Topic: Is the need to be known a requirement to qualify for a loan(s)? (Read 824 times)
It is natural that any institution will know everything about you before giving you a loan. Because the amount of risk of the lender is high. However, if you want to take a loan in the forum, your personal information will not be asked. Loans are given in the forum in two ways one is collateral and non collateral. In collateral you have to put some pledge like altcoin. And in non collateral you have to join in signature, you have to have good reputation in the forum.
December 28, 2023, 06:41:59 AM
How are the loans going to be recovered if there's no proof of that person's existence?
The details and documents they ask for are to identify the person, then the other documents are to identify that the person is the actual owner of the collateral. The collateral has to be an asset that can be easily liquidated.
The banks are there for profit, so what's the point of giving out a loan if they can't make a profit like it or not loans are how the banks make a profit.
A bank that's not leading money one way or the other is not making a profit.
Even when governments are giving out grants they still need to know the people they give the grants to to keep proper records.
You don't need to be known or popular before being given a loan.
Just present assets that can be used as collateral, collateral that is liquidable, and be able to prove that the assets are yours.
December 28, 2023, 05:54:55 AM
If you borrow from a bank, you don't need to know the bank official you're borrowing from in order for the loan to be disbursed.
But you need to have collateral. The item you pledge to borrow the money. e.g. a car, land, house with a certificate in your name.
If it's an online loan, all you need is your ID and a selfie with your ID, and a bank account to receive the money you borrowed.
But you need to have collateral. The item you pledge to borrow the money. e.g. a car, land, house with a certificate in your name.
If it's an online loan, all you need is your ID and a selfie with your ID, and a bank account to receive the money you borrowed.
Exactly! Every banks has a same and different requirements and it depends on how much you want to loan. Like what you've said, bank will takes collateral in order for you to have a loan, they prefer car and properties, But if you want to have a quick loan without any requirements and collateral, you have to consider the cash advance option if you have a credit card, that's what I do when I needed cash.
December 28, 2023, 04:26:37 AM
If you borrow from a bank, you don't need to know the bank official you're borrowing from in order for the loan to be disbursed.
But you need to have collateral. The item you pledge to borrow the money. e.g. a car, land, house with a certificate in your name.
If it's an online loan, all you need is your ID and a selfie with your ID, and a bank account to receive the money you borrowed.
But you need to have collateral. The item you pledge to borrow the money. e.g. a car, land, house with a certificate in your name.
If it's an online loan, all you need is your ID and a selfie with your ID, and a bank account to receive the money you borrowed.
December 28, 2023, 01:54:25 AM
Taking a loan from any local banks needs a lot of legal documents, especially you need to have a job that is qualify for their loan. Banks won't give you anything unless they can verify that your job and your other background information can pay the interest of the loan you're going to take, if not, they will simply reject your loan application for them.
Because it doesn't make any sense on how they will give you the loan if you can't pay its interest, you're just going to be broke or might end up losing some of your properties just to settle down the loan.
Because it doesn't make any sense on how they will give you the loan if you can't pay its interest, you're just going to be broke or might end up losing some of your properties just to settle down the loan.
December 28, 2023, 01:42:43 AM
To take a loan from a bank, you have to take a loan in a specific category. If you are a government employee then your loan amount will be slightly higher or if you are a farmer then your loan amount will be different. Banks usually want to give loans to customers who have jobs and good monthly income. The bank does not want to give a loan to a customer without a job, because when the bank wants to take back the loan from that customer, he cannot repay the bank loan on time because he does not have enough money. In the case of taking a bank loan, in addition to employment, some documents are required to be given, which banks provide loans to customers by keeping deposits.
December 27, 2023, 07:38:13 PM
You need to be known or need to have a collateral because if you do not pay back and you were just anonymous, how does the person who lended you the money handle the case? This is the reason why the banks you speak of ask you for so much details including where you live, next of kin, etc. they need to make sure that they have enough information to track you, and you can’t blame them because they have had experiences adding to the fact that you can’t trust humans. Even for crypto, you may be able to stay anonymous but something must be at stake as you cannot just have the money like that.
December 27, 2023, 06:26:24 PM
I don’t blame any organization in taking steps to ensure the recovery of there funds. We’ve got way too many loan defaulters that has create a chain of lose in the system that organizations as much as they hope to reduce the regors involved in acquiring a loan, they still need to sort means to ensure loans could be paid as at when due. It’s cool.
Although personally, I feel loan acquisition has been made too common and comes with almost zero difficulty these days. Just anyone could acquire loan with just a cell phone number with the loan offerers depending on the connections or verifications that might have been previously done with the chip number for recovery of loan. I mean, that’s way too simple.
