People expecting collateral for all loans

carter34

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Quote from: heavycar on July 28, 2019, 06:41:03 PM

Most loans and credit is given without collateral.

This is a question that should be asked to you. For you, would you give your money to someone you don't know without a security even bigger than the loan you gave? So that if the person reneged, you don't have any regrets.

1Referee

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Quote from: malevolent on August 09, 2019, 10:08:52 AM

Quote from: mosprognoz on August 09, 2019, 02:11:32 AM

Well some ppl borrowed BTC and converted to usd when BTC was record high 19 000. And returned loans when BTC went to 3 500.

I doubt there were many, that's a year-long loan, most loans are for several weeks max. Even in the barely active Long-term offers child-board you don't see people getting such loans.

It's straight bs. After a peak or bottom is in, people on social media usually pop up by the many stating that they sold the perfect top and bought the perfect bottom. He probably must have seen one of these clowns brag about his imaginary gains obtained through borrowing Bitcoin. There is no shortage of clowns in this space.

gentlemand

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Quote from: mosprognoz on August 09, 2019, 02:11:32 AM

Well some ppl borrowed BTC and converted to usd when BTC was record high 19 000. And returned loans when BTC went to 3 500.

I find that EXTREMELY hard to believe. If they were that good at timing prices there's absolutely zero need for them to get a loan. They'd already be multi millionaires relying on nothing but their skillz.

CryptopreneurBrainboss

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Quote from: mosprognoz on August 09, 2019, 02:11:32 AM

Well some ppl borrowed BTC and converted to usd when BTC was record high 19 000. And returned loans when BTC went to 3 500.

Doubt this even happen on the forum although there are other lending platforms you can take advantage of, for that long but still you can experience short period luck on the forum just like the one you mentioned. Taking a weekly loan when bitcoin was $13,000 +/- and repaying when it dropped to $9200 +/- but you have to convert to USD to profit.

This isn't always the case though, my last loan months back, was an Ethereum non-collateral loan used for trading. Did make profit via USD value but due to the spike in ETH value my profit was reduced by almost 80% when I tried buying back the ETH to replay loan.

malevolent

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Quote from: mosprognoz on August 09, 2019, 02:11:32 AM

Well some ppl borrowed BTC and converted to usd when BTC was record high 19 000. And returned loans when BTC went to 3 500.

I doubt there were many, that's a year-long loan, most loans are for several weeks max. Even in the barely active Long-term offers child-board you don't see people getting such loans.

mosprognoz

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Quote from: jhongzjhong on August 08, 2019, 02:28:27 PM

If the government bank in your country did not allow you to have a loan without collateral then, don't expect in online they also allow non-collateralized loan. That is a simple analogy that probably OP should know. If you barrow 1 bitcoin you still repay with the same quantity including the interest, but the value is having different that might fluctuate every now and then.

Well some ppl borrowed BTC and converted to usd when BTC was record high 19 000. And returned loans when BTC went to 3 500.

jhongzjhong

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If the government bank in your country did not allow you to have a loan without collateral then, don't expect in online they also allow non-collateralized loan. That is a simple analogy that probably OP should know. If you barrow 1 bitcoin you still repay with the same quantity including the interest, but the value is having different that might fluctuate every now and then.

Mahanton

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Quote from: malevolent on August 08, 2019, 11:18:06 AM

Quote from: eternalgloom on August 08, 2019, 09:23:43 AM

Any idea what the success rate is on those loans?
Wondering if anyone is keeping tabs via a thread for example, on how many people default on such loans.

Would be interesting to see actually.

Check their threads yourself (I posted links), not that much of a problem if you're picky enough with whom you lend to.

Sometimes handpicking people on whom you do grant a lone is somewhat like a gamble specially on non collateral ones but I was amazed how these people handle such system.

malevolent

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Quote from: eternalgloom on August 08, 2019, 09:23:43 AM

Any idea what the success rate is on those loans?
Wondering if anyone is keeping tabs via a thread for example, on how many people default on such loans.

