Topic: Is the need to be known a requirement to qualify for a loan(s)? - page 4. (Read 909 times)

That's perfect, maybe when he first out himself to others shoes that he is also a lender, will he not require a loan qualateral or enough evidence to proof that he will not loose away his money he's lending out to people, if he had wanted to be a philanthropist, that is another entire different case, he can go as much as any length in being a father Christmas, that's also another way of giving back to the society if we think we have enough money in our disposal unused and other people are lacking, or maybe create a no interest loan which will also attract having strong qualateral as well.

Understandably, people don't enjoy going through the process of qualifying for a loan. Remembering that personal ego shouldn't come in the way when applying for a loan is essential. If you need a loan, it's important to set aside any self-consciousness and focus on providing the necessary information to the lender.

If you want decentralize P2P lending there is actually a lot of them in DeFi marketplace like happen on BSC, ETH and pretty much all EVM chain including the famous one is AAVE.

But you need collateral before making loan but at least your personal ID is safe there is no such non collateral loan it always a collateral because our personal id is considered as a collateral in my opinion

Getting a loan from this forum is safer than outside the forum. Why, because you will not be asked to bring any of your official documents, although it depends on the amount of loans you want to collect and your rank too.

No way for newbies or junior members to get a loan here unless they are a full member rank and above. It is still safe to get a loan from the bank. Why? Because I feel that the bank can save your documents with your informations and also make them private to them and not share it with others, but those loan apps that you said most of, are scams, like when I mean scams, I really do mean it. Your identity can be licked to other platforms without your consent and some of these apps do sell informations to other people.

However, verifying your identity when you want to collect a loan is not a bad thing, but when verifying it, we still have to be careful. Some of those places that do offers people a loan also ask for collateral.

Regular people hate to go through those procedures, because in a way the bank is assessing their economic well being, and being told you do not deserve even a small loan can hurt your ego, but this has to be done, since we have seen already what happens when banks give huge loans to anyone that asks them and this will lead us to another economic crisis, and since I am sure no one wants another one of those then we will have to accept those procedures.

It is true that to qualify for a loan, the debtor must be known or identified to the lender. This ensures the lender can assess the debtor and decide whether to approve the loan. Without correctly identifying the debtor, it would be difficult for the lender to evaluate the risk of lending money to them. In some cases, lenders might consider providing loans without identifying the debtor if they have collateral such as bitcoin or altcoins.

Do people even struggle any longer to make sure that they got themselves into taking loan as before again, loan has been one of the ways that people get enslaved under our creditors and I've seen alot of cases of loan taken whereby they debtors are unable to make a payback of the loan given, why should we go by and take a loan, trouble will be there sitting and we will be finding it through invitation.

When you don't have collateral you have to be known to some extend to be eligible for a non collateral loan. On the forum as well, loans aren't just given to anybody (non collateral loans), you have to be known on the forum or your account been valuable that you won't want to risk losing your account for loan and even when you meet all criteria, not all loan amount can be given to you. Been in a campaign also increase the possibilities of your loan been approved because the lender knows you can repay with your signature payouts since most of us don't know ourselves physically. Without money, your connection can help you when you want to apply for a loan. Also on the forum, if a valuable (well known) account stand as a guarantor for you, your loan can be approved .


Outside the forum there has to be a collateral that'll be used to repay the lender Incase you forfeit the loan. Basically you need to be known if you don't have the collateral to qualify for a loan both in and outside the industry but if you have the collateral you don't need to be known. Loans are given to people that doesn't technically need the loan as a poor man that needs the loans will be instantly rejected but the rich man with the millions in the bank will get a loan whenever he wants and that's why the rich keeps getting richer because they have access to funds that can be used to improve their businesses while the poor masses keeps on suffering.

When finance is involved, there is need for due diligence to be in place, as a loan institution only manages the resources of a third party, which you not only have to give account of but also will have to multiply. Putting all of this into consideration, you must understand that it is not possible to hand over a third party's finance into the hands of one with a questionable identity or reputation, whether it be online or offline. You must be known and vouched for as one with sufficient capacity to deliver or return the funds loaned or have a collateral with which the funds can be raised in the event of things not going as planned.

It's a must, if you can't give valid collateral where they can easily sell it if you can't pay back the loan, what can the lender hold except your credentials? They need to know you since they want to see if you're a human and the real owner, that's why the verification is really strict. They also want to know your track record, have you ask a loan in the other site or is there any loan you haven't pay yet etc.

Yeah, a common "evil" practice of borrowers in my locality is that you have to have very good connections to bank insiders. Then you just have to look for potential borrowers who will then become your "referrals". With some manipulative explanations you can say that, your referral loan proposal will only be approved if the loan amount is accumulated with yours."

With insider cooperation, this proposal will be easier to pass. Of course you still have a bill for your share but it is not a written responsibility, because you borrowed in someone else's name.

He doesn't look like a noob and he also mentioned crypto/P2P lenders there but he thinks they are now getting centralized. For me, I think there are still a few left who are fully decentralized. They are only following the nature of BTC or the cryptos. Obviously, we don't need to fulfill a KYC upon using their service but they will only require a collateral. This is still a problem for the most people who will borrow money because even a good collateral is not present on them.

