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Topic: Start a lending business (Read 491 times)

sr. member
Activity: 832
Merit: 286
Next Generation Web3 Casino
May 31, 2023, 12:18:15 PM
#44
It's easy since you are the lender you could easily post your lending service on the Lending thread, post your lending agreement, etc. But since you are still a jr. member you might want to be familiarized here in the forum you make sure you know what you're doing because lending is a risky business there are a lot of cases here in the forum where lenders lose their money so you should be aware of that.
Still, you are the one that is going to approve every loan request so you could just pick trusted members to avoid getting scammed also don't forget collaterals if you're suspicious of lending to other members.
The main factor that must be prepared by the owner of the loan service must be to be able to select the borrower's account history, collateral guarantees, and the borrower will not leave the account for any reason because the reputation of the account is more valuable than the loan.

The risk of a loan cannot be ignored even though we are very careful in choosing the borrower's account, so OP must understand the risk and don't give high loans
sr. member
Activity: 1638
Merit: 425
May 31, 2023, 09:39:27 AM
#43
I would like to become a lender like others on this forum, but as you can see from my account, I don't have the necessary credibility to operate like others.
I have the capital to lend, but it is normal that with such a low-level account, those wanting loans are worried about the collateral scam.
Are there any other ways to get started?

Do you think I can act as a lender by leaning on another user who escrow and who holds the collateral?


Any suggestion to start this business is very welcome.
Thank you

It's easy since you are the lender you could easily post your lending service on the Lending thread, post your lending agreement, etc. But since you are still a jr. member you might want to be familiarized here in the forum you make sure you know what you're doing because lending is a risky business there are a lot of cases here in the forum where lenders lose their money so you should be aware of that.
Still, you are the one that is going to approve every loan request so you could just pick trusted members to avoid getting scammed also don't forget collaterals if you're suspicious of lending to other members.



sr. member
Activity: 882
Merit: 215
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May 31, 2023, 08:50:06 AM
#42
You got some good replies from Experienced members. Here I want to add my opinion. Don't rush, please. Before you open your business, observe how others operate their business. If you see they rejected some loan requests, try to understand why they rejected them. There are a bunch of scam cases where people scammed the lender. They took a loan and never paid. Sashan is one of the lenders who recently created a few scam accusations against a few users. Since your forum rank is newbie, I doubt you understand everything about the forum. You must consider many things and check your user account before granting a loan.

The main target is return. You have to judge if the user can return your money. How much is the maximum for a user. Make sure if a user is participating in a signature campaign or not. How much is he getting from the signature campaign. Check if the account has some Negative or Neutral tag. Make sure the account did not change hands (sold account). Check for how long he is in the forum. Check if he has an active loan or not. Check for how long he is in the signature campaign. There are many more things you have to consider.

Good Luck!

Yes, it is very clear the steps you described above in the process and stages, in addition to acting as a neutral intermediary, verifying and validating assets before continuing the loan and being an additional layer of security. At the very least this can create a safe and fair lending environment in the crypto space, fostering trust and enabling mutually beneficial transactions between lenders and borrowers.
hero member
Activity: 518
Merit: 547
May 29, 2023, 03:00:17 AM
#41
You got some good replies from Experienced members. Here I want to add my opinion. Don't rush, please. Before you open your business, observe how others operate their business. If you see they rejected some loan requests, try to understand why they rejected them. There are a bunch of scam cases where people scammed the lender. They took a loan and never paid. Sashan is one of the lenders who recently created a few scam accusations against a few users. Since your forum rank is newbie, I doubt you understand everything about the forum. You must consider many things and check your user account before granting a loan.

The main target is return. You have to judge if the user can return your money. How much is the maximum for a user. Make sure if a user is participating in a signature campaign or not. How much is he getting from the signature campaign. Check if the account has some Negative or Neutral tag. Make sure the account did not change hands (sold account). Check for how long he is in the forum. Check if he has an active loan or not. Check for how long he is in the signature campaign. There are many more things you have to consider.