Would be interesting to see actually.

Check their threads yourself (I posted links), not that much of a problem if you're picky enough with whom you lend to.

Quote from: pooya87 on August 08, 2019, 12:20:25 AM

Quote from: malevolent on August 05, 2019, 08:36:14 PM

Quote from: pooya87 on July 28, 2019, 10:45:45 PM

"most"?
i don't even know of a single case of a loan that is given without a collateral or at least some sort of guarantee for the lender to get his money back. i would love to take such a loan without collateral if you know, let us know with an example Cheesy

Here are lending threads of some users offering uncollateralized loans:
~~~

they are all working based on the bold part in my comment, they don't just give out no collateral loans to anyone. your account has to be trusted and they do a risk assessment whether you are going to run away and abandon your account or will you pay it back. so in a way the "collateral" can be considered the account and the reputation itself, even though they may not take control of your account.

Potentially tarnished reputation of the lendee is not a guarantee the lender will get their money back. The borrower cashing in on their reputation doesn't make the lender whole.

eternalgloom

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Quote from: malevolent on August 05, 2019, 08:36:14 PM

Quote from: pooya87 on July 28, 2019, 10:45:45 PM

"most"?
i don't even know of a single case of a loan that is given without a collateral or at least some sort of guarantee for the lender to get his money back. i would love to take such a loan without collateral if you know, let us know with an example Cheesy

Here are lending threads of some users offering uncollateralized loans:

--snip--

Any idea what the success rate is on those loans?
Wondering if anyone is keeping tabs via a thread for example, on how many people default on such loans.

Would be interesting to see actually.

pooya87

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Quote from: malevolent on August 05, 2019, 08:36:14 PM

Quote from: pooya87 on July 28, 2019, 10:45:45 PM

"most"?
i don't even know of a single case of a loan that is given without a collateral or at least some sort of guarantee for the lender to get his money back. i would love to take such a loan without collateral if you know, let us know with an example Cheesy

Here are lending threads of some users offering uncollateralized loans:
~~~

they are all working based on the bold part in my comment, they don't just give out no collateral loans to anyone. your account has to be trusted and they do a risk assessment whether you are going to run away and abandon your account or will you pay it back. so in a way the "collateral" can be considered the account and the reputation itself, even though they may not take control of your account.

mosprognoz

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You can get a credit card loan without collateral if you have a good credit history. Now days banks are giving such cards with limits up to 30 000 USD in your local currency. But yearly interests are insane ... up to 19%.. If you are talking about a crypto loan without collateral such thing does not exists ...

Japinat

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Quote from: malevolent on August 05, 2019, 08:36:14 PM

Quote from: pooya87 on July 28, 2019, 10:45:45 PM

"most"?
i don't even know of a single case of a loan that is given without a collateral or at least some sort of guarantee for the lender to get his money back. i would love to take such a loan without collateral if you know, let us know with an example Cheesy

Here are lending threads of some users offering uncollateralized loans:

DarkStar's Loans | No Collateral Required | Lowest Interest | 0.1%-0.333% Daily Link

💰💰 OmegaStarScream's Lending service | No Interest | No Collateral 💰💰 Link

LoyceV's Legendary Little Lightning Loans Link

Lending Service Started! (BTC/LTC/ETH/DOGE/ETC)! Link

Lending Service - With/without Collateral (Low Interest) Link

🎰🎰 LimLims Low Interest Lending Service 🎰🎰 (No Collateral/Fast/Low Interest) Link

🍉🍉 ▶︎▶︎ BITCOIN LOANS ⚡️ FROM 3.6% week with SIGNATURE ◀︎◀︎ 🍉🍉 Link

and

(temporarily closed) DireWolfM14's Crypto Lending Service - BTC & ETH Loans Link

There used to be more, e.g. marcotheminer, until he started needing to lend money for himself.

