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Topic: Best website to give out loans? Btcjam or ? - page 2. (Read 17075 times)

legendary
Activity: 2310
Merit: 1422
I lost around 0.40BTC even on B graded loans on bitbond: I will never use those platforms again.
I think it's better to start a lending thread here and make our own rules: I supposed (and I was wrong) that being on that platoform could have been better.



Yes, there are obvious risks involved with lending to users on the mentioned sites. However, the same thing could happen on the forums. Unless someone is better at verifying users information than the sites, I say stick to the sites.

Example: Someone on the forums is from India. I am American. I have no clue what to look for if someone sends me a fake ID, or other documents from that country. I am certainly not going to trust that person just because they have a hero account or similar. Especially seeing is how bitcointalk allows people to sell/transfer them. Now, if they were already signed up with a lending site, that verified as much of their information as possible, I will be much more inclined to invest with that person. Sure, there is still a chance the site gets fooled, but I also would not be investing a ridiculous amount.

You are correct though about making your own rules. As long as they are strict enough, you could easily guarantee no defaults, and/or at least breaking even.

General rule when giving loans to strangers (or even friends). Never give out more than you would be willing to lose at a craps table. Pretend that money never existed, and if it comes back to you with interest, smile Smiley

Yes pal, well said!
There is nothing like zero risk around here therefore is always necessary to consider all the different variables when doing something like that and I'll say to everybody to take all the necessary means before doing it!
hero member
Activity: 490
Merit: 500
The only safe way i give out loans these days are at poloniex,because who gets the loan cant withdraw before repay the loan,and the other is here ,with colateral always.Those others you would be risking only your capital.
agree with an excellent system of poloniex. but still, you need a guarantee that you can hold. when they go for a long time or do not pay. Of course you can use collateral to recover it
make sure that the collateral it has a higher price than the money you lend
newbie
Activity: 36
Merit: 0
Try btcpop, I actually prefer them as they have an intant loan option an also you can provide altcoins and shares as collateral in there. Based on security loans, I'd prefer to give out loans to people in here plus people are really friendly  . Another options are bitbond and loanbase, I haven't tried them yet.

The option of alt-coin and shares collateral would definitely make btcpop the safer choice out of the others mentioned. Just an FYI, people can only apply for an instant loan after they have already paid off 2 loans totaling a certain BTC amount. 
legendary
Activity: 1302
Merit: 1025
If you want to secure your money in giving out loans your best option is to just start a lending service ere in the forum and always asks for a collateral. I don't really think those sites are really helpful because some people will just scam even if their identity is at stake. It's always best to get a collateral rather offer it just because a person offers to show you their ID.
hero member
Activity: 980
Merit: 500
Try btcpop, I actually prefer them as they have an intant loan option an also you can provide altcoins and shares as collateral in there. Based on security loans, I'd prefer to give out loans to people in here plus people are really friendly  . Another options are bitbond and loanbase, I haven't tried them yet.
newbie
Activity: 36
Merit: 0
I lost around 0.40BTC even on B graded loans on bitbond: I will never use those platforms again.
I think it's better to start a lending thread here and make our own rules: I supposed (and I was wrong) that being on that platoform could have been better.



Yes, there are obvious risks involved with lending to users on the mentioned sites. However, the same thing could happen on the forums. Unless someone is better at verifying users information than the sites, I say stick to the sites.

Example: Someone on the forums is from India. I am American. I have no clue what to look for if someone sends me a fake ID, or other documents from that country. I am certainly not going to trust that person just because they have a hero account or similar. Especially seeing is how bitcointalk allows people to sell/transfer them. Now, if they were already signed up with a lending site, that verified as much of their information as possible, I will be much more inclined to invest with that person. Sure, there is still a chance the site gets fooled, but I also would not be investing a ridiculous amount.

You are correct though about making your own rules. As long as they are strict enough, you could easily guarantee no defaults, and/or at least breaking even.

General rule when giving loans to strangers (or even friends). Never give out more than you would be willing to lose at a craps table. Pretend that money never existed, and if it comes back to you with interest, smile Smiley
legendary
Activity: 2310
Merit: 1422
I lost around 0.40BTC even on B graded loans on bitbond: I will never use those platforms again.
I think it's better to start a lending thread here and make our own rules: I supposed (and I was wrong) that being on that platoform could have been better.

newbie
Activity: 36
Merit: 0
Loanbase
BTCpop
Bitbond

Over 350 BTC paid back to date. Username on all platforms: CoinPro

We also accept private investors off-site. Send a PM for info/rates.

hero member
Activity: 560
Merit: 500
The only safe way i give out loans these days are at poloniex,because who gets the loan cant withdraw before repay the loan,and the other is here ,with colateral always.Those others you would be risking only your capital.

