Hi generatorhd,
As others point out PayPal is pretty bad in an anonymous environment, because charges can be reversed up to 6 months later. It only really makes sense to accept PayPal when you have high confidence the sender won't reverse the charge, eg a payment from an established business or someone highly trustworthy.
I do think there is a market for the kind of loans you're offering. It's a reason we added a Lending section at TrustedCoinTrades.com/lending. Might I suggest you check that out? Consider the following. Offer a loan of say $100 for 7-14 days where you receive 10% interest. However, you instead mail a USPS Money Order to the recipient anywhere in the US. That costs $1.20 and $0.50 for a stamp so under $2.00. At 10% interest you still profit $8 in 14 days which is 8% ROI in under a month, a rate many investors would die for.
The recipient can cash the Order at any post office. Money Orders are also safe from being lost/stolen as might happen with sending cash.
On our platform we hold either BTC, LTC or BCH in escrow, so people would be trusting us not you with their 120% staked collateral.
Topic: Paypal loans Service (Read 176 times)
Im offering a paypal micro loan Service where i give out loans through paypal. I take 10% fees on top. Repayment in 0-7 days only. At the moment i am starting small with 5 usd paypal and then i will increase my payouts if this Service gets popular. I will need collateral of 120% more of the loan requested and will not deal with newbies.
One, paypal is irreversible, so you could end up scamming someone or someone could end up scamming you. Two, no one is going to give you collateral because you could end up running off with it, and escrow may not accept it due to the extremely high risk.
*reversible
Yeah, I agree. Even if you go first and send the paypal funds, what is stopping you from reversing the transaction and running off with collateral, right?
Im offering a paypal micro loan Service where i give out loans through paypal. I take 10% fees on top. Repayment in 0-7 days only. At the moment i am starting small with 5 usd paypal and then i will increase my payouts if this Service gets popular. I will need collateral of 120% more of the loan requested and will not deal with newbies.
One, paypal is reversible, so you could end up scamming someone or someone could end up scamming you. Two, no one is going to give you collateral because you could end up running off with it, and escrow may not accept it due to the extremely high risk.
EDIT: Corrected my mistake (thanks michkima)
Im offering a paypal micro loan Service where i give out loans through paypal. I take 10% fees on top. Repayment in 0-7 days only. At the moment i am starting small with 5 usd paypal and then i will increase my payouts if this Service gets popular. I will need collateral of 120% more of the loan requested and will not deal with newbies.
Jump to: