Silk Road forums

Market => Product offers => Topic started by: Powerade on October 17, 2012, 04:54 pm

Title: Payday loans ?
Post by: Powerade on October 17, 2012, 04:54 pm
Hello,
I was wondering if there is any demand for short-term loans.

I know that sometimes it takes quite long before you've got some BTC in your account but obviously you want to place your order as soon as possible .. so I thought about offering short-term loans.

My idea :

You've bought some BTC or you're about to buy some but you know it will take anywhere from 24 hours to a week until you've actually got those coins in your SR account but you want to place an order right now - you send me a message , I send you the coins you need to place that order and as soon as you've received the coins you bought before you pay me back + some interest.

The terms I thought of so far are :

- Obviously I will only give loans to users with at least some history on here .. some transactions done / good buyer stats ..
- Short-term only (up to 10 days usually , might be extended to a month depending on several factors)
- Maximum amount of coins I will loan you depends on how good your stats are , how well known you are on here .. in general I thought of rather small amounts anywhere from 5$ (if you're just short a few bucks to place an order) up to 500$ at first...
- Interest rate depends on duration and amount of coins as well as your reputation - if I consider you a "high risk" investment the interest rate will be higher of course.. a few examples that I would consider worthwhile :

5$ loan to a user with a few successful transactions (let's say medium trust level) just for 48 hours -> 50% interest rate , so you'd pay back 7,5$ after 48 hours
5$ loan to a user on a rather low trust level for 48 hours -> 100% interest rate , 10$ payback

100$ loan to user on medium trust level for a full week -> 20% interest rate , 120$ back

100$ loan to a highly trusted user for a full week -> 10% interest rate

500$ loan to a highly trusted member for a full month -> 20% interest rate , 600$ back

Those are just examples of what I'm thinking about in general , still up for negotiations.

Might also be interesting for someone who wants to buy something and then sell it IRL to a few friends with some profit but no cash to get started..

We would set up a proper loan agreement , you would have to make a posting on here stating the details about the loan and so on...

I guess that's it for now , let me know if anyone is interested and then we might get the ball rolling..

-------------------
Title: Re: Payday loans ?
Post by: johnmtl on October 17, 2012, 05:08 pm
I might suggest making sure you have a good tube of anal oil because you are about to get fucked and stuck!

 8)

Title: Re: Payday loans ?
Post by: BlackDolphin on October 17, 2012, 05:12 pm
I disagree with the above poster. Might recommend lending low until trust has been built. Infact if a short term bitcoin loan was avalible it would be an advantage to both. Lend me 13 bitcoins and by week x you'll have 13+x percentage when the loanie reups.
Title: Re: Payday loans ?
Post by: BlackDolphin on October 17, 2012, 05:14 pm
I disagree with the above poster. Might recommend lending low until trust has been built. Infact if a short term bitcoin loan was avalible it would be an advantage to both. Lend me 13 bitcoins and by week x you'll have 13+x percentage when the loanie reups.
Interested in this, b/c the demand for crystal mdma is here the foundation is needed to start off.
Title: Re: Payday loans ?
Post by: johnmtl on October 17, 2012, 05:22 pm
I disagree with the above poster. Might recommend lending low until trust has been built. Infact if a short term bitcoin loan was avalible it would be an advantage to both. Lend me 13 bitcoins and by week x you'll have 13+x percentage when the loanie reups.

Disagree all you want... The fact is making large loans on here is not the best idea.. even if you charge 100% on the loan... its too easy to get a new account and start over.. I have seen people here scam for as little as a few bucks... you dont think there gonna hop on a "payday loan" and rip the shit out of it... I was backing a loan service here which is still up and running.... they specialize in micro loans and still people with good stats have defaulted... and others have paid...

All in all  its too risky to offer people here $25 $75 $150 $250 500$ UNLESS its a vendor.... then its a different story but i don't know to many vendors on here who cant get 500 if they needed it..

anyways... that's my two cents...

Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 05:22 pm
I might suggest making sure you have a good tube of anal oil because you are about to get fucked and stuck!

