Topic: Is there anyway for a new member to get a loan? (Read 220 times)

They must do so in order to compensate for any losses that may occur,

Exactly.

now I understand how this type of loan works.

Actually, there is no real type of loan since there are all the same. The only thing that is different is the type of collateral. Soon banks will take crypto besides your/ my house... Grin

Haha!

That will be great for banks to take crypto instead of a house. I feel like it's scary to put a house as collateral even if you will return the loan at the required time. But still a loan it's a loan, it still scared even if you will put something else as collateral 😅.

condoras

legendary

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They must do so in order to compensate for any losses that may occur,

Exactly.

Quote from: examplens on January 22, 2021, 09:25:07 AM

now I understand how this type of loan works.

Actually, there is no real type of loan since there are all the same. The only thing that is different is the type of collateral. Soon banks will take crypto besides your/ my house... Grin

Smigo

newbie

Activity: 14

Merit: 0

Quote from: Smigo on January 22, 2021, 09:20:32 AM

Quote from: condoras on January 22, 2021, 08:04:39 AM

Quote from: posi on January 22, 2021, 08:27:41 AM

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

What does it mean when you go to a bank a give them your house as collateral? You should sell it and get the money that you need/ want. But you don't want to actually sell it, right? Same with using alts as collateral. You don't want to lose them/ sell them but you want to get more...

Thanks for the details bro. But there is a difference between a house as collateral and a coin as collateral, I mean you may want to sell your house to get the money you need, but you may not find a client to buy it! So instead you decide to mortgage your house to get a bank loan. But we all know selling altcoins is easy and you can do it at any time in any exchange or wallet, unlike the house because you will need to find someone to buy it. And that's why I wanted to know why altcoins can be used as collateral while we can sell them easily to get the money that we want... but thank you I understand you well.

When you put your house as collateral, the bank will not give you a loan equal to the actual value of the house. if they are forced to sell it, they will sell it for the amount of your debt to them, no matter is it half of the real price.
Also, your collateral must be higher than a loan, so the lender can easily sell it if something going wrong.

Absolutely! They must do so in order to compensate for any losses that may occur, now I understand how this type of loan works.
Thank you so much for adding this.

Smigo

newbie

Activity: 14

Merit: 0

Quote from: posi on January 22, 2021, 03:33:19 AM

Quote from: JeromeTash on January 21, 2021, 05:55:56 PM

Yes, it's possible to get a loan if you are a new member, so long as you provide accepted collateral that can be sold to recover the money plus interest in case you default the loan. The most used and preferred form of collateral is usually in the form of high market cap altcoins that can easily be exchange
Read this thread for more information - [EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!

Thank you so much! I am glad to know it's possible even for a new member to get a loan, let me read that thread. I didn't expect to see a Hero member replying to my article, be blessed dear friend 😭

You may not be aware that the high ranked member of this forum is friendly and willing to the new user who asks a genuine question about the rules and regulations of this forum. However, if you're planning to get the loan you also need to be careful from your end by getting the loan from a green trusted member who's currently active on the forum.

Thank you. Sorry, I have one more question if you won't mind.

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

It depends on what you want to use the loan for (maybe you are going to use it for short trading or investment and asking for the loan will give you the chance to maintain the ownership of your ETH and also earn some profits through the loan you request.) but the lender will require a collateral from you just to be sure the full repayment of the loan and most lender collateral that's within 100%-120% of the loan requested.
But, if you believe selling your holding is best for you then there's no reason for you to request for any loan.

Now I understand. You mean, like maybe I need a certain amount of money and I'm holding altcoins waiting for the bullish, so instead of selling them at a lower price, I can use them as collateral to get the money I want. This is great! Thank you so much bro for your information.

examplens

legendary

Activity: 3248

Merit: 3098

Quote from: Smigo on January 22, 2021, 09:20:32 AM

Quote from: condoras on January 22, 2021, 08:04:39 AM

Quote from: condoras on January 22, 2021, 08:04:39 AM

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

What does it mean when you go to a bank a give them your house as collateral? You should sell it and get the money that you need/ want. But you don't want to actually sell it, right? Same with using alts as collateral. You don't want to lose them/ sell them but you want to get more...

