Topic: Loans too risky? - page 23. (Read 67099 times)
It's too risky as long as the funds are not being escrowed or something similar. Just imagine giving away your money over the internet and there won't be much proof to be collected from the end user then how can you expect them to come back and give you interest plus compound to you.
The interest rates are also heavy from two percent per day to more than that if amounts are big. There is only one way to do this business securely and that's your family and friends. You could just loan these people with atmost security as you know them personally and can trust them. Don't really trust sites likes lovalbitcoin and all.
Oh man 800 btc ..way to go...well loans are risky...
It depends upon the person you want to give the loan to..if udk him that well..there isn't any documentation
..bad idea...very bad idea..
You should just invest them..in something else...cash them out when the value is high..its safer n better
..best of luck
..
It depends upon the person you want to give the loan to..if udk him that well..there isn't any documentation
..bad idea...very bad idea..
You should just invest them..in something else...cash them out when the value is high..its safer n better
..best of luck
..
They aren't risky if you or any trusted thirdparty holds collateral up to 140% of the loan value.
if you use a dependable escrow for collateral it's not so dangerous and if you give loans to your close friends with out curiosity for beginning a excellent business maybe it really is a excellent point
Those close friends of yours might give you a bad start since you cant really guarantee that those friend of yours would pay up those loans on a the said due time because i did experience such thing on which i did experience the opposite way which i end up on not being paid by them because we are friends.lol. after that i didnt tend to make any lending business.if you use a dependable escrow for collateral it's not so dangerous and if you give loans to your close friends with out curiosity for beginning a excellent business maybe it really is a excellent point
Those close friends of yours might give you a bad start since you cant really guarantee that those friend of yours would pay up those loans on a the said due time because i did experience such thing on which i did experience the opposite way which i end up on not being paid by them because we are friends.lol. after that i didnt tend to make any lending business.I had considered to take a bank loan, but it would put me into troubles since crypto market its very hard to predict, even knowing i might sell all my coins to pay the debit it may not be enought, and there is a big pression to repay the bank and the interest as well. Today i dont have feel safety to give a try with fees being around 20-30% from the loan ammount for me its a very risk attempt to have sucess.
If you do not have a stable job the bank will not gonna approve your loan, and it's not wise if you will use the money in crypto when you have not proven yet that you are good in trading or investing. I suggest you learn to save and from your savings allocate a portion for investing in crypto, I'm sure you can also earn from your side job here in crypto.if you use a dependable escrow for collateral it's not so dangerous and if you give loans to your close friends with out curiosity for beginning a excellent business maybe it really is a excellent point
Those close friends of yours might give you a bad start since you cant really guarantee that those friend of yours would pay up those loans on a the said due time because i did experience such thing on which i did experience the opposite way which i end up on not being paid by them because we are friends.lol. after that i didnt tend to make any lending business.
if you use a dependable escrow for collateral it's not so dangerous and if you give loans to your close friends with out curiosity for beginning a excellent business maybe it really is a excellent point
I had considered to take a bank loan, but it would put me into troubles since crypto market its very hard to predict, even knowing i might sell all my coins to pay the debit it may not be enought, and there is a big pression to repay the bank and the interest as well. Today i dont have feel safety to give a try with fees being around 20-30% from the loan ammount for me its a very risk attempt to have sucess.
If you do not have a stable job the bank will not gonna approve your loan, and it's not wise if you will use the money in crypto when you have not proven yet that you are good in trading or investing. I suggest you learn to save and from your savings allocate a portion for investing in crypto, I'm sure you can also earn from your side job here in crypto.
Good sir if it's true that you were able to store that amount of Bitcoins, then you're filthy rich by now and there would be no need for you to invest it, just continue to hold it if you want but that's a bit too greedy, isn't it? Having that amount of Bitcoin is enough for a lifetime even if you had a luxurious lifestyle.
In my opinion, I've always been skeptical of loans and I never trusted them ever since the loan agency of my brother closed down causing him to stop his studies. At the same time the loan agency closed down, we were bankrupt thus giving much inconvenience to our family. Loans are a hassle and it's true that some people don't have the decency to pay back. Some little advice to you is to give out loans only to the people you trust and are at least 60% sure that would pay back because handling money is such a sensitive business and its hard to ask money from those who don't have it.
In my opinion, I've always been skeptical of loans and I never trusted them ever since the loan agency of my brother closed down causing him to stop his studies. At the same time the loan agency closed down, we were bankrupt thus giving much inconvenience to our family. Loans are a hassle and it's true that some people don't have the decency to pay back. Some little advice to you is to give out loans only to the people you trust and are at least 60% sure that would pay back because handling money is such a sensitive business and its hard to ask money from those who don't have it.
I know that people give out loans but what's up with people no returning what they borrowed?? I want to know this because I might give out loans myself and I want to know what to watch out for... I have ~800 BTC at the moment and would it be a bad idea to start loaning? I bought my BTC back in 2010 mid August January(when it was about $0.07 per BTC) and I noticed the price went up a ton! Also what would be some other way to grow my BTC? Any ideas on what I should do?