I dont get it lol.

Isnt it the risk still there if they just take the loan and never come back. Or are you saying they need to make a 1st payment to access the remaining part of the loan?

The lending time will end and the ammount will be deducted to hir or her portfolio,to you get a loan at poloniex you need to put some coins into margin trades(works like colateral) and the loans has minimum of 2 days and max 60 days soo you can withdraw any crypto before repay.
hero member
Activity: 1190
Merit: 500
Well the only thing i know is that btcjam loans arent safe even with several things news they had implemented the scammers keep on there ,and everywhere,i like more to lend here as i can sell the colateral if the used default.

I think the only best form is to set your microloans here on the forum.

Based on your collateral set in place on your own terms, with limited lending amounts.
yeah agree
if I want to stay safe. you could ask for greater assurance than bitocin that you lent. so even if he does not pay the debt. you have the assurance that can be sold
This is like an investment that has a fairly low risk
full member
Activity: 150
Merit: 100
I don't even think they have the net arbs thing straight anymore. Best to avoid.

Jam switched arbitration services without any explanation last month, new provider is the Dhami Law Firm out of New York who specializes in debt reduction services...nothing to count on from an investor perspective.  Stay away from BTCJam without a doubt, they are going downhill.
full member
Activity: 210
Merit: 100
Well the only thing i know is that btcjam loans arent safe even with several things news they had implemented the scammers keep on there ,and everywhere,i like more to lend here as i can sell the colateral if the used default.

I think the only best form is to set your microloans here on the forum.

Based on your collateral set in place on your own terms, with limited lending amounts.
sr. member
Activity: 252
Merit: 250
The only safe way i give out loans these days are at poloniex,because who gets the loan cant withdraw before repay the loan,and the other is here ,with colateral always.Those others you would be risking only your capital.

I dont get it lol.

Isnt it the risk still there if they just take the loan and never come back. Or are you saying they need to make a 1st payment to access the remaining part of the loan?
hero member
Activity: 560
Merit: 500
The only safe way i give out loans these days are at poloniex,because who gets the loan cant withdraw before repay the loan,and the other is here ,with colateral always.Those others you would be risking only your capital.
legendary
Activity: 924
Merit: 1001
I don't even think they have the net arbs thing straight anymore. Best to avoid.
sr. member
Activity: 476
Merit: 250
Well i had being there sometime ago because the advertisement at blockchain.info,soo i thinked were a service provided by them and were the service most used on the time.I had some coins from the faucets,and just that,i searched and made around 10 investments from those maybe 6 repaid and the others well 2 of them i took the risk since nothing were confirmed besides be a marine,atleast he claimed to be.I had left those with a small profit ,and something like 0,03 btc lost to the scammers,on that time were more easy to get the loan and forget about it.
hero member
Activity: 1190
Merit: 500
Well the only thing i know is that btcjam loans arent safe even with several things news they had implemented the scammers keep on there ,and everywhere,i like more to lend here as i can sell the colateral if the used default.
Yeah I never lend 0.05 btc to someone within a period of 1 month but he did not pay it. I reported this to the party btcjam. they could not do anything
management sites are very bad I think :-/
hero member
Activity: 560
Merit: 500
Well the only thing i know is that btcjam loans arent safe even with several things news they had implemented the scammers keep on there ,and everywhere,i like more to lend here as i can sell the colateral if the used default.
jr. member
Activity: 55
Merit: 5

Please be careful with btcpop.co

I have lost 0.713 BTC there, from my account balance, three weeks ago.
They never solved the issue, promises and apologies only.
There are many users complaining that account statements and balances are wrong and there is no action from support team
(And they haven't 24/7 support. Support work few hours a day, and take all holidays).
sr. member
Activity: 434
Merit: 250
So based on the overall replies its horrible.

I sense btcjam lacks on all areas esp for investors side. It would be different if they do some service to put into good collectors or selling that debt form to a higher institution to pay you back a bit.

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