Topic: I am putting a lending business in the Filipino community here @ BTCTALK - page 2. (Read 1369 times)

The interest cannot be low but should be competitive, as I have mentioned it should be at least 10% micro loans in a short term to minimize the risk. It could be a a week term or a max or one month but the interest varies.

Wow lending for Filipino its a good news . I think you need the requirement like id and coins.ph verify with the peso address and proof of billing and full member account is the minimum who can get a loan in this forum. I also suggest the interest is not high because if the interest is high less people avail if the interest is low more people for sure will avail. Try to get a lot a information in the lending section how to start a lending. Godbless for your business I hope it will become successful if you start that.

Honestly in my opinion it is very risky..if you are the co-partner or business partner it is hard to trust you since youalready have a negative trust any time you can run because your account has no value right now.
So for me your planing to start lending business if you have already a money to give loan to them  instead of asking for money for your co-worker or partner.
It is better to build trust first since you have negative trust you take an action about your negative trust feed back..
Before you can ask them about your plan..

agree!!

I understand what you are trying to imply but this small amount is not worth requiring them to present a valid document to show their personal information. I would not even show my identity here if you will give me Php 5,000...

And since the collateral is not that good to force a borrower to pay, maybe I will only extend loan to those borrower who has a co-maker with a good standing in the community and also the capacity to pay is necessary as well.

If this certain person cannot pay, then I have to red tag as well the co-maker if he cannot pay also.

I was thinking of requiring at least 1 co-maker for smaller loan and 2 or more for a higher one. I guess that would be a great method.

Like in real world lending, there's a group liability, so I might as well do that here. I don't know the concrete procedure yet, I have to study it carefully, hence your suggestion are very welcome and appreciated.

Ask this question: How much is the red tag worth?

To some people, it's not worth much, they can always create or buy another account.

If I were to offer loans, I would ask for NBI Clearance. (and a whole bunch of other identification / documents.) You know how it is having lent in the physical world.

Thank you for your reply guys.

I just want to make it simple, I was thinking of not requiring a collateral because I just want to offer a micro loan at a very low amount. My idea is, it should be in a stages or cycle basis.

For example.

One Full Member account, borrowing an amount of 0.003 then I will approve that loan after all the verification of his capacity to pay. If he is in a campaign then well and good since he has a source of income. If such borrower paid the loan in complete on time, then in the 2nd loan cycle I might increase the loan depending on circumstances.

I repeat it's a micro loan, and since the requirement is not so strict, I make it a high interest loan like a minimum of 10% per loan just to match the risk involve. I know I have no hold in this but I just want to try to be profitable as much as possible and hope you guys will be able to help me as well.

Though my plans are not yet final but most likely it will the one to be implemented or a minor changes depending on your recommendation to make a win-win situation for all of us here.


Edit: I do not need to know your personal information as I respect your privacy and the amount involve is manageable enough, I am willing to accept loses because I am confident you guys will take care of you reputation here, otherwise I have to tag you red which will unfavorable for you just due to a small amount of money.

Asking for account details and even identification files is not a guarantee that the borrower will be repaying.
If you are to start an online lending business better ask them for worthy collaterals.
Lending IRL is different than the people you can find online.

Its a good idea though, but the sense that we are in virtual world which makes it riskier than in a traditional one. But still it can be possible, you just have to be strict in qualifying for a loan.

like, if they want to apply,

-link for his fb account (no dummy allowed) minimum of 1 year account age
-cp number
-coins.ph account (by looking at his ref link you can see his picture and name)
-valid id
and any valid documents that represent his name and face, and must coincide with other document presented.

Online lending? O ung mag aaply sa office nio mismo at need p ng co maker.kung online mas maganda kung hingin mo lahat ng details dun sa pauutangin mo.

Hi guys, I need your help. I want to lend in the community but first thing, I want to start it with the Filipino community. Please give me a suggestion on what to do like the basics first. I am new to this kind of business but I have a good experience in Lending business in the Physical world.