 8)

 ;D
I do expect to be ripped off a few times - that's why the interest rates are pretty high .. in the end it's a high risk investment but I guess as long as I play it safe I won't lose a lot and I might actually make some profit if I pay attention to a few things... and of course I'm not investing any money that I can't afford to lose. I will try to keep the amounts small and then I'll just see how it goes .. if I stop after a few weeks with a few hundred bucks lost then at least I know that this is not working ;) But if I could make just a little bit of profit I'd be pretty happy. I don't expect to make shitloads of cash this way .. all I want is like 100-200$ income per week and if I can make that without putting in too much money I'll give it a try. Still better than gambling I guess ;) I just want to make a few coins so I don't have to buy anymore coins again to order drugs on here .. so pretty much just be able to pay for the drugs I buy on here ... and I easily spend 500$ a month on here and I just can't justify this anymore ;)

Thanks for your opinion though!
Title: Re: Payday loans ?
Post by: johnmtl on October 17, 2012, 05:33 pm
I might suggest making sure you have a good tube of anal oil because you are about to get fucked and stuck!

 8)

 ;D
I do expect to be ripped off a few times - that's why the interest rates are pretty high .. in the end it's a high risk investment but I guess as long as I play it safe I won't lose a lot and I might actually make some profit if I pay attention to a few things... and of course I'm not investing any money that I can't afford to lose. I will try to keep the amounts small and then I'll just see how it goes .. if I stop after a few weeks with a few hundred bucks lost then at least I know that this is not working ;) But if I could make just a little bit of profit I'd be pretty happy. I don't expect to make shitloads of cash this way .. all I want is like 100-200$ income per week and if I can make that without putting in too much money I'll give it a try. Still better than gambling I guess ;) I just want to make a few coins so I don't have to buy anymore coins again to order drugs on here .. so pretty much just be able to pay for the drugs I buy on here ... and I easily spend 500$ a month on here and I just can't justify this anymore ;)

Thanks for your opinion though!

You can invest your coin into a bitcoin mining fund.. i have a friend who makes 3 btc per month on like 11 shares.... its a good 17 % interest.....
if you really want to do the loans be super careful.... you can get buyers and sellers who team up against you and then its game over.... you got to look at all the plays here and make sure you have a top notch defense.

Goodluck

Title: Re: Payday loans ?
Post by: BlackDolphin on October 17, 2012, 05:35 pm
I have 2 paybacks of 2bitcoins under my belt as well as 4 months on here. Lets do business
Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 05:37 pm
I disagree with the above poster. Might recommend lending low until trust has been built. Infact if a short term bitcoin loan was avalible it would be an advantage to both. Lend me 13 bitcoins and by week x you'll have 13+x percentage when the loanie reups.
Interested in this, b/c the demand for crystal mdma is here the foundation is needed to start off.

If you are interested in a loan to start off a little business then I will need to know quite a few things .. like a proper business plan.

First of all what are your buyer stats like ?

How much will you need and for how long  ?

What are you going to do with the money (what products in what quantities , domestic order ? ..)

How much can you sell , at what prices .. don't be too optimistic here but just honest.

If you're selling the stuff IRL you will have to exchange the cash for coins again .. how are you going to do this , how long is it going to take...

.. you know things like that. If you can convince me of your idea with a proper presentation it will increase your chances of getting that loan a lot .. and also anything that might get me to believe you're trustworthy.

Of course if someone is just asking for a 5$ loan because he's short a few bucks the only thing I want to know is when will I get it back (where are the coins coming from ? already bought them ? etc.) and what the buyer stats look like.
Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 05:42 pm

You can invest your coin into a bitcoin mining fund.. i have a friend who makes 3 btc per month on like 11 shares.... its a good 17 % interest.....
if you really want to do the loans be super careful.... you can get buyers and sellers who team up against you and then its game over.... you got to look at all the plays here and make sure you have a top notch defense.

Goodluck

Thanks again for that information. Would you have a link to a website that explains this bitcoin mining fund a bit (I do know what BTC mining is of course) ? Sounds like a good idea , appreciate that.
What about the exchange rate ? Will that have an effect on his income ? Will he lose money if the exchange rate drops down to lets say 5$ ?

A positive aspect of the btc loan business is that the exchange rate is not going to affect my profits as long as I don't have a whole lot of BTC just sitting there..

