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Topic: Start a lending business - page 2. (Read 491 times)

MarjorieZimmermanGinger

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

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?

Basically there are no limits for anyone who intends to provide loans to forum users, but if you don't have a good reputation on the forum it will be very difficult to offer loans to other people. This doesn't mean that forums with lower ratings will be discriminated against, but what can convince people to trust your services. Personally when looking at your profile, most are active in gambling and this reminds me of the tendency of people who like to gamble, even in real life people who are addicted to gambling are very difficult to believe, both giving loans and borrowing.

While no one can judge someone just for having 27 posts referring to your account because it will give birth to various assumptions about this. So my advice is if your intention is to plan to provide loans to other people, at least you should try to reach a much better account reputation stage than now, this will help you a little to reach the stage you want to do and here may direct you to lending service

gordonics.com

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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.

Before leaving I think I will still read that sub-forum very well to have more knowledge.

Thanks everyone for the suggestions. I read everything with interest.

Kelvinid

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You can be and be a good lender but the problem is for your how to gain trust from lenders as well knowing the status of your account.
Perhaps, you can try and see what will happen but also be sure that you know how to assess someone who asks you to lend because even high-rank members can't be trusted as well.

In this forum, trust is very important but that seems hard to acquire since we never know these people personally.
Think that this kind of business is too risky which is why only a few members offered this service even though they have been here for many years.

Obari

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Quote from: Nwada001 on May 24, 2023, 02:45:01 AM

There is no account limit for anyone who wants to start a lending service. All you have to do is start up your lending services under the service section. You also don't have to worry about collateral scams because you will have to make your own rules; that's normal.
And if you want to add a picture to your announcement, you just have to purchase a Copper member account, which will enable you to do that since you are still a newbie member.

Exactly mate and I don't think there actually any specific restrictions to running a lending service over here and hope you know of the risk involved in lending right?
Well I would also advise that you try seeking the mentorship of other users Shasan to help guide you on how to go about the entire processes as well as guiding you on making a nice and favourable rules to avoid you making unnecessary losses in the business

Cheers.
Goodluck to you.

~OBARI

boyptc

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Quote from: Z390 on May 24, 2023, 01:09:43 PM

I don't know if this lender service works well in this forum but judging from the comment on here I think it works

It does works and those lenders that have been in the business and have their own threads on the lending section have been there not just for several months but even for years.

Quote from: Z390 on May 24, 2023, 01:09:43 PM

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.

IMHO, that's not a problem on his end. If his rank is still newbie it's up to him if he'll grant those loans to random people but I'd be picky to begin with this service. It's more of a trust issue while his customers will certainly trust him because he goes "first" as the lender, first in sending the funds to the borrowers.

Quote from: cryptoaddictchie on May 24, 2023, 12:13:15 PM

Its gonna be tough but if you want to make a name then try to lend first only to those credible users. Dont ask for collateral, they would definitely not cheated you if they are reputable enough. This is only if you choose your clients or users perfectly. There are plenty whose asking of the loan here on forum might give to people with trusted feedback with known record.

This I think is the shortcut for OP. If he wants to start with a lending service, this how should he start but with credible members first that he'll allow to borrow without a collateral. That's what we think but it wouldn't warrant him some guarantee and will still depend on how he looks at it.

Z390

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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.

SatoPrincess

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

I suggest you read the pinned threads on lending board, there’s enough information there to help you get started. You could look at the threads of popular lenders like Darkstar, Shasan and observe their process and how each manage their business. There are a lot of shady characters that frequent the lending section, you will have to learn how to use the trust system, how to identify accounts that are high risk (these are accounts with a negative tag, hacked/sold accounts that just woke up), I suggest you should only give loans to reputable members for now until you’re more familiar with the forum.
I believe this advice from Tomatocage will help you come to a decision.

Quote from: Tomatocage on October 22, 2012, 10:50:07 PM

0. Newbies, NEVER DO BUSINESS WITH OTHER NEWBIES, EVER. There are plenty of veteran members to do business with and ALWAYS use escrow. If you're a newbie and you're doing business with another newbie, there's a 100% chance that you will get scammed (or you're a scammer yourself).

cryptoaddictchie

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

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

Lantind

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

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

Maybe the first step that must be done, you should make a productive and proactive contribution in forum discussions for the smooth running of your goals and further actions, and actually there is no limit to starting a service like you programmed, but remembering you are a beginner in the forum it would be nice for people -people meet you to gain trust, and also with their views later.

aysg76

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Quote from: Merit.s on May 24, 2023, 10:12:26 AM

Since you are new here, you need to know how things are done in the forum in terms of lending service. You need to learn from those that are already in the lending service so that you can do things normal and know how to go about on your lending service. I will advice you to learn the purpose of creating the forum. Bitcoin knowledge so that you will be able to rank up and have a good reputation in the forum, with this I believe your service will be recognized and patronized better than just being a newbie.

See the thing is his lending services will be used when he had reputation and trust rating on the forum and that will come with proper dealings.His account is also newbie so it's hard for him not impossible as others have also started at one point but if we say he has to learn all the bitcoin related knowledge then it's not necessary because his intentions are to deal in separate section although it could help in ranking up and having more exposure to the forum.

