Topic: Forum Loan defaulters: What is the best way forward? - page 2. (Read 340 times)

You're just give few obvious thing that the lenders already know in the first place! you also didn't mention the most important thing to judge someone  trustworthiness which is "trade history" aka "accounts feedback".

Your example @shasan, is really experienced in lending service and users who scammed him isn't looks like a scammer. If I were him, I would also lend them as they have a good history and reputable.

Since evaluating an account as best as possible still make you get scammed, if you want to prevent it 100%, the only way is stop the service.

I don't know where to classify shasan Loan Service. If it's just for profit alone, the amount of money that defaulters have stolen from him is enough reason for him to stop his loan service, but he or she just seems to be someone who is out there to help those who are in need and with an open mind, and he trusts people need help. It's just unfortunate that most people take his kindness for weakness.
 
I have come across a thread where someone even suggested shasan end his loan service due to the high rate of losses that he has been recording, but his statement back then was that he doesn't plan on stopping that any time soon, and many were saying things like he should turn his service into a charity kind of thing since he just likes to help people.
 
But that's not the case. I have benefited from the shasan loan service when I needed it, and I pay it back so fast because something I was expecting came in earlier than I expected. That's what I believe the service is for, but some people are just out of their minds for others downfall, which is really not good.

Most at times this loans defaulters especially the high amount defaulters do not depend on the signature earnings to pay back and This goes same way as members earning $100 weekly and asking for a $1k dollar loan. This rule would affect them but they lenders sometimes give out this loans to people still because they check their account activity and the trust they have kept in past trades. Even if this is implemented people that want abscond without paying would still carve a way to do it.

I have noticed many who regularly takes loans, pays back. Gradually they increase the limits and then once they think it's enough for them to exit, then exit. The young millionaire is a good example. I don't think crypto loan should be none-collateral. I find it hard for shasan to be honest. In the recent times I have seen many loan default from him but he still continues the business. Perhaps he makes enough money to recover the losses.

Umm.... it is actually very common for people to give lenders a brand-new address that is generated by their wallet. Received funds is not a good indicator for trustworthiness because the person who has a lot of funds coming in could just chose to not pay.

You only take a loan if you have an urgent situation to deal with and don't have enough BTC at the moment without buying more.

I am one of the regular borrowers of loan from shasan. I would say it is better to always give loan to them with whom you have a sort of lending relationship. Non collateral lending is a big risk and I have seen him regularly posting about those individuals who have defaulted in non collateral lending. It is risky but yet worthy if you have clients like me  . They only way to solve the issue is to start asking for collateral. The second option is to ask for weekly repayments. The last option would be to stop giving loan.

Greetings everyone here on this forum, I hope you guys are all having a wonderful time. Alright, please there is this pressing issue which I have noticed to have been occurring here on this forum for over a lone period now, and yet it has been on an increasing number which I will like us to discuss & deliberate what possible solutions can we use to address this menace, and I'm sure most of you should be asking what am I taking about, and by that I mean "Forum Loan Defaulters", just as I just came across This thread recently, and the main reason why I created this thread, because if we all keep mute, not only are these defaults likely to damage  themselves, but our entire forum community at large, and as such we all need to come up with best possible solutions to address this menace, in other for lenders to be able to determine who is and who is not eligible to get a loan, so as to drastically reduce the rate at which people default for loan, while we maintain the integrity this forum has always got once day one.


So here are my few solutions to solving the problem of loan defaulters.

1. Do not give a loan to an account that may have been found to have woken up after a very long time:


It's been proven that people buy & sell accounts here on this forum, and I think it's high time people giving out loans consider how active a person has been on this forum before issuing loan to them, so as to avoid future issues of loan defaults.
(E.g imagine a person buys a Hero member accout for $300 and then use that account to take a loan of $1000, that individual must have probably made a profit of $700), and as such they don't mind damaging such accounts with multiple red tags.



2. Do not give a loan to anybody whose wallet address shows he/she has not been receiving  inflow of funds for the past 120 days:


Just as 120 days is a factor to be consider while joining a signature campaign, I highly recommend how much comes in & out of person's wallet who intend to take a loan also be considered, because this is money, and it will be very bad to give loan to someone that have been proven not to have a steady inflow of funds. Because how is he supposed to pay back loan of he is not having steady income?



3. Do not give a loan amount to anyone whose  his/her full 3 months signature campaign payment can not afford to settle such loan:


Imagine a person earning $50 weekly come and asks for a loan of $500 from a lender, because to me, no matter how active such person may have been on this forum, such loan should not be granted, as it is a complete red flag. As the only loan that should be given to people is an amount which his/her Full signature campaign payment could be able to able to pay between 1 or 2 months, because normally nobody will want to be giving out his full weekly payment, and as such if then happens to pay half, then it will be able to take him 2 to 4 months to complete his loan payment.


So that's all I have to say..  

However, What have you to add to this, as your opinion will be very important to those that have been lending loans here on this forum. (e.g Shasan, DarkStar, Condoras).

Thank you & may God bless you all.