Good Luck!
hero member
Activity: 1498
Merit: 711
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May 29, 2023, 01:42:56 AM
#40
If you want to start up lending in the community you have to make yourself to be known and you create your thread in lending sections since you have the funds to issues out, its obvious that my people will slide to your dm contacting you for money lending, it doesn't matter the status of your rank, what matters is reputation and if you can give out the exact amount someone wasted when you find out that the person is credible or worthy to return your fund's as agreed. Fund's use for lending has to be none budget fund's because when agreed to return funds you lend to someone the date can be rescheduled because the debtor don't have the funds to return at a point in time, so it's understanding between the two parties.
hero member
Activity: 1470
Merit: 555
dont be greedy
May 29, 2023, 12:05:27 AM
#39
I think you can start lending business with lower rank because you are the lender not the borrower usually borrowers need to be high rank to be trusted while a lower rank has low to be chosen.
There are many considerations borrowers may have when choosing a lender with a higher reputation and rank rather than a newbie. We want to avoid the worst-case scenario resulting from crypto price volatility. All parties involved in lending activities must adhere to the initial rules regardless of the fluctuating crypto prices.

Borrowers must return the borrowed assets even if their value is higher than when they initially borrowed the money.
On the other hand, lenders must return the collateral despite the decline in the value of the borrowed assets.

beside that if you have capital and want start to lending there is dozen ton of DeFi App out there that you can invest your money staking it and do nothing the example is AAVE https://app.aave.com/dashboard
However, it appears that he is more inclined towards promoting their services on this forum. Perhaps OP holds a different perspective, believing this forum to be a suitable platform to kickstart their lending business.
I would like to become a lender like others on this forum, ......
member
Activity: 308
Merit: 21
Crypto WEB3 Neobank
May 28, 2023, 11:59:27 PM
#38
It's normal that you have money but don't have a relationship and the opposite is already known but you don't have the financial ability to run any business, including what you said.

It can and all is possible. in this case I think the concept is the same as banks or other platforms that provide loans in crypto. still the terms and conditions apply and I don't think the financier wants to bother with default.

my advice Set clear and clear terms and conditions for loan transactions, including collateral requirements, loan terms, interest rates, and so on. Make sure all of these agreements are written and approved by both parties in writing and use stamps so that if there is one thing or another it will be easily resolved either legally or otherwise.
copper member
Activity: 2156
Merit: 983
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May 28, 2023, 09:45:47 PM
#37
I think you can start lending business with lower rank because you are the lender not the borrower usually borrowers need to be high rank to be trusted while a lower rank has low to be chosen.

beside that if you have capital and want start to lending there is dozen ton of DeFi App out there that you can invest your money staking it and do nothing the example is AAVE https://app.aave.com/dashboard

legendary
Activity: 2604
Merit: 2353
May 28, 2023, 01:59:16 PM
#36
I would like to become a lender like others on this forum, but as you can see from my account, I don't have the necessary credibility to operate like others.
I have the capital to lend, but it is normal that with such a low-level account, those wanting loans are worried about the collateral scam.
Are there any other ways to get started?

Do you think I can act as a lender by leaning on another user who escrow and who holds the collateral?


Any suggestion to start this business is very welcome.
Thank you
The best way to start, is to build your own reputation as reliable and professional lender by offering loans without collateral to begin. You can do that by creating your own credit scoring with your own criteria to assess the default risk of each borrower in order to calculate an appropriate credit rate to offer while making profits, or not losing money at least during the time you build your reputation.
sr. member
Activity: 1372
Merit: 348
May 27, 2023, 04:23:16 PM
#35
I don't know if this lender service works well in this forum but judging from the comment on here I think it works, but there is a problem, you are using a brand new account, this could make some people not want to deal with you even though you are the lender.

On this forum, I have seen people taking high rank accounts more seriously, your contribution and reputation have a lot to say about you, maybe they will want to do business with you or not.

I suggest spending some time on this forum first? Some comment said it's nothing wrong with being a newbie when you are the lender, but that's not completely true. I will like to do business with a high rank member om the forum than a newbie.

If you think of the scenario, @OP is the one taking the risk by lending people money.  There is already a newbie that offers a lending service and people seems does not mind the account rank and members who are in need take interest on his thread and apply for loan.  So I think people who wanted to take a loan won't mind the rank of the lender as long as it fulfills their need.  Besides offering a service does not have any account rank requirement.

