maybe you will not get credit in your own country. Or the interest rates are lower in another country. Maybe there are too few users of the app in your country. There are many possibilities

Yes exactly, it gives lendees more freedom, I'm still trying to figure out whether lendees/lenders need to hold a certain amount of LBT before they participate in a loan contract on the Lendsbay platform? I've asked around and read the whitepaper but I haven't received any clarification yet.

As in a deposit/holding fee? makes sense i guess and is definitely a good question to ask. i haven't had a thorough look but is there anywhere that states what happens if the loan isn't paid back?

The team have answered my query and it is not necessary to hold LBT to take out a loan, but a specific amount needs to be repaid in LBT tokens. Still trying to get an answer on what percentage or amount of the loan needs to be paid for by LBT.

On repayment it depends really, because in theory a Lendsbay loan should always be repaid due to the very nature that the lender is lending their money to a friend, relative or acquaintance which should reduce the risk because it would ruin a relationship. There is insurance that can be purchased to manage the risk. In all honesty I need to look into it a little bit further.

Very good information, thanks for sharing! So even though we don't need to hold LB tokens we still need to buy some before taking loan from anyone.

Found out some more information from the team about loan defaults on the Lendsbay app today. Lendsbay facilitate the signing of an enforcable contract between the lender and borrower. If there is default and someone fails to make their repayments, the app can generate an application for a court claim if the lender wishes to pursue this action. The lender then goes to court personally or with assistance of Lendsbays specialists. The claim will be enforced by bailiffs and the credit rating of the borrower will fall on the app and it probably become impossible for them to borrow money from their personal network again.

Good work that's awesome to hear, so glad they have a built in mechanism to handle a default of payment, good job LendsBay

em777

jr. member

Activity: 574

Merit: 1

when you are fed up transfer your crypto to me

Quote from: ethtrader16 on July 17, 2018, 09:25:22 AM

I just saw on their Twitter and they are rewarding to followers with 5 lendsbay tokens. Exactly I couldn't found that the reason of rewards. But this is a great things that they are giving tokens as rewards.

lendsbay held a world cup betting challenge I believe those people won, I was too carried away I couldn't participate any congratulations to all of em

phantam

full member

Activity: 546

Merit: 106

Bountyhive.io

Quote from: Owillz on July 17, 2018, 04:25:52 PM

Quote from: ethtrader16 on July 17, 2018, 09:25:22 AM

I just saw on their Twitter and they are rewarding to followers with 5 lendsbay tokens. Exactly I couldn't found that the reason of rewards. But this is a great things that they are giving tokens as rewards.

How do they select the top followers? I mean on what criteria are they ranked top?? By the way congratulations to the winners though

Probably most Active promoting the project on social media I mean it makes sense to reward people who are helping the project to grow hopefully they will continue to do small things like this that with the community knows they’re being rewarded for helping the project grow overtime

vabchgent

sr. member

Activity: 840

Merit: 251