Merit.s

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BIT-BENDER

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The restrictions are mostly meant for those who want to take the loan
Here is a proper analysis of what you are required to have ad know to becoming a lender.

Quote from: Kluge on January 07, 2014, 05:37:14 PM

General good practices:

Lending used to only require some sort of "proof of reputation" (anything from a long post history, ID, or Web of Trust stats to a full credit report) from lendees. Due to an exceptionally high incidence of scamming, this is generally no longer the case. You generally MUST put up some form of collateral (usually some type of alternative cryptocurrency, like Litecoin or Quark). This depends heavily on the lender, and physical collateral may also be accepted (motorcycles, watches, PMs).
Please refrain from requesting unnecessary "confidence loans" (a loan you don't need, but want to take out simply to show you'll repay). This was an issue a year or so ago, where scammers would take out incrementally larger loans, pay maybe .1BTC in interest, then take off with a 1BTC loan. A history of so-called confidence loans inspire more hesitancy than confidence.
This subforum has an exceptionally high amount of trolling. Legitimate lendees are scared away or simply don't care to subject themselves to unjustified degradation. Skepticism is okay, but please try to be civil. Either way - if you request a loan, be prepared.
Almost all loans issued in this subforum would be at rates considered to be exploitative in most countries. We're talking about something like 5-15% monthly (there are some more favorable alternatives, such as seeking out the Islamic Bank of Bitcoin). Use short-term loans responsibly, do not use loans for naked market positions or otherwise attempt to arb, and you should only use short-term lending from strangers as an absolute last resort.

Also the lending business especially in the crypto-currency sector and also not collecting collateral can be a very risky business which you should also secure yourself, I think you should atleast learn more about the lending scams and this post can help you on that.
https://bitcointalk.org/index.php?,topic=119896.msg1291483#msg1291483

I have been on the forum for a while now and although there are many lenders people rather go with those who has good reputation for me my best option is Darkstar, well you can always try your luck in the business.

Findingnemo

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How about starting with non collateral loans for trusted members only? It will give you the start you needed and once you're here for a while then you will be recognised and also I wonder is there lenders accept collateral these days because in the past members used to accept the account as collateral but now it's not in practice so most of the lenders give non collateral for short term and that's mostly I can witness from lending section these days.

Dr.Bitcoin_Strange

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

Any user on the forum can start a lending service; just start your thread on the lending board and make your rules for your lending services, but before you start a lending service, make sure you read and understand some of the rule or guidelines that apply to lenders in the forum. You can read them below.
[EDU] How to spot a scammer (Read this before lending your coins!)
[EDU] The Rule of "No Collateral, No Loan" - IGNORE AT YOUR OWN RISK!

Fiatless

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

The most important factor is your passion and availability of funds. Since you have both of them, you're good to go. Reputation and credibility are not built in one day. As people start dealing with you, your service will determine the feedback or the rating you get. If you are trustworthy your client will recommend you to other members. Visit the lending board and study their operations. There are also well-established lenders in the forum. Their wealth of experience can be an asset to you. You can identify and reach out for some business advice. They might be willing to give you some important tips or trade secrets of the business. Wishing you a prosperous business.

Dave1

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

I think it's the other way around, newbies or low rank accounts are frown upon when they try to lend in this community because obviously they haven't established any reputation here.

But if you want to be a lender then why not?

You want want to go to this board, Lending. Then read the rules and see how it goes for you.

Best of luck.

un_rank

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- Jay -

As a lender you are dependent on the borrower to return the amount loaned and you bear the majority of the risk involved. The only point you can potentially scam as a lender is if you refuse to send the collateral back after the you are credited with the loan given. This can be solved by using a reputable escrow who would hold the collateral funds and return them to the debtor once they return the loan.

After months of no issues with an escrow-ed service you can gain the trust of forum members and not need the escrow anymore.

- Jay -

sunsilk

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

This is easy, if you're still in a low rank and you want to lend then choose only those that wants to take a loan that has already a reputation in the forum and it's up to you if you'll offer them collateral free loans.

Usually with that, they'll trust you easily since you're the lender and you're the one that's giving that condition which will be liked by most. But then, if that's to no avail then you're free to ask an escrow[1] and help you out with this service.

[1] Recommended bitcointalk escrow services

avp2306

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

Since you are newbie its good to have reputable escrow that can handle the collateral especially if the provided asset by the borrower is expensive asset. But you also need to consider the reputation of the borrower since there are also people who intent to default on their loan since some of them maybe want to quit in this forum and just want to get something to other forum member.

Much better if you go on lending section then see the threads of existing lender to see how they work with their lending services.

348Judah

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Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

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.

It's a nice and interesting moves made by you, but as you've said already, you lack the credibility and d you can't expe members to begin jump into you like that for loan without proper processing, i will advise you stay longer a while, build a reputation and earn yourself a particular standard or level in trust, through this, you might have also learn more to discover more about yourself and what you're planning to get into.

Quote from: gordonics.com on May 24, 2023, 02:39:59 AM

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

That's why you need time to take while learning from those already into Lending service, a newbie cannot apply for such and so do i expect a newbie not to partake in establishing one until the have the full knowledge of what's involved in lending and how to relate user's data on a spreadsheet for proper processing and management using the excel sheet.