I tried taking loan in defi as well, it asked me to connect my Twitter, and resulted to I ain't famous enough, thus didnt qualify. On one, I did qualify and I was eligible for hilariously 2 dollars of loan. It was more than expected tbh.
Topic: Is the need to be known a requirement to qualify for a loan(s)? - page 6. (Read 894 times)
October 18, 2023, 11:12:33 PM
Yeah it is. I am quite cautious of taking loans irl but I do use pay later services on ecom sites. I came to know later that It's also a type of loan and ecom sites know my address and required KYC before I could use for the service.
I tried taking loan in defi as well, it asked me to connect my Twitter, and resulted to I ain't famous enough, thus didnt qualify. On one, I did qualify and I was eligible for hilariously 2 dollars of loan. It was more than expected tbh.
I tried taking loan in defi as well, it asked me to connect my Twitter, and resulted to I ain't famous enough, thus didnt qualify. On one, I did qualify and I was eligible for hilariously 2 dollars of loan. It was more than expected tbh.
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October 18, 2023, 10:53:11 PM
In any European country, and I imagine in the rest of the industrialised countries, your bank requires a lot of data to open an account following KYC/AML rules. This is only for depositing money or receiving your salary there. To get a loan, they need to know more about you, in particular your income and expenditure history, credit history, and what financial assets and liabilities you have. So, in general, it is not enough to be known. If it's a bank, they have to know your financial history in detail.
Payday lenders ask for less than that, but they do ask for KYC in order to get repaid.
For crypto loans you have the lending section where you don't have to be known if you have collateral to offer. If you don't, you do have to be someone with a certain rank and reputation (at least neutral, not negative) and I would add that you have to participate in signature campaigns, which indicates that you will be able to repay.
Payday lenders ask for less than that, but they do ask for KYC in order to get repaid.
For crypto loans you have the lending section where you don't have to be known if you have collateral to offer. If you don't, you do have to be someone with a certain rank and reputation (at least neutral, not negative) and I would add that you have to participate in signature campaigns, which indicates that you will be able to repay.
October 18, 2023, 09:55:50 PM
If a lending business, bank, or loan app asks for documents, I think that's normal because they are under the regulation of the government. That's why the ones I mentioned have such high interest rates that they can apply to what you borrow from them.
Any lending company is actually quite smart about it because they all think about it before the loans they give to everyone. So the correct documents will definitely be requested by the lender and if someone who takes out a loan objects to this, it is better not to apply for a loan because the conditions are already like that.Quote
Because of the money issue, they are quite strict in terms of the requirements they look for in the borrower, and when you give them that, they might even have a civil investigation to confirm if the information you gave them is true. They are that strict and restricted.
Money problems are quite serious problems and also very sacred because human nature can change for the worse when someone cannot repay the loan on time. So lenders certainly really need real borrower data so that they can control it more perfectly so that they are not easily deceived by borrowers. October 18, 2023, 09:53:01 PM
The search for loans in the interesting world of modern finance might feel like a magnificent journey through a multi-dimensional labyrinth. Traditional banks are like old fortresses guarding their treasures, requiring you to carry the flags of identification and location with the utmost authenticity in order to enter their sacred chambers. Meanwhile, it's a little like being a lone explorer in the digital wilderness of cryptocurrencies - you have your pseudonymous map, and you traverse the decentralized landscape using the compass of encryption.
October 18, 2023, 08:17:11 PM
Because of the money issue, they are quite strict in terms of the requirements they look for in the borrower, and when you give them that, they might even have a civil investigation to confirm if the information you gave them is true. They are that strict and restricted.
Like you said it goes beyond document. Banks or microfinance banks usually go for check to verify the collateral that have been given to them so that to be sure to get the value of the money they are giving you from the property incase you default. And in most cases that physical verification is the last stage before to they release the loan. So there is always a relationship of trying to loan the identity of someone you want to give loan out to. You don't throw money in the air and expect it to come back to you at the exact spot, you have to guide your money if you are giving a loan.
October 18, 2023, 08:08:14 PM
If a lending business, bank, or loan app asks for documents, I think that's normal because they are under the regulation of the government. That's why the ones I mentioned have such high interest rates that they can apply to what you borrow from them.
Because of the money issue, they are quite strict in terms of the requirements they look for in the borrower, and when you give them that, they might even have a civil investigation to confirm if the information you gave them is true. They are that strict and restricted.
