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?
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?
I thought you want it the other way around and i misunderstood it, so my apologies for my previous post.
As zazarb state, this is a deal safe enough for the lender.
Nevertheless, from my point of view, PP isn't the best way to deal when it comes to loans...