Topic: Question for the Borrowers (Read 291 times)

Based on my previous experiences:

Having some reputation and collateral ready in hand so it's easier to ask. For holding/ arbitrage reasons.


The centralized rates are quite terrible, and I'd have to park my assets there which exposes me to "not your keys, not your coins" risk. Unlike here which I can shop around for the best or better rates while my coins are safe in my wallet.


As with any sensible shopper, as low/ reasonable as possible. I remembered DS offering the best rates; <10%/ month IINM. Collateral ain't an issue.


For USDT, on the POL network.

I think the loan purpose is useless when I edit the OP I will delete the option Loan purpose. Because I do not care what is done by the loan and that is not my business. Also, If I think the reason must be provided I can't monitor how the user using the fund.

Yes agree, If I were a Lender i wouldn't lend any coin to anyone without background in the forum, not new account and also not negative trust.


I get that you are talking about the banks, I've seen your post of lending service, you ask for some reason for the loans, many users just write "Personal" some other just left it blank, Do you give some usage to that field in those loans applications?

BTW @shasan I would like to make you some small interview but I am not sure how busy is your day. Can I send you some DM?

Regards!

The most important is reputation. I would like to believe that lenders send loans based on a user's reputation. If there is a guy with no forum background asking for a loan, no one would give them a loan. We see such cases every week. A newbie account creates a thread and asks for a loan. Also, lenders are not interested in giving a loan to someone who has negative feedback.

I used to believe it was hard to get a loan if someone was not in a signature campaign. But lately, a forum member proved me wrong. He is not active on the forum, but he is taking big loans every month and paying them back. The lender is aware of what they doing. I hope everything ends up well.

We have a personal loan system in our country too and for personal loans, the main requirement is the person's personal savings account must have enough transactions with their bank. There is no room for a fresh account or one that has a small amount of transaction. Also, for those who have jobs and take payment via the bank, the person can take a loan against the job salary. For those who gamble but are not permitted by the bank, the borrower will say something except gambling so it will not be a problem whether the person using the funds is gambling or not.

Yes it is what i've seen here, btw it is good having good friends just like you said,


Hi shasan, I respect you, thanks for answer and also for share that history, 269k  lost.... I can't handle to lose such amount.


Yes that is a fair point, 10% month for the risk of the lender on an online site like this wher nobody knows each other and the only way to determine trustness is because the rank and trust system, then yes 10% is fair


That is true ETH fees are damn high.


you make me LOL, its true most of the Financial institutions need a lot of paperwork even for small amounts.


Understood Well, at this point I think that most of the points are already covered thanks to all the people who answered

What are the the main cause for you to Borrow some value from the Lenders?
Usually to pay a bill or try something new without disrupting immediate cash-flow.

Why you ask for it here in the forum, and avoid the centralized financial system?
Financial institutions want a rectal exam in exchange for a loan.

What interest rate are you willing to pay here on the forum? I see that almost all pay 10% monthly
10% monthly is the average rate though I believe the interest rate calculation could be evolved as someone borrowers can be more reliable than others, thus the risk is lower, thus the interest rate should be lower.

What is your preferred network to receive the loan?
Anything native, with low transaction fees and non-volatile to avoid loan conditions/terms being effected by market volatility.

Well, banks also give you loans without collateral. I could take an instant unsecured personal loan of tens of thousands of dollars. But I have been with the same bank for a long time, I have an excellent financial performance and a lot of assets there.


I would add that if the bank has the slightest suspicion that you are going to use the funds for gambling it will not grant you the loan, which does not happen in the forum.

2% to 3% is really quite a low interest rate in banks and in our country, it is about 1% per month. But the problem is we can get the loan by providing collateral (physical assets)  and their must-have specific reason eg: buy a car, build a house, business, and something like that. And it take a high time but on the forum it take maximum 24 hours for those who are in good reputation. Also, usually bank doesn't allow low amount which the forum does.

When you take into account that this type of loan is available to everyone, a much faster resolution with a much easier approval process, 10% is quite correct, bearing in mind a significantly higher risk for the lender.