Thanks for the details bro. But there is a difference between a house as collateral and a coin as collateral, I mean you may want to sell your house to get the money you need, but you may not find a client to buy it! So instead you decide to mortgage your house to get a bank loan. But we all know selling altcoins is easy and you can do it at any time in any exchange or wallet, unlike the house because you will need to find someone to buy it. And that's why I wanted to know why altcoins can be used as collateral while we can sell them easily to get the money that we want... but thank you I understand you well.

When you put your house as collateral, the bank will not give you a loan equal to the actual value of the house. if they are forced to sell it, they will sell it for the amount of your debt to them, no matter is it half of the real price.
Also, your collateral must be higher than a loan, so the lender can easily sell it if something going wrong.

Smigo

newbie

Activity: 14

Merit: 0

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

What does it mean when you go to a bank a give them your house as collateral? You should sell it and get the money that you need/ want. But you don't want to actually sell it, right? Same with using alts as collateral. You don't want to lose them/ sell them but you want to get more...

Thanks for the details bro. But there is a difference between a house as collateral and a coin as collateral, I mean you may want to sell your house to get the money you need, but you may not find a client to buy it! So instead you decide to mortgage your house to get a bank loan. But we all know selling altcoins is easy and you can do it at any time in any exchange or wallet, unlike the house because you will need to find someone to buy it. And that's why I wanted to know why altcoins can be used as collateral while we can sell them easily to get the money that we want... but thank you I understand you well.

posi

hero member

Activity: 2240

Merit: 579

Leading Crypto Sports Betting & Casino Platform

Quote from: posi on January 22, 2021, 03:33:19 AM

Quote from: JeromeTash on January 21, 2021, 05:55:56 PM

Yes, it's possible to get a loan if you are a new member, so long as you provide accepted collateral that can be sold to recover the money plus interest in case you default the loan. The most used and preferred form of collateral is usually in the form of high market cap altcoins that can easily be exchange
Read this thread for more information - [EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!

Thank you so much! I am glad to know it's possible even for a new member to get a loan, let me read that thread. I didn't expect to see a Hero member replying to my article, be blessed dear friend 😭

You may not be aware that the high ranked member of this forum is friendly and willing to the new user who asks a genuine question about the rules and regulations of this forum. However, if you're planning to get the loan you also need to be careful from your end by getting the loan from a green trusted member who's currently active on the forum.

Thank you. Sorry, I have one more question if you won't mind.

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

It depends on what you want to use the loan for (maybe you are going to use it for short trading or investment and asking for the loan will give you the chance to maintain the ownership of your ETH and also earn some profits through the loan you request.) but the lender will require a collateral from you just to be sure the full repayment of the loan and most lender collateral that's within 100%-120% of the loan requested.
But, if you believe selling your holding is best for you then there's no reason for you to request for any loan.

condoras

legendary

Activity: 2912

Merit: 1103

This is what I do. I drink and I know things.

Quote from: posi on January 22, 2021, 03:33:19 AM

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

What does it mean when you go to a bank a give them your house as collateral? You should sell it and get the money that you need/ want. But you don't want to actually sell it, right? Same with using alts as collateral. You don't want to lose them/ sell them but you want to get more...

Smigo

newbie

Activity: 14

Merit: 0

Quote from: JeromeTash on January 21, 2021, 05:55:56 PM

Yes, it's possible to get a loan if you are a new member, so long as you provide accepted collateral that can be sold to recover the money plus interest in case you default the loan. The most used and preferred form of collateral is usually in the form of high market cap altcoins that can easily be exchange
Read this thread for more information - [EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!

Thank you so much! I am glad to know it's possible even for a new member to get a loan, let me read that thread. I didn't expect to see a Hero member replying to my article, be blessed dear friend 😭

You may not be aware that the high ranked member of this forum is friendly and willing to the new user who asks a genuine question about the rules and regulations of this forum. However, if you're planning to get the loan you also need to be careful from your end by getting the loan from a green trusted member who's currently active on the forum.

Thank you. Sorry, I have one more question if you won't mind.

What does it mean to use Altcoins as collateral like ETH or other Altcoins to get BTC loan? I mean I have 3 ETH, why should I not sell it to get the amount of BTC that I need instead of giving it to someone as collateral to get the same amount of BTC that I need? Is there any technical meaning for doing that or why is it like that?

posi

hero member

Activity: 2240

Merit: 579

Leading Crypto Sports Betting & Casino Platform