Post
Topic
Board Lending
Re: Securring a Loan
by
magneto
on 02/12/2017, 06:27:42 UTC
So a prepaid mastercard or visa would be a valid form of collateral?

Nope. It's not valid collateral because it cannot be easily liquidated at face value(if you want instant liquidation, the lender would have to expect something like a 30% haircut or potentially more off the actual value of the card), and also if you provide the card number, CVV, etc. to the lender, you still know these details and can use this card on a purchase.

Not to mention, the card could be carded. Absolutely no guarantees when it comes to a newbie providing this as a collateral.

I would suggest if you really need the coins urgently and you are willing to provide interest for the loan anyways, why not just buy BTC from vendors on paxful using your prepaid card?