I will certainly be very careful and if I lose some money I won't be crying that's for sure .. I hope I've got a pretty good idea of what I'm getting myself into here but I will do a lot of research and try to minimize the risks as good as possible.
Title: Re: Payday loans ?
Post by: johnmtl on October 17, 2012, 05:45 pm

You can invest your coin into a bitcoin mining fund.. i have a friend who makes 3 btc per month on like 11 shares.... its a good 17 % interest.....
if you really want to do the loans be super careful.... you can get buyers and sellers who team up against you and then its game over.... you got to look at all the plays here and make sure you have a top notch defense.

Goodluck

Thanks again for that information. Would you have a link to a website that explains this bitcoin mining fund a bit (I do know what BTC mining is of course) ? Sounds like a good idea , appreciate that.
What about the exchange rate ? Will that have an effect on his income ? Will he lose money if the exchange rate drops down to lets say 5$ ?

A positive aspect of the btc loan business is that the exchange rate is not going to affect my profits as long as I don't have a whole lot of BTC just sitting there..

I will certainly be very careful and if I lose some money I won't be crying that's for sure .. I hope I've got a pretty good idea of what I'm getting myself into here but I will do a lot of research and try to minimize the risks as good as possible.

havelockinvestments.com

You can learn all you need to at that site and even buy into the fund using BTC.

Good luck dude
Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 05:50 pm
Thank you very much , will look into this later tonight... sounds interesting for sure :)
Title: Re: Payday loans ?
Post by: ralph123 on October 17, 2012, 05:56 pm
I have PM'd you Powerade. Hope we can work together
Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 06:06 pm
I have PM'd you Powerade. Hope we can work together

Just read it. Will reply shortly , give me a few minutes ;)
Title: Re: Payday loans ?
Post by: ralph123 on October 17, 2012, 06:17 pm
cool. Yes I been here over 8 months under three different names. The ralph2341542 is over 4 months old. My first user name was all numerical digits which I don't remember. My second account name was punkhippy in which I lost the password to it. By the time SR support helped me get it back an order i had out had autofinalized and I had the ralph name for a month at that time so I just kept using it.
Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 06:57 pm
Ok I'm getting more private messages then I was expecting and a few interesting ones so far .. now I just have to make a few decisions ;)

Give me a few minutes to go through all the messages , I will reply to all of them within the next few hours .. I'm going to meet a friend in about half an hour to smoke a couple of joints but will be back soon and by that time I should have some BTC in my account and will be ready to start giving out loans ... wish me luck ;)
Title: Re: Payday loans ?
Post by: Reece on October 17, 2012, 07:11 pm
Posting to confirm loan of $170 to be paid back 20% interest next Friday (26th).

:D
Title: Re: Payday loans ?
Post by: mazzarmazzar on October 17, 2012, 07:41 pm
I am interested and like the idea but I think its super risky for u! Is their any details you take?
Title: Re: Payday loans ?
Post by: JForce on October 17, 2012, 07:52 pm
I can't see this ending great, giving out loans over an anonymous forum would be too risky for me. There are some great people here and have no doubt that there are a lot that wouldn't scam. Although there's been cases with members who had a solid reputation and still fucked other people e.g. vlad1m1r.

Good luck to you though.
Title: Re: Payday loans ?
Post by: GORDENRAMSEY on October 17, 2012, 09:11 pm
Do a search on badboy97 to see how this loan deal worked out for him
Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 09:32 pm
Ok got some coins in my account now and ready to give the first loan to Reece.
As he already said he will receive 170$ and pay me back with 20% interest on the 26th .. let's see how this works out.
I will now check all other messages and reply very soon.

@mazzarmazzar
What kind of details are you thinking of ? Of course I'm not going to ask for any personal information.. I just need to need how much , for how long , what for , how are you going to get the coins to pay me back and of course you need some sort of reputation around here.

I do know that I'm taking quite a risk here , that's also why the interest rates are a lot higher compared to a bank. I just hope that I will meet more honest people than scammers and that I can minimize the risks by carefully evaluating all information I get from a potential borrower. I'm still well aware of the fact though that no matter how good someone's reputation might be he can always rip me off - but as I said I'm not investing any money that I could not afford to lose and I won't be crying if it does not work out as planned .. and again I'm not expecting to get rich by giving out a few small loans , it would be just great if I could pay for my drug use and if I would not have to buy anymore bitcoins.

