Quote from: ps34 on June 06, 2022, 02:02:20 PM

if the collateral is the same as the amount the lender is lending then why would you feel scammed ?
just sell the collateral and you have your money back simple

why would i need to offer 4 times the total amount doesn't make sense

Proper collateral is never the same amount as the loan amount, there are two main reasons.
First, for example, if you give 4x or even 2x more in collateral value, it will surely motivate you to make an effort and repay the debt. if it were the same value, the loan would very easily turn into a sale
Next, collateral must be possible to sell without much waiting. the lender is not interested in the sentimental value of your pledge he only protects his investment. this is certainly not possible if the ratio ^{collateral:loan} is 1:1. The lender is not a seller, that is all that you need to understand.

Quote from: noorman0 on Today at 05:46:35 AM

It's been over 2 months since the first request was $250 and now it's $500, if you set yourself a 1 month repayment date, how are people sure you'll pay off?

That seems to be your maximum monthly needs. If I can give you a tip, just sell your own collateral and pretend you won't get a lender for the next 5 months.

I don't think it's a priority for him to get a loan here. he prefers to provoke some discussion about it and a little attention is paid to him.
his parents bought him an expensive toy ^{graphics card}, but no one knows, because she's standing at the computer in his room. Asking here for a loan is a great opportunity for him to take pictures and send videos of his graphic card, so he will brag that he also has something valuable in the room.