I also think @OP must explore the lending section first and see what to learn from other lenders.
jr. member
Activity: 84
Merit: 4
May 27, 2023, 04:16:59 AM
#34
I believe that, as you suggested, I could start offering small loans to users with good credibility so as not to force them to trust me by entrusting me with collateral.
If, on the other hand, larger loans are requested of me, I will consider an escrow that guarantees both parties.
You have got the strategy of opening loan services for forum members, but you have to be prepared for the risk of losing funds because the credibility of the borrower's account is not a guarantee of returning your loan capital, you must anticipate proposals for applying for high-fund loans even from credible accounts because they can leave account history without completing payment loan. This case may very rarely occur in loan services, but anticipatory steps must be prepared from the moment you start the loan business.

You can open a loan service for low-fund loans and you have to increase your knowledge to check account reputation, maybe bpip.org and ninjastic.space will help you in selecting borrower accounts that submit loan applications. Your account reputation will grow when you have completed several loan activities and they will give you a +1 reputation as the best and most trusted loan service.


You are right.
Consider that I'm looking at services like bpip just now, i didn't know about it before.
(yes I'm really newbie, but I know it!)
Thank you!
hero member
Activity: 2282
Merit: 589
May 26, 2023, 11:46:13 PM
#33
I believe that, as you suggested, I could start offering small loans to users with good credibility so as not to force them to trust me by entrusting me with collateral.
If, on the other hand, larger loans are requested of me, I will consider an escrow that guarantees both parties.
You have got the strategy of opening loan services for forum members, but you have to be prepared for the risk of losing funds because the credibility of the borrower's account is not a guarantee of returning your loan capital, you must anticipate proposals for applying for high-fund loans even from credible accounts because they can leave account history without completing payment loan. This case may very rarely occur in loan services, but anticipatory steps must be prepared from the moment you start the loan business.

You can open a loan service for low-fund loans and you have to increase your knowledge to check account reputation, maybe bpip.org and ninjastic.space will help you in selecting borrower accounts that submit loan applications. Your account reputation will grow when you have completed several loan activities and they will give you a +1 reputation as the best and most trusted loan service.
copper member
Activity: 2296
Merit: 4460
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May 26, 2023, 03:08:52 PM
#32
However your answer is motivating me a lot, I hope I can start "copying" your experience soon.

If I were in your position, I would try to emulate one of the more experienced and successful lenders rather than trying to copy one of the newer lenders who's still cutting his teeth.

For example:

some people will try to push you down but just ignore them, as i said time will show your intentions.  Smiley

Don't be so quick to discount constructive criticism as an attempt to "push you down," even if comes off as trolling.  This is the internet, and we're all somewhat anonymous which makes trust harder to obtain than in real life.  If you're in the habit of doing things that look fishy, many will assume that you're intentions are not pure.  Be open and transparent with your borrowers, especially at the beginning.  There are plenty of seasoned, reputable members of this community who've been burned and will make every effort within their power to prevent scammers and shysters from gaining a foothold.  They may come off as suspicious, harsh, and maybe even rude, but if you look at what they've been able to accomplish in this community it becomes apparent that their intentions are pure.

If you do encounter a skeptical cynic or two, address their concerns honestly without getting defensive.  Keep the high ground, and eventually your personality will show through.  Whether that's a good thing or not will be up to the observer to decide.
jr. member
Activity: 84
Merit: 4
May 26, 2023, 10:35:18 AM
#31
Nothing is impossible if you really want to do it and have good intentions.
It will take time as everything demands time to build up.
But just start and do it serious and honest and it will work out fine, start with low amounts and good interest.
You need to feel your way forwards and go with what works for you.

My self got a small loaning service and i am still like a newbie, but I have been lending some money almost everyone has paid back.
I just building for the future and I don´t lend money I cant afford to lose since its hard to trust people, don´t put money you don´t afford to lose in the business since nothing is a guarantee.

If you doing it well with time people will see the process and the reputation will grow.
Just don´t rush things and go with what works for you, some people will try to push you down but just ignore them, as i said time will show your intentions.  Smiley

Good luck!


Before starting, I'm trying to gain experience by reading everything that goes on the Lending forum.
However your answer is motivating me a lot, I hope I can start "copying" your experience soon.