I will search for badboy97 , does not ring a bell .. in a month or so we'll know more ;) Maybe I will lose some money but learn another lesson .. or maybe I will actually make some .. I prefer the latter.
Title: Re: Payday loans ?
Post by: johnmtl on October 17, 2012, 09:43 pm
Ok got some coins in my account now and ready to give the first loan to Reece.
As he already said he will receive 170$ and pay me back with 20% interest on the 26th .. let's see how this works out.
I will now check all other messages and reply very soon.

@mazzarmazzar
What kind of details are you thinking of ? Of course I'm not going to ask for any personal information.. I just need to need how much , for how long , what for , how are you going to get the coins to pay me back and of course you need some sort of reputation around here.

I do know that I'm taking quite a risk here , that's also why the interest rates are a lot higher compared to a bank. I just hope that I will meet more honest people than scammers and that I can minimize the risks by carefully evaluating all information I get from a potential borrower. I'm still well aware of the fact though that no matter how good someone's reputation might be he can always rip me off - but as I said I'm not investing any money that I could not afford to lose and I won't be crying if it does not work out as planned .. and again I'm not expecting to get rich by giving out a few small loans , it would be just great if I could pay for my drug use and if I would not have to buy anymore bitcoins.

I will search for badboy97 , does not ring a bell .. in a month or so we'll know more ;) Maybe I will lose some money but learn another lesson .. or maybe I will actually make some .. I prefer the latter.


dude your numbers are not even high enough to cover one loss...

at the rates you have on a 100$ loan.... you will need 5 good loans just to cover one loss... I can assure you the collection rate here will be no better the 60% meaning you will loose your shirt...

Same on your 500$ loan... you will need 5 loans like that that came back  paid just to cover one loss...

Do the math!!!

This is not something you rush into, RL or SR

Good luck, I really want to see you succeed because "I told you so" is the last thing I want to be able to say!

Title: Re: Payday loans ?
Post by: Powerade on October 17, 2012, 09:55 pm
Ok "Reece" just received 170$ and will pay me back on the 26th with 20% interest, the user "bear paw" received 4$ and will pay me back within the next 48 hours with 100% interest.

@johnmtl
Maybe you're right and I should re-think my interest rates .. I don't want to rush this that's for sure , this could be considered a little test run , I'm sure there are still a lot of things that should be thought of and a lot of things to learn .. let us both hope that you won't be able to tell me "I told you so" anytime soon ;)
Title: Re: Payday loans ?
Post by: johnmtl on October 17, 2012, 10:21 pm
Ok "Reece" just received 170$ and will pay me back on the 26th with 20% interest, the user "bear paw" received 4$ and will pay me back within the next 48 hours with 100% interest.

@johnmtl
Maybe you're right and I should re-think my interest rates .. I don't want to rush this that's for sure , this could be considered a little test run , I'm sure there are still a lot of things that should be thought of and a lot of things to learn .. let us both hope that you won't be able to tell me "I told you so" anytime soon ;)

lets hope not.

 8)
Title: Re: Payday loans ?
Post by: Powerade on October 18, 2012, 01:41 am
A lil push before going to bed :)
Title: Re: Payday loans ?
Post by: Red Flag on October 18, 2012, 02:12 am
Hell yea im interested in short term bitcoin loans!
Title: Re: Payday loans ?
Post by: ralph123 on October 18, 2012, 04:03 am
Replying to this thread to let everybody know that I have agreed to these terms. I just got home from my job so Powerade if your in the bed then hopefully I'll see talk at you tomorrow. Here are the terms sent to me in a pm from Powerade:

"Hey ,
sorry it took me a while to reply.
I'm certainly willing to give you a 5$ loan until the 21st at an interest rate of 100%
I will use the current mtgox average exchange rate to calculate the amount of BTC you will get and as soon as you're ready to pay me back you will do the same and you will send me a message with the time and the mtgox average rate you've used.
Should you fail to pay me back on the 21st you will pay an additional 50% interest rate (based on the 5$ you've borrowed) for every day you're late with the payment.
If you agree to everything let me know and just make a short posting in the thread stating the details of this loan and I will then transfer the funds to your account.
If all goes well we will talk about further loans.
Greetings"

I do agree to these terms.

I would ask for more but i got some regular bills to pay out this coming paycheck.  Thank you very much and hopefully we can continue to do business
Title: Re: Payday loans ?
Post by: mazzarmazzar on October 25, 2012, 03:46 pm
How the loans going?