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UltraChief

Forum users stand on non-collateral loans

What is your stand on loans?  

4 members have voted

  1. 1. Lons need be given in exchange of collateral

    • Yes
      2
    • No
      2


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So I have been giving a few loans to forum users and I have seen there has been people who are not willing to give a collateral but willing to take a loan. I understand I do not accept all types of collaterals. But I would like to know what the forum users think about loans to be given without collaterals.

First of all what is a collateral? Here is a wikipedia article on this : https://en.wikipedia.org/wiki/Collateral_(finance)

Many of you may not be knowing about what a collateral is and how it is the only way of keeping myself (to some extent) safe from being scammed by the on who takes a loan. Obviously a collateral free loan will be lower in amount if offered by me. Dont expect me to provide a loan of 0.01btc or anything near that for no collateral offering.

I want your honest opinion on this and please do not turn this thread in another "I am against loans in the forum discussion".

Based on the discussion on the thread I will decide to submit a suggestion to the admins on their stand on loans to be given with or without valid collaterals.

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Loans shouldn't be given without collateral. Most of the people asking loans wouldn't have any collateral to offer but for your own safety collateral is the only option. We don't know when people are going to scam and I've seen lot of people just disappear after collecting loans from different people. 

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4 minutes ago, Mistletoe said:

Hmmm im just curious. With this collateral, how can you secure a repayment? I mean.. its good if we could have that. But how are you actually going to secure or guarantee that someone will pay you becauese of this collateral?

Not necessarily the lender can secure a repayment.

That is why the collateral taken is something of value and has a resell-able value. So that even if the customer defaults the loan the lender can make up the loss by selling the collateral. So a person who is pledging a collateral of value will try to pay the loan back.

They may be trying to sell the collateral showing that they take a loan for it and then run away - a common scamming attempt as well.

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3 minutes ago, UltraChief said:

Not necessarily the lender can secure a repayment.

That is why the collateral taken is something of value and has a resell-able value. So that even if the customer defaults the loan the lender can make up the loss by selling the collateral. So a person who is pledging a collateral of value will try to pay the loan back.

They may be trying to sell the collateral showing that they take a loan for it and then run away - a common scamming attempt as well.

Ahhh I see. That makes sense now. Thatd be good then. Tho i Cant think of anything else aside from altcoins/ tokens as collaterals xD

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I think it should be possible to give loans without a collateral... 

@UltraChief maybe for you this can come in extremely handy because you run a loan business but collaterals should not be obligated. I made a loan to someone who I trusted and did absolutely not need that collateral. Also, when a user asks for a loan and has 700 posts on the forum, I won't say no because I know he's a known person in the community.

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6 minutes ago, Noahbreezy said:

I think it should be possible to give loans without a collateral... 

@UltraChief maybe for you this can come in extremely handy because you run a loan business but collaterals should not be obligated. I made a loan to someone who I trusted and did absolutely not need that collateral. Also, when a user asks for a loan and has 700 posts on the forum, I won't say no because I know he's a known person in the community.

Right. optional would be ideal. Like if you know the person, then no need for those. But if its a stranger and you're in doubt, that'd be handy

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12 minutes ago, Noahbreezy said:

I think it should be possible to give loans without a collateral... 

@UltraChief maybe for you this can come in extremely handy because you run a loan business but collaterals should not be obligated. I made a loan to someone who I trusted and did absolutely not need that collateral. Also, when a user asks for a loan and has 700 posts on the forum, I won't say no because I know he's a known person in the community.

Is it not possible for a forum member who has hundreds of posts here and even a good reputation among community to scam the lender? You never know what they are up to.

However since there is a trader feedback section in this forum, users whom I determine as trustworthy can get non-collateral loans from me. But that too my own discretion. If you look in the lending thread of bitcointalk, there are people who have taken 5-6 loans from a lender and then defaulted their last loan.

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Lets just presume that most users will not be have had the experience of navigating multiple loans. Therefore we should protect them from potential issues by having standards in place to protect them from being exploited. Sad fact is scammers are active and will come at you from multiple sides probing for that weak spot.

The trader feedback is still early in its venture and a nice reference. My only issue with it is this forum has a very open you scratch my back I will scratch yours mentality. My example would be the referral links people post here without investigating the site they are trying to make money off of. Setting those that click up to be robbed of time or even bitcoin.  Earlier on I watched a lot of liking and upgrading of posts by a group of friends to get into certain promotions at the time. So the issue of it being so blatant and no qualms of how that may look means we need even stronger safeguards.

Far to many accounts are allowed to post without linking there PD account and that should be step one for any loans.

The issue of long game scams is a issue that I think falls more on the lender. They should not allow themselves to be exposed to such a level and control their level of risk. Not saying its all their fault but they are alone at the end of the day with being scammed.

Its funny this post came up, I was trying to figure out what I had for collateral myself for a bitcointalk loan which is near impossible to get. If we mirror them to some extent it should be gravy.

P.s Think multiple loans from one lender also should not give the green light to like sized loans with a new lender as it could be one person lending to self in hopes of scamming unsuspecting lenders.

Think UltraChief knows what he is doing though, I am more worried about the people that pop up behind thinking its a easy game.

Edited by Blindme

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3 hours ago, UltraChief said:

Is it not possible for a forum member who has hundreds of posts here and even a good reputation among community to scam the lender? You never know what they are up to.

However since there is a trader feedback section in this forum, users whom I determine as trustworthy can get non-collateral loans from me. But that too my own discretion. If you look in the lending thread of bitcointalk, there are people who have taken 5-6 loans from a lender and then defaulted their last loan.

This actually is a very hard subject... Since I don't loan or lend much I should listen to the ones with most experience. 

But you do still agree that it should be optional right?

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Just now, Noahbreezy said:

This actually is a very hard subject... Since I don't loan or lend much I should listen to the ones with most experience. 

But you do still agree that it should be optional right?

I prefer loans given against valid collaterals. But yes many lenders allow both types of loans.

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Imo collateral can give some trust, but it is also good option for potential lier to build his trust, he can always lie in collateral and someone can take it seriously

Loans are loans, you got paid back or u don't, even a man that u loaned many times can finally rob u, or just fail with money and will not be able no pay back

Shit happens, collateral are not NECESSARY for me

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2 minutes ago, MateuszHDHR1 said:

Loans are loans, you got paid back or u don't,

That is what the collateral tries to secure and the reason why a collateral is important in big loans.

3 minutes ago, MateuszHDHR1 said:

even a man that u loaned many times can finally rob u, or just fail with money and will not be able no pay back

The collateral will help the lender make up the loss. Have you even read what a collateral is or are you just posting here because you have to?

 

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