Although personally, I feel loan acquisition has been made too common and comes with almost zero difficulty these days. Just anyone could acquire loan with just a cell phone number with the loan offerers depending on the connections or verifications that might have been previously done with the chip number for recovery of loan. I mean, that’s way too simple.
That's their business, so it is understandable that they don't want to lose their funds to nothing.
So for me, taking precautions is just right because if not, they will be the one who will be screwed and their business can't move forward.
Taking a loan requires certain requirements from the borrower, and they should understand such requirement.
If not, how can a lender assure that their borrower can indeed return their money?
December 27, 2023, 06:12:40 PM
I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence.
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
I believe they need your identity to be loaned to others, but you must be well-known in that area before you can get a loan. I don't think I've ever seen anything like that. You don't need to be famous in the area to get a loan, there are many other apps out there that can easily get a loan, all you need is your identity like ID etc.
If you borrowed from the person himself, maybe this is the case, because he needs certainty if you can pay him back. But with apps and others, you don't need to be known to get a loan.
December 27, 2023, 05:41:23 PM
I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence.
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
No it is not a requirement. But if I do not know whom you are I would want collateral.
Let's say you are an old school btc holder. and you live in a place that does not allow for BTC.
You want a $4000 loan. You send me 0.1 BTC I send you 4k via PayPal
all I know is your PayPal phone number nothing else.
you use the cash pay me back in 10 months time. say 4400 . I get my 10% interest you get your collateral back.
I only know a phone number and your forum name you only know my forum name and the address I used to hold the btc
December 27, 2023, 05:26:35 PM
I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence.
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
I don’t blame any organization in taking steps to ensure the recovery of there funds. We’ve got way too many loan defaulters that has create a chain of lose in the system that organizations as much as they hope to reduce the regors involved in acquiring a loan, they still need to sort means to ensure loans could be paid as at when due. It’s cool.Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Although personally, I feel loan acquisition has been made too common and comes with almost zero difficulty these days. Just anyone could acquire loan with just a cell phone number with the loan offerers depending on the connections or verifications that might have been previously done with the chip number for recovery of loan. I mean, that’s way too simple.
As for online loans specially on apps then requirements would be just the same, it turns out that turning device location would be just that part of the process. Actually
there is really that so much risks to those lendors who do lend out money because there would be no assurance that you would really be getting paid back
by those borrowers knowing that not all would really be willing to do so.
December 27, 2023, 04:37:48 PM
I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence.
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
I don’t blame any organization in taking steps to ensure the recovery of there funds. We’ve got way too many loan defaulters that has create a chain of lose in the system that organizations as much as they hope to reduce the regors involved in acquiring a loan, they still need to sort means to ensure loans could be paid as at when due. It’s cool.Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Although personally, I feel loan acquisition has been made too common and comes with almost zero difficulty these days. Just anyone could acquire loan with just a cell phone number with the loan offerers depending on the connections or verifications that might have been previously done with the chip number for recovery of loan. I mean, that’s way too simple.
December 27, 2023, 02:33:03 PM
I am afraid if I will miss a payment or unable to pay on time. And the sad reality about bank loans is that they need collaterals and has a lot of requirements.
Then you have no trust in your own habilities. Once you have mastered the trust in yourself you create a business plan, a marketing plan and approach with that confidence a round of investors. That will be the moment of success. But that is only the 1st step.
December 27, 2023, 01:55:11 PM
I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence.
Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
before you decide to give out any loan to an individual, it's necessary you at least try to know who you are dealing with. The thing is that people are always afraid when you threaten to post their pictures in the public domain if they fail to pay there loan and that's the reason why most loan vendors would want to get your location and face verification before accepting to give you loan.Same goes for those who use loan apps. You have to at least identify with the verifications stressing on passport, state of residence, age, and the funny thing is that your device location will be required to be turned on while doing all this or even applying for the loan.
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
If you don't do those things, people will create multiple account and will get your loan and zoom off with it without any trace and that's why they take it as a necessity before even considering you for any loan. Most liab apps now require that you use your face ID to log into your account whenever you log out and if the face doesn't correspond with the initial face you used for the account registration, you can't even be granted access to the loan app in the first place.
December 27, 2023, 01:05:21 PM
You can get a loan on this forum and the lender does not need to know your identity. You will see services like that on the lending board on this forum. If you have collateral like altcoins, or if you are in a signature campaign, you get a loan on this forum.
But if the loan is through bank or those loaning apps, they will demand for your identity and if you default any loan, you will be reported in a way that other loaning sites and bank will know.