Because of the money issue, they are quite strict in terms of the requirements they look for in the borrower, and when you give them that, they might even have a civil investigation to confirm if the information you gave them is true. They are that strict and restricted.
October 18, 2023, 06:33:20 PM
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?
That is, is the need to be known or identified really required to qualify for a loan?
What are thoughts?
Of course I don't think anyone would want to give a loan to someone they don't know, whose address they don't know, etc. In my opinion, the condition of anonymity is not necessary for lending purposes. The only people who lend money without KYC are on this forum. But I think this happens because this forum has its own reputation standards, and not paying debts is a bad consequence for our own account
Not always anonymous is better and giving loans to anonymous people certainly increases the risk of higher default
October 18, 2023, 05:43:43 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?
Why bother seeking a loan from the bank or other lending apps if you're already on the forum, dude? They will give you a very high interest rate on the ones you specified, allowing you to sink even more. If you do not give at the appropriate moment, you will be in trouble.
If you qualify among the lenders on the forum and match the lender's criteria, you will not be required to provide KYC or any documentation to prove your identity; instead, you will remain anonymous online. That's what was seen; I'm stunning. Just don't damage the lender's belief in you here; they will, of course, trust you. But if you loan for a big amount they will require you for a collateral.
October 18, 2023, 04:14:59 PM
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?
That is, is the need to be known or identified really required to qualify for a loan?
Two things must be put into consideration when taking a loan, you must be either have a qualateral to stand for you or a surety who us a reputable and trusted personality to stand for you, f these two conditions are not satisfied, you're likely not to be given a loan for any reason because you cannot be trusted with a reliable means for pay back, another one i think looks more common is for the government workers, they obtain loan base on their level of income as salary grade and they make deductions every month from their monthly payments.
October 18, 2023, 04:12:56 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.
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.
This is why I don't want to support Forum loan. It's painful to see someone loosing their hard earned money to scammers who default loan. Banks are very right to demand for collateral that worth up to your loan amount so incase you default the loan, the property will be seize and use to recover their money. In the case of online mobile loans, some of them have a way to tape your phone that you can not be able to use your phone if the deadline exceed and you refused to pay. Here in the forum, you only get negative tag for defaulting the loan and you continue to live your life, create a new account and start over if you want to while the lender remain empty and feel remorse for lending you the money. I have been thinking of a way to recover loan in this forum but I'm yet to reach any conclusion.
October 18, 2023, 03:56:01 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.
Not only that, you need a good credit score and the interest rates will also depend on your credit score too.
If Elon asks for a loan of billions of dollars then banks are happy to give him but they can't treat someone who is salaried and making 30-40K per year because they are never able to pay it back in their entire lifetime.
Never take loans unless you are rich and have the same amount in your liquid assets so you can pay the debt when something goes south.
October 18, 2023, 03:08:21 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?
You may not like banks but trust me, if you are them when it comes to lending money to people, you will need to use 3 eyes to see well and make decisions that will favor you to be able to continue the business. You see, human beings are very wicked and they change at slightest opportunity. If documentations are not done properly and they lend money to them, more than 75% of them will not come back to pay back their debt, so don't blame the banks for going overboard to loan known individuals and people they can easily track down.
How do you want a loan to be given to a strange person that you cannot track when he dafualt a payment? What are you going to do if they don't really have a means to pay back? These are the problems you should ask. Even in a decentralized lending platforms that document and information are not collected, a collateral deposit is required before you can borrow money from any of their protocols. If you wish to have a successful business in lending, make sure you know who you are lending but if they provide collateral, I may depends on safe the collateral relative to amount needed.
October 15, 2023, 07:18:12 PM
I believe it is a matter of common sense, to be honest.
Even if one is not asking for a loan, it is common for apps and other financial services on the internet to ask for all kind of identity certifications and proof of residency.
You are supposed to put yourself in the shoes of the lender, OP. Would you be willing to lend me money if I did not give you some of my personal data or without considering my previous history here in the forum? There is a good reason no one around here in Bitcointalk would concede a loan to a newbie, because knowing your borrower is the 101 of loan risk analysis. Something any lender is supposed to give a look at before accepting or rejecting a loan application.
Even if one is not asking for a loan, it is common for apps and other financial services on the internet to ask for all kind of identity certifications and proof of residency.
You are supposed to put yourself in the shoes of the lender, OP. Would you be willing to lend me money if I did not give you some of my personal data or without considering my previous history here in the forum? There is a good reason no one around here in Bitcointalk would concede a loan to a newbie, because knowing your borrower is the 101 of loan risk analysis. Something any lender is supposed to give a look at before accepting or rejecting a loan application.