Thank you!!!
member
Activity: 196
Merit: 42
Don't talk the talk, if you can't walk the walk.
May 26, 2023, 10:15:13 AM
#30
Nothing is impossible if you really want to do it and have good intentions.
It will take time as everything demands time to build up.
But just start and do it serious and honest and it will work out fine, start with low amounts and good interest.
You need to feel your way forwards and go with what works for you.

My self got a small loaning service and i am still like a newbie, but I have been lending some money almost everyone has paid back.
I just building for the future and I don´t lend money I cant afford to lose since its hard to trust people, don´t put money you don´t afford to lose in the business since nothing is a guarantee.

If you doing it well people will see the process and the reputation will grow with time.
Just don´t rush things and go with what works for you, some people will try to push you down but just ignore them, as i said time will show your intentions.  Smiley

Good luck!
hero member
Activity: 2660
Merit: 651
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May 25, 2023, 05:01:51 PM
#29
Are there any other ways to get started?
The way you can start the lending service despite your account is to first know how crypto lending work on this forum and how to secure your crypto by only providing your service to the high-rank user with a good reputation.
The last thing, buy a copper membership.

Do you think I can act as a lender by leaning on another user who escrow and who holds the collateral?
To protect your interest. You can make use of an escrow in some of your services but if it is not about protecting your crypto from loan defaulters there's no need for escrow.
hero member
Activity: 798
Merit: 1045
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May 25, 2023, 04:52:40 PM
#28
Started that will require a good reputation which you don't have yet....
Peeps might not even wanna borrow from you for that fact - except the ones that'll end up defaulting at the end of the day ...
Secondly, you shouldn't be asking to know the intricacies in here... atleast you've been visiting the lending board and you normally see their terms of operation....that should get you tutored enough.
It's important to know how much funds you've got in stock... If you're willing to let go a huge funds to someone for sometime before repayment.. what I'm tryna say in essence is - every lender creates his own terms of operation.

Sandra 🧑‍🦰
legendary
Activity: 1624
Merit: 2594
Top Crypto Casino
May 25, 2023, 04:15:14 PM
#27



That sounds like a reasonable approach. Offering small loans to users with good credibility is a good way to establish trust without requiring collateral. It's a good way to build up your reputation as a lender, and it can help you identify high-quality borrowers who may be willing to take out larger loans in the future. This is one of the most important things a lender can do. If you can find ways to get people who are reliable and trustworthy to use your services, you'll have no problem building a successful business.

Just a quick note, there's no need to create multiple topics covering the same content across different boards. It's more efficient and organized to consolidate related discussions within a single thread.
hero member
Activity: 2926
Merit: 567
May 25, 2023, 03:38:15 PM
#26
I would like to become a lender like others on this forum, but as you can see from my account, I don't have the necessary credibility to operate like others.
I have the capital to lend, but it is normal that with such a low-level account, those wanting loans are worried about the collateral scam.
Are there any other ways to get started?

Do you think I can act as a lender by leaning on another user who escrow and who holds the collateral?


Any suggestion to start this business is very welcome.
Thank you
There's little to worry to you if you're the lender since you are the one giving the loan, you're opinion to get an escrow is good while building up your reputation just follow the lead of all the lenders only trust members here with good reputation and rank, when it comes to lending trust to those who will ask loans from you is very important.
Lending is one of the easiest ways to get a reputation here because there are transactions involved, Goodluck with your lending project, not everyone has a fund to lend to people.
hero member
Activity: 1400
Merit: 674
May 25, 2023, 01:24:24 PM
#25
I would like to become a lender like others on this forum, but as you can see from my account, I don't have the necessary credibility to operate like others.
I have the capital to lend, but it is normal that with such a low-level account, those wanting loans are worried about the collateral scam.
Are there any other ways to get started?

Do you think I can act as a lender by leaning on another user who escrow and who holds the collateral?


Any suggestion to start this business is very welcome.
Thank you
In the case of the lending business to give trust to other people, especially about money and in global forums where anonymity is very high, in terms of lending, you need collateral that can be calculated as valuable, otherwise you will find it very difficult to close scammers on your services. In the case of lending you also have to take into account the benefits you take and consider whether people want to borrow from you at the percentage of interest you take from the loan service, as a businessman you have to consider your own security, then you consider your customers to be interested, reputation must be built, at least you have a good reputation from forum members or DT.
I think if you take it seriously, and carry out your activities on the forum properly your reputation will increase.
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