Recommendation of a stable coin due to the fluctuation of the price of cryptocurrencies. The chosen network depends on the needs, the fee does not differ significantly (except on the ETH network)

For example, you have taken a loan from a decentralized site by giving 1 BTC collateral then it reduces the price by 20% and you cannot refill the loan at the point your collateral BTC will be lost. At this point, it will be hard to buy back the dollar if it decreases it. Consider recent pumping and dumping doge and also same happened for BTC. They both increased and decreased and later again increased too fast.


And your friend may need 500$ loan but s/he has no collateral then what will happen? In the forum, by using reputation your friend may take 500$ or even 5000$ easily. At that stage I need 4000$ but I had no collateral to use so I took the loan from the forum.

You may take a loan by providing collateral and then for any mistake your available funds get locked then what you will do in this stage is you might not have any way to withdraw your funds. A few years ago I lost about 269k as far as I remember as they double sent the fund while it was lower value I wasn't aware later they charged me while I had no way to recover that. So, what would be the benefit to me if I used collateral on that site?

A decentralized site may provide you with a loan but that is not popular. In this case, it might not be considered as trusted.

There might be many more reasons which I am not aware of, thank you.

I am not a borrower. I don't remember when I last took a loan from the forum, but I have taken some loans from people whom I know from the forum. Yet, if you ask me, I hate paperwork and all those formalities to get a loan. If I apply for a loan, I have to wait at least three weeks before I get the loan. But If I ask on the forum, it will probably take only a few hours. No papers are needed.

A signed message from my Bitcoin wallet will probably be enough to get a loan. The cons are that I have to pay 10% monthly interest, which is too high. But I can get a loan with a cheap interest rate in real life. Yet, I do not have loans from banks. I am glad that I have friends who can lend me money at any time.

Wow, thank you so much for such complete answer, now it is more clear for me the opinion.


Agree USDT is the preferred stablecoin, according to you  (And also other users)

What network do you prefer for that token?
Ethereum
Polygon
Solana
Tron

Front a Fee/Gas point of view, for me is Polygon since the fees for TX are near 0.001$ or less

Most of the money I have borrowed before are for online payments, virtual card top-ups etc. I realized it's better to borrow some crypto here than just purchase it using my bank. Some of my accounts have been blocked before.

USDT makes it much easier since it's a stablecoin

Thank for answer, well Lowest interest? I don't know about other countries but if I take a loan from my bank the Interest rate is going to be near 24% to 36 % Annual that is 2% to 3% Monthly. So that is why i said that 10% monthly is higher (Only certain Credit cards are near that 10% monthly ) but well that is in my country on local banks I don't know what is situation for other users of the forum.


Thanks for sharing. I see some of your points and I really the privacy part of it.

All your comments give me a better idea about this Forum sub-board.

Thanks

You may have to pardon me for not listing all your questions one after the other and answering them in the same format, but I am going to give a summary answer that will attempt to touch all the questions asked in this ops and for sure I will be dealing with each of them in detail but in summary to make the test readable and appealing at the same time.

First of all forum members prefer to take loans from here against other sources because of the ease of paying back and the privacy that comes from taking such loans, for example when someone requests t an in Bitcoin and provides his cold wallet address, he or she could remain untraceable and the loan will be highly private, unlike centralised loans that you have to take in you Banks account which is easily treaceble and connected if anything goes wrong.

Again, forum loans are based on trust and reputation collateral, unlike centralised bbankoloansere one needs to provide some level of collateral, so it is easier to take up loans here than it is outside.

Aside from the interest rate, which is almost the same as other loan services, forum loan interest is somewhat negotiable; if the lender considers your reputation, you may end up paying less than then10% interest on those loans.

The reason people borrow money from the centralized financial systems.

Because it is fast and easy.

Lowest interests

I prefer stable coins because I do not want a situation the price of bitcoin would have gone up when I want to pay. Some people can have bitcoin but decided to borrow stable coin because they know the bull run is near. Borrowing bitcoin will not serve the propose in such time. Althy, it can be otherwise.

I much rather pay $10 for $100 from a acquaintance than $5 for the same from the system.

Interesting I agree it is less hassle and the true nature P2P of those coins, so regardless the high interest rate attached to those loans the simplicity make them more attractive.

I would like the opinions of other users.

Thanks for sharing.

Simplicity, P2P, less hassle, and we get to keep things basic with Bitcoin - one of its true applications imo. Community can grow so quick if people are willing to “share” capital to grow others.