What's a good lobby? Is it some kind of a connection or communication as a result of being friendly to them and you have given them a tip (money) each time you enter the bank? It may work but it's risk for both parties. I don't think I can take it.

Don't ask other people that question and think it's funny or unnecessary. Put yourself in that position, are you willing to lend money to strangers when you don't have any information about them? Can you do it, or will you hold all of his personal information, including his relatives? Just put yourself in that situation and you will understand why banks and lending institutions have to do those things before lending you money. Furthermore, when the number of borrowers reaches millions and the loan amount reaches millions of USD, you have to be even more careful.

Also, lendors of this forum cant really just grant out any loan request even if it doesnt have that collateral. You would really be Indepth checked whether you are really that approved on getting a loan or not
which it would be usually be having this kind of consideration;

1. Must have an active campaign
2. Doesnt have red trust
3. Merit count
4. Forum Rank
5. Activeness in the forum
6. Vouch from someone(which is unlikely)

If you dont have those qualities or criterias then even if there lendors of this forum but still you cant really be able to get such approval or
being that eligible on getting one. Actually it is really that  great that we do have something like this on the forum which the amount that being released
is already that significant or with those loan amount which you cant easily get on banks or getting approved but you could actually get on this forum
but it would be situational yet there are loans that would really be that more bigger if the collateral been offered is greater than on the loan amount which its standard.
(Most likely, collaterals are also crypto coins too).

About KYC or location then this would really be standard on bank loans but here on this forum then it wont really be necessary
but of course getting approved would really be that tough and not something that could really be that so easy.

My thought is not single, and infact it is conflicting but I will try my best to explain. I had known the traditional loan method which the bank uses for so long and I have always thought that before you could get a loan, you must be known by the institution offering the loan and again you must have a tangible collateral to present which in my country is mostly landed properties.

But when I arrived this forum, although it took many years to discover the lending board. On getting to know the lending board, I was surprised to understand that people give non collateral loan to pals they do not know in person. Little did I know that the bitcointalk account itself is a collateral. Now I have understood that even $20k cannot make me destroy my account.
So, answering OP, if there is a collateral, knowing someone in-person is no longer necessary.

There are many platforms where money can be borrowed and given anonymously with cryptocurrency collateral or NTF collateral and it is possible to do this within the forum. All these platforms I mentioned generally don't request user information but do require a collateral for the money to be borrowed. Of course, in the absence of personal information and proof of income it is necessary to provide collateral to obtain a loan.

Nowadays, many financial institutions and banks require both personal information and a guarantee in return for the debt before lending money. This is very important to provide assurance that the borrower will be able to repay the loan. However, when we examine the platforms where we can borrow using cryptocurrencies, we can see that usually only a collateral is requested for the amount to be borrowed and no personal information is requested. This is necessary so that both the intermediaries and the lender can guarantee themselves that they can safely borrow money completely anonymously and prove that the debt can be repaid.

When we examine the platforms (including the forum) where loans can be taken against cryptocurrencies and NFT collateral, we can see that full anonymity is ensured and no identification or similar document is required. Other than that, platforms that request both collateral and personal information are no different from typical financial institutions as they are absolutely contrary to the mission of blockchain technology.

In the traditional market, that's important. How can a lender just give money to anybody without knowing him/her first? Identity is very basic. That's for security. If you are bringing a collateral, say, a house certificate of ownership or a land title, you should prove that the name appearing on those documents is your name. So, you will have to provide valid IDs and other proofs.

In the crypto market, that's isn't necessary anymore. It's most likely enough that you provide a collateral of higher value than the amount you wish to borrow. Even in non-collateral loans here, it is sometimes enough that you've established your name and that you're trustworthy.

Regarding with Shahan as loaner looks OP has qualify to get chance loan trough in the lending board, he actives on signature campaign and easily get approving loan but have difference loan interest between loan in lending board and taking offline loan as trough Bank. Not easily approving loan with Bank if haven't expensive certificate and higher values than with how much loan want to approving.

I think you right with your ideas better for OP applying loan in lending board but seems he only receiving not really big amount due his account level still Full Member.

This qualify rule for applying loan in Shahan lending board.

Providing that requirement shows that the banks have the idea where the borrower is located so that helps to the approval. But that's not the mere basis for them to approve someone's loan request.

It's still more of the source of income. Banks will definitely see if you're approvable or not depending on the source and stability of your income. The location where you are located is just like the 2nd priority and it doesn't matter to them if you're popular in that area or not. But it is more likely that you'll get an approval if you have high and variety source of income that you can document.

Many celebrities are not in a good financial situation. I don't think banks will give loans just because you're famous. Banks ask for many details and it can be difficult to fulfill these details. Celebrities may have high incomes, but their income may not be sustainable. At the same time, celebrities' expenses can be very high.

The situation we are talking about may differ depending on the work done by celebrities. No matter who they are, in the country I live in, banks do not have a preferential attitude towards celebrities.