Quote from: Coinster on April 04, 2018, 10:44:06 PM

Hi,

We're pleased to introduce a new lending platform at: https://trustedcointrades.com/lending

Our lending section includes collateral and no collateral loans and we're seeking feedback. Can no collateral loans be done safely? We believe they can as our Gold and Silver members have their identity (or similar reputation) verified. Is there anything else we might do?

We feel no collateral loans should work somehow and be a benefit. Loans in a forum setting won't work well, but there should be ways to increase safety. Consider banks charge a $35+ service fee for account overdrafts. This is a great example of where a small short term loan, say around $50, could save someone a large fee and be worth it even at high interest. What do you think?

No collateral loans works if you and the borrower lives in the same country, that way you can hire someone to look for the borrower in-case the borrower defaults on the loan. Whether your business plan does not involve legal actions to those who defaults, you have to put that into consideration or else borrowers will take advantage of your business since they have nothing to lose.

Here in my country, there are companies who offers no collateral loans as long as you have a valid Facebook account that was created a long time ago with active friends and relatives and you are employed. But there's a catch, the interest rate is so high that when computed for the total amount to be paid, capital almost doubled.