I also would like to add 🌟🌟🌟🌟✨ zazarb's Quick-Loans & Escrow 🌟🌟🌟🌟✨ as he also accepts loan without collateral and he is been in the business for many years already.

malevolent

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Quote from: pooya87 on July 28, 2019, 10:45:45 PM

"most"?
i don't even know of a single case of a loan that is given without a collateral or at least some sort of guarantee for the lender to get his money back. i would love to take such a loan without collateral if you know, let us know with an example Cheesy

Here are lending threads of some users offering uncollateralized loans:

DarkStar's Loans | No Collateral Required | Lowest Interest | 0.1%-0.333% Daily Link

💰💰 OmegaStarScream's Lending service | No Interest | No Collateral 💰💰 Link

LoyceV's Legendary Little Lightning Loans Link

Lending Service Started! (BTC/LTC/ETH/DOGE/ETC)! Link

Lending Service - With/without Collateral (Low Interest) Link

🎰🎰 LimLims Low Interest Lending Service 🎰🎰 (No Collateral/Fast/Low Interest) Link

🍉🍉 ▶︎▶︎ BITCOIN LOANS ⚡️ FROM 3.6% week with SIGNATURE ◀︎◀︎ 🍉🍉 Link

and

(temporarily closed) DireWolfM14's Crypto Lending Service - BTC & ETH Loans Link

There used to be more, e.g. marcotheminer, until he started needing to lend money for himself.

demure

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Thirdspace

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Quote from: timerland on July 30, 2019, 07:31:44 PM

Getting a loan IRL from the banks is more expensive then collateral loans in crypto.

I don't think so, unless I was looking at the wrong places
a quick google search, I found that a US bank can give personal loan with rate as low as 6%/year
while in crypto loan way higher than that, at least 1.5%/month
and on this forum, we can see many lenders give out loans starting at 5%/month

UserU

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I've seen cases whereby the borrowers just ran off with the funds.

Perhaps OP should try lending without collateral in the "Lendind and Borrowing" subforum and see how it goes

Japinat

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There is a lender board in this forum but lenders would give loans without collateral to a newbie.
Actually even in real life, lenders always sees the risk so they would also require a collateral when you borrow from them.

There are non collateral loans both online and in real world and you can avail that if you have a good reputation or you are a good payor in your previous loans but that still belongs to unsecured loans, hence risk is really high.

One can only become successful in this kind of venture if he knows how to manage the risk in lending money.
No risk for borrowers as they can run away and lender would not go after them if the amount involve is pretty low.

timerland

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Quote from: heavycar on July 28, 2019, 06:41:03 PM

What a business to be in, zero risk for the person lending out money, is completely backwards to the real world. Most loans and credit is given without collateral. People can ask what they want but lenders usually have a risk.

Your biggest problem here is when you are comparing the real world with the online world. In the real world, when a bank or other entity gives you a loan, they are able to see your ID, your address, your credit score, and all the information on them. Online, you know nothing. Fake ID's are fairly cheap and easy to get, and people are more able to get away with scamming online.

Also, with collateral, you get a lower interest rate compared to without collateral. Getting a loan IRL from the banks is more expensive then collateral loans in crypto.

If you do want to put this into a more similar situation, lending online with no collateral would be finding someone on the street, having a 20-minute conversation with him and then giving him a loan.

dothebeats

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Trust is entirely out of the equation in lending with crypto, so your arguments do not apply here. Sure if you can get a no-collateral loan with banks then do it, but here in crypto? No one will ever lend you anything if you present nothing as collateral, unless you have already build up rep and proved time and time again that you have the money to return what was borrowed based on your terms with the lender. I'd rather ask for a loan with a collateral than a no-collateral loan with high interest rates anytime of the day, or perhaps that's just me.

Topic: People expecting collateral for all loans (Read 546 times)