Yeah those loaning apps I think is under the regulation of the central banks in a specific country that is why KYC is important to them. I personally want to try them but I am having second thoughts as well. There are actually a lot of these apps flooding online through ads here in my country but I haven't tried one yet. Even on the lending board haven't tried it as well. I am afraid if I will miss a payment or unable to pay on time. And the sad reality about bank loans is that they need collaterals and has a lot of requirements. But if the loan is through bank or those loaning apps, they will demand for your identity and if you default any loan, you will be reported in a way that other loaning sites and bank will know.
December 27, 2023, 10:02:41 AM
I have come to realize that our traditional local banks only really give out loans to persons, or organizations that are known either online or offline and has a location with documents to proof their existence.
It's obvious that organisations only give money to people with something in return.You need to have a business plan to have a shot, one that includes a marketing plan and all things you possess in order to make it happen.
In developed countries you can get credit easier, banks are smarter in the 1st world.
December 27, 2023, 09:19:33 AM
Why will a normal person apply for a loan with the intention of not paying back, I call that act stealing. Knowing more about the person is never enough if am lending someone money that person must drop at least one of his valuable property as collateral or else I don't see any reason of giving my money out.
In fact, the intention of people who are in debt is of course to return the loan, but many of them fail to pay because they fail to achieve targets or other things, and in the end are forced to run away from paying off the debt.That's why many people who are in debt end up getting more and more debt because they don't have a target for borrowing or in other words, they don't go into debt to be productive. It's like borrowing money from a bank, of course they need valuable assets as collateral. This is not because they don't trust the borrower's honesty, but they don't want things like not paying on time. Until now, I rarely get into debt or give into debt because both are not profitable for me, I would rather save little by little.
December 27, 2023, 09:09:52 AM
Strictness isn't necessarily a bad thing, as long as it's fair and transparent. Banks need to be clear about their criteria – credit score, income, collateral, the whole shebang. It's not about knowing every Tom, Dick, and Harry in town; it's about establishing parameters that ensure responsible borrowing and minimize risk.
But here's the rub – sometimes, the "unknown" can be the most promising. Just because someone's not a local celebrity or a financial rockstar doesn't mean they're not a creditworthy borrower. Banks need to consider alternative forms of proof, like strong cash flow, solid business plans, or even a track record of responsible financial behavior outside the traditional banking system.
But here's the rub – sometimes, the "unknown" can be the most promising. Just because someone's not a local celebrity or a financial rockstar doesn't mean they're not a creditworthy borrower. Banks need to consider alternative forms of proof, like strong cash flow, solid business plans, or even a track record of responsible financial behavior outside the traditional banking system.
November 03, 2023, 07:10:43 PM
I have no doubt my observation is applicable to even crypto currency lenders, because even these days the P2p system isn't as decentralized or anonymous as before where we think we were trading with bots or fake people/scammers.
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
Is there any truth to the fact that an individual needs to be known in any place before they can qualify to receive loans?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
Depending on where you want to take a loan from but you should note that taking a loan require a collateral whether it's a centralized lending platform or in a decentralized lending platform. You need a collateral to be submitted before a given amount of loan can be approved to you.
In addition, you should also take note that if you submit a volatile assets as collateral like non stable crypto and take another assets, there is liquidation which means that as your depreciate when the price decrease, if you don't pay back your loan on time, there is a value in which your assets can be liquidate to cover a loss if you don't pay back your loan on time. One of the best place you can seek out for loan is compound finance but reminder, you need a a collateral.
Regarding KYC, I think it's your choice to do KYC if you think there is a need or not but personally, decentralized lending platforms don't request for KYC before your loan can be process. It's a protocol that doesn't need to depend on middle, you and the protocol is enough to get started for your loan.
November 03, 2023, 11:35:01 AM
-snip-
you are always being watched if you don't pay off the loan on time, they will blackmail and confiscate the things you have. I suggest stop making online loans and if necessary apply for a conventional loan with a lower interest rate and they follow friendly collection rules.
Not only that, customer data will be disseminated when customers cannot pay on time. you are always being watched if you don't pay off the loan on time, they will blackmail and confiscate the things you have. I suggest stop making online loans and if necessary apply for a conventional loan with a lower interest rate and they follow friendly collection rules.
This is quite scary where data such as KTP is very private but instead, it is disseminated.
They also have an application installed on the loaner's device and just so you know the application can intercept some important data such as SMS, location, and others.
So never deal with unverified or illegal online loans.
Conventional loans are more humane and not like online loans.
Now back to the question, I don't think being known is a requirement for loan qualification. As long as you can provide the necessary documents needed, and you have no negative records from other banks or lending institutions, then your loan will be approved, not maybe on the amount you desire but still you can still make a loan from them.
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