This is my first time loan here, credit score is messed up at the moment, so taking a loan from local bank would be time consuming.
You think that your "score"/trust here is better to justify asking a loan?
I'm trying my luck. I think paying through PayPal would be easier for lender as the amount is protected. My PayPal is verified and 7 year old. Isn't it good deal for a lender?
You think wrong. Paypal doesn't secure lender's money, no matter how old the account is. You can cancel the payment at any time after you get the
BTC.
So how is this a good deal for the lender? This can be good only for your side.
Btw if you want to try your luck, play some dice and lock this thread.
Well, I may not eligible for $500 short term loan on a typical credit underwriting. If I goes offline, my credit score is not that great. If I go typical bitcointalk, my account is not that established for a collateral fee loan.
The process in my mind was little different. The lender pay me $500 through PayPal, I will issue a refund within 10 days. I will be sending the interest as eth/ btc. The lenders capital is protected with PayPal. He won't loss a single penny even in waste case. I will be paying a decent amount as interest for the hassle.
I have worked on credit underwriting tech for sometime. From my understanding, the lender is only risking his interest. Could you share your point of view?
So this method is pretty safe, but keep in mind that lender should sent money as for service, so your loan will cost additional ~3.5%.