Topic: Stablecoin lending. - You decide interest. - page 3. (Read 1382 times)

I'm sorry that I will be the one to point this out, but just because you say it doesn't mean that's the truth. Plus, there is no reply from mnightwaffle to your post that confirms taking a loan from you. You will need, at least, the confirmation here from mnightwaffle or the PM's that prove your deal/ word.

Yes sir! We did it through a PM and this topic didn't exist a week ago but here you go:

https://bitcointalksearch.org/topic/loans-5402496

show the clear evidence here, also your borrower should announce and confirm the loan. Otherwise, no one will believe you.

First collateral-free loan ever was sent last Friday! We are officially in business baby!

Updated.

Will do that, when I posted the topic I forgot all about Bitcoin not having too much of a price difference because of market conditions, thus affecting the collateral. It will be edited today with the new rules/requirements.

I had no idea why everyone was going so hard on you until I read the thread a second time and saw point b).

Why don't you also accept liquid trusted coins (BTC, ETH...) as collateral? The user keeps his $200 BTC, doesn't have to sell it (tax) and can use the stablecoin for a short period of time (i.e until he gets his job's pay).

Like I previously said, these type of loans are given to prevent business or individuals from going bankrupt. If you invest that money and lose it, what would work better for you, being able to pay it monthly in small increments or get a 1 million (example) dollar hit all at once?

Read here for more: https://www.thebalance.com/cash-secured-loans-315598

Topic will be edited, already have a plan in mind.

Hi, thank you for the suggestions. Escrow is available and I will add it to the topic like I did with my other one here (https://bitcointalksearch.org/topic/buying-and-selling-crypto-multiple-payment-methods-available-worldwide-5396027). I don't expect people to send me their money with no escrow so thank you for reminding me. I'm using localcryptos as escrow but I'm willing to go through any reputable member of the community.

As for the requirements, they will be edited in the very near future. I understand that as is, this isn't a working system. Thanks again DireWolf, I appreciate it.

I don't know if you are truly new here or not, but if so I suggest you spend a little time familiarizing yourself with the merit system and the trust system before offering non-collateralized loans.

---

No mention of escrow?  Do you expect members to send the collateral directly to you?  As a newbie you're going to have a hard time convincing people you're not here to scam them for their collateral.  Just a warning; some trusted members don't take too kindly to that sort of thing and you may end up getting red-tagged for it.  Even among the reputable lenders here who've been at it for a long time, only a few are trusted enough to hold collateral for their own loans.

And, as LoyceV mentioned, your collateral requirements are ridiculous.  First off, what you're asking for is 200% collateral, not 100%.  Most lenders here ask for about 120%.  Secondly, there's no point in a borrower taking your offer.  The purpose for a borrower taking a collateralized loan is because he's bullish on the coin he's holding but needs funds for something else.  For example if I was holding a bunch of XMR because I think it's going to pump sometime soon, but I need BTC to pay a bill, I could send the XMR to a trusted lender or escrow, borrow what I need, pay back as agreed and get my XMR back.  Borrowing the same currency only has disadvantages, and no advantages.

---

If you're careful and scrutinize your borrowers thoroughly you might be able to make some money on no-collateral loans, but I think you're collateralized loan offer needs some work.

https://www.thebalance.com/cash-secured-loans-315598

LOL
It doesnt makes sense at all.  
The loanee already have a stablecoin so why do he need to loan while he already have a stablecoin. It would only make the loanee more stupid than this lender. It would be make sense if then collateral are altcoins that are worth more than what he want to loan.

Cash secured loans are used to prevent large losses and help businesses or individuals avoid bankruptcy. Not that anyone will go bankrupt on a 100 USD loan but that's why they exist, I am experimenting here and will keep this going for as long as I have enough data for one of the products we plan on offering to our private clients.

Reasons why cash secured loans are a thing:
1. Build credit
2. Better loans in the future
3. Keeps collateral intact as it can be slowly paid back.

It's easier when the collateral is used to slowly pay the loan in case of a failure where the original investment is lost. Collateral can also be topped up or stay intact while loan is slowly paid over a specified period of time. Hope this was clear.

I don't know where you've seen this before but they probably had the same idea in mind.

So: someone gives you $200 collateral. Out of that $100, you give him $100 as a loan. Then he has to pay you back $120, after which you give him $200 again?
You're either really dumb or really smart. Why would anyone pay you to be able to use half of their own money? I've seen a similar scheme before, and I can't figure out why.