October 15, 2023, 06:56:51 PM
Although I understand where you're coming from, I don't really think it's usual for any lenders to identify who they're lending their money to and verify those identities. I mean just think of it, will you let someone you don't know, a complete stranger, borrow money from you giving you little to no guarantee that they will pay you back? Also, if you really think about it, even with the people we know we have second thoughts on whether we'll lend them money or not due to the risk it gives, what else for a complete stranger?
October 15, 2023, 12:43:31 AM
Actually, them asking for your information is best because if they don't have it, all you'll think is that they don't know what they're doing and don't want their money paid back because with your information, that is what they will use to track you if you don't pay them, and with your information, that is what they will see to know if you will have the capability and capacity to repay them back their money. For instance, if a jobless man asks you for money, you won't give it to him because you know he won't be able to pay it back. However, if a salary worker or someone with a source of income asks you for money, you will give it to him without hesitation because you are confident in his ability to repay. This is merely an illustration of the setting in which you are familiar with them. Then consider a bank and other anonymous internet loan applications.
If you disagree to them asking for your personal information, are you just being ungrateful and self-centered, or do you also want to borrow money and not pay it back? If so, I fail to understand why you would object to providing your details to obtain a loan.
If you disagree to them asking for your personal information, are you just being ungrateful and self-centered, or do you also want to borrow money and not pay it back? If so, I fail to understand why you would object to providing your details to obtain a loan.
October 14, 2023, 06:54:44 PM
I don't think it's "fame or being renowned" that's affecting your chances to get a loan approved. in my opinion it boils down to the fact that these people are credible enough that the bank could trust them with the loan, they know that these people are well-known enough that they can basically earn a living through their fame, and if in any case they don't pay up they can just easily find where they are or who to talk to to get to them. Now, you don't need to be as famous as these people to get your loans approved. You just need to be trustworthy. For one, that could be achieved through the credit card route, have a credit card, pay it well and on time, and the bank would trust you enough to actually lend you the money that you owe. Having a good credit standing also helps, so there's that.
October 14, 2023, 05:21:59 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?
There are so many loan apps in this era, and most of them, when it comes to charging, are very intense. If you are delayed for one day, a person who borrows from lending apps will immediately experience intense harassment.Apart from the very high interest they charge, the amount you owe is not full because they immediately reduce the percentage that has already been given to you.
It's even better to borrow here on the forum than from lending apps; as long as you know how to communicate properly, it's fine. As a matter of fact, the people who will give you a loan here will quickly trust you as long as you meet their criteria.
October 14, 2023, 04:59:53 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?
You may not like banks but trust me, if you are them when it comes to lending money to people, you will need to use 3 eyes to see well and make decisions that will favor you to be able to continue the business. You see, human beings are very wicked and they change at slightest opportunity. If documentations are not done properly and they lend money to them, more than 75% of them will not come back to pay back their debt, so don't blame the banks for going overboard to loan known individuals and people they can easily track down.
How do you want a loan to be given to a strange person that you cannot track when he dafualt a payment? What are you going to do if they don't really have a means to pay back? These are the problems you should ask. Even in a decentralized lending platforms that document and information are not collected, a collateral deposit is required before you can borrow money from any of their protocols. If you wish to have a successful business in lending, make sure you know who you are lending but if they provide collateral, I may depends on safe the collateral relative to amount needed.
October 14, 2023, 03:21:38 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.
You are right, because this forum operates in a decentralized way. Why I said so is that nobody cares to know about your identity and they will also advice you to stay anonymous and that is why you must be in a signature campaign for the lender to be rest assured that you will be able to pay back. Apart from this forum, I don't think that there is anywhere that you will seek a loan from that wouldn't need your identity and your information. Whether be it online banking apps or our local banks or even money lenders. If they don't know your identity or have your information, it is like they are dealing with a ghost and how will you ask a ghost to repay his loan when you don't know how to reach him. In my country, you go in person to get the loan and if it is an online app, you must use your BVN in your application.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.
October 14, 2023, 03:19:07 PM
...
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?
That has always been the case, in the past banks used to be local banks and not the multinational corporations that we see today, and they will not lend you any money if you were from a region which was outside of their influence, so a bank at New York will not lend money to someone from Texas and the reverse was also true, so it is not that surprising that banks want to know as much as they can from you before they give you a loan, as otherwise they may lend their money to someone that may never pay them back. 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?
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