Lol I don't believe a word you say about your bitcoin holdings, no offense. And what's up with people not returning what they borrow? Hello, are you new to the world? It's greed and dishonesty. I assume you're probably not new to this forum either.Yes loans are very risky as interest keeps on increasing which is very dangerous
I had considered to take a bank loan, but it would put me into troubles since crypto market its very hard to predict, even knowing i might sell all my coins to pay the debit it may not be enought, and there is a big pression to repay the bank and the interest as well. Today i dont have feel safety to give a try with fees being around 20-30% from the loan ammount for me its a very risk attempt to have sucess.
If you do not have a stable job the bank will not gonna approve your loan, and it's not wise if you will use the money in crypto when you have not proven yet that you are good in trading or investing. I suggest you learn to save and from your savings allocate a portion for investing in crypto, I'm sure you can also earn from your side job here in crypto.Although investing may sound different but it's still like gambling where we bet on our prediction, let's get real.
I had considered to take a bank loan, but it would put me into troubles since crypto market its very hard to predict, even knowing i might sell all my coins to pay the debit it may not be enought, and there is a big pression to repay the bank and the interest as well. Today i dont have feel safety to give a try with fees being around 20-30% from the loan ammount for me its a very risk attempt to have sucess.
If you do not have a stable job the bank will not gonna approve your loan, and it's not wise if you will use the money in crypto when you have not proven yet that you are good in trading or investing. I suggest you learn to save and from your savings allocate a portion for investing in crypto, I'm sure you can also earn from your side job here in crypto.
I had considered to take a bank loan, but it would put me into troubles since crypto market its very hard to predict, even knowing i might sell all my coins to pay the debit it may not be enought, and there is a big pression to repay the bank and the interest as well. Today i dont have feel safety to give a try with fees being around 20-30% from the loan ammount for me its a very risk attempt to have sucess.
If you do not have a stable job the bank will not gonna approve your loan, and it's not wise if you will use the money in crypto when you have not proven yet that you are good in trading or investing. I suggest you learn to save and from your savings allocate a portion for investing in crypto, I'm sure you can also earn from your side job here in crypto. 
I had considered to take a bank loan, but it would put me into troubles since crypto market its very hard to predict, even knowing i might sell all my coins to pay the debit it may not be enought, and there is a big pression to repay the bank and the interest as well. Today i dont have feel safety to give a try with fees being around 20-30% from the loan ammount for me its a very risk attempt to have sucess.
I guess so, but it all depends on the people who want to borrow it, sometimes there are people who just want to have the money, so he must ask for a loan from you, but they do not want to replace.
I agree with you, that loans are indeed too risky but will someone do it or rather compelled because of their necessities of life that cannot be fulfilled. If I may suggest better will you join in the bitcoin with so you can have a coin that you can use to pay down debt and as savings or deposits will be but you have to be patient waiting for a high price when selling it.
borrowing for trading , wow , sounds promising ATM but definetely risky , I'd never do that as I never trade money that I cannot affor to lose.
Guys, this is serious. Never borrow money from banks or your firends to buy bitcoin or other altcoins. This is too risky. You might be under a market crash and you can't pay them back. This makes you extremely stressful.
Yes, I agree with you mate. Loans are too risky just to buy bitcoin. Better invest in bitcoin if you have extra money. Well back from the OP's question, it is also risky to lend your btc to someone. A collateral must be required like any property the borrower had.Well, with the amount of BTC he got (800btc) , if this is really true, just forget about loaning option, just convert some of it into fiat and enjoy life. Then hold the remaining coins for the future. I agree with you guys! It's unadvisable to borrow money from banks or from anywhere else just to buy bitcoins. One should gain bitcoin in his/her own expense, meaning it maybe from his/her extra money that he thinks he may not used just soon so he/she will not be worried if something happens since bitcoins depends on market status. Loans are not advisable, it is not worth it!
When in the point that I am loaning or something borrow I feel so worried cause I am not sure if I can encrease that money. And not sure if I can pay for it specially that we can't tell what tomorrow will brings. I just try to make sure if I can pay, if not better not to.
Guys, this is serious. Never borrow money from banks or your firends to buy bitcoin or other altcoins. This is too risky. You might be under a market crash and you can't pay them back. This makes you extremely stressful.
Yes, I agree with you mate. Loans are too risky just to buy bitcoin. Better invest in bitcoin if you have extra money. Well back from the OP's question, it is also risky to lend your btc to someone. A collateral must be required like any property the borrower had.Well, with the amount of BTC he got (800btc) , if this is really true, just forget about loaning option, just convert some of it into fiat and enjoy life. Then hold the remaining coins for the future. I agree with you guys! It's unadvisable to borrow money from banks or from anywhere else just to buy bitcoins. One should gain bitcoin in his/her own expense, meaning it maybe from his/her extra money that he thinks he may not used just soon so he/she will not be worried if something happens since bitcoins depends on market status. Loans are not advisable, it is not worth it!
I am against loans. If the person does not have the money for that to buy something it means that he is unable to earn them. In such circumstances, to take out a loan is unwise. You can assume that you will earn in the future, but very often the situation can change dramatically and you will not be able to pay the loan.
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