Silk Road forums
Market => Rumor mill => Topic started by: scdb on July 27, 2012, 11:22 pm
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Want to buy in bulk, but don't have the cash on hand? Waiting for too many buyers to finalize? I'll give you a loan!
Your SR vendor account has a reputation that is worth something -- this is your collateral. Should hard times fall upon you, we can work out repayment options to preserve your account and our business relationship. I am in this to help your business grow and to share the profits. Yes, I am going to get burned, but I hope that -- overall -- I can help the community and myself by offering financial services. ;D
Nitty Gritty Details:
Minimum positive feedback: 95%
Minimum transactions: 25 (must not be digital goods)
Minimum account age: 1 month
Minimum loan size: 10BTC or 100$, whichever is greater
Loan denomination: BTC or USD
Loan period: 1 week
Interest rate: Between 25 and 50%/week. If you are a top X% seller, your interest rate will be around X ;)
Maximum loan: Around your weekly SR turnover
Guide
0) Do you meet the above minimums? If not, don't PM me. I wish I could help you, but scammers abound.
1) Send me a PM on these forums with the above information. Request a loan size.
2) I'll offer you a rate and I might decrease your loan size if your turnover is too low. If you accept, create a listing with our loan terms with "PM" as the shipping method!
3) I'll "buy" your loan and finalize right away.
4) Within 7 days, repay your loan using SR
If you are a top 25% seller, I am willing to lower interest rates, extend duration, and increase amount (usually to no more than 10,000$).
Cheers!
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I would be interested in this, but I feel the 7 days maximum payback time is to little, I would need time to turn the btc into cash that I can use to buy more product to sell on here, and then actually sell it and ship it out and then wait for buyers to finalize
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No FE ever,
I completely understand. When the loan is for 7 days and it takes 3 days to move BTC<->USD, well, that doesn't leave much time to use the money, does it? We could work something out whereby the loan period would be two weeks, with half the repayment due in a week and the other half due in two weeks.
Here's an example with a 100btc loan at 40% weekly interest (I don't both compounding the interest as that gets too mathy for a simple loan).
Day 0: You receive 100btc
Day 7: You pay back 90 BTC
Day 14: You pay back 90 BTC
Does that seem more to your liking? PM me if so.
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I would be interested in this, but I feel the 7 days maximum payback time is to little, I would need time to turn the btc into cash that I can use to buy more product to sell on here, and then actually sell it and ship it out and then wait for buyers to finalize
this is true, it takes on average 8 days min to turn btc into cash <using multiple channels> I would see it more reasonable if it were 14 days vs. 7 days.
great idea dude..
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No FE ever,
I completely understand. When the loan is for 7 days and it takes 3 days to move BTC<->USD, well, that doesn't leave much time to use the money, does it? We could work something out whereby the loan period would be two weeks, with half the repayment due in a week and the other half due in two weeks.
Here's an example with a 100btc loan at 40% weekly interest (I don't both compounding the interest as that gets too mathy for a simple loan).
Day 0: You receive 100btc
Day 7: You pay back 90 BTC
Day 14: You pay back 90 BTC
Does that seem more to your liking? PM me if so.
Doesn't SR already allow vendors to take out loans? At like 5% fixed rates? The above rate is absurd, 80% interest every 2 weeks? And here I thought 16% APR credit cards were crazy, this is like a 2,000% APR credit card, where can I sign up?
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SR gives you a loan based on money you have in escrow, then they charge you 5% on top of the escrow fees, so works out.
This is a str8 up loan offer. I'd def be interested, though 1 week repayment is too fast for here. Nobody finalizes for 2 weeks minimum
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Nobody finalizes for 2 weeks minimum
+1 bump
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No FE ever,
I completely understand. When the loan is for 7 days and it takes 3 days to move BTC<->USD, well, that doesn't leave much time to use the money, does it? We could work something out whereby the loan period would be two weeks, with half the repayment due in a week and the other half due in two weeks.
Here's an example with a 100btc loan at 40% weekly interest (I don't both compounding the interest as that gets too mathy for a simple loan).
Day 0: You receive 100btc
Day 7: You pay back 90 BTC
Day 14: You pay back 90 BTC
Does that seem more to your liking? PM me if so.
Doesn't SR already allow vendors to take out loans? At like 5% fixed rates? The above rate is absurd, 80% interest every 2 weeks? And here I thought 16% APR credit cards were crazy, this is like a 2,000% APR credit card, where can I sign up?
This service, as mentioned, is different than SR dispersing escrow early.
The rates I offer, absurd or not, are in high demand and are standard rates for this sort of thing. If you think credit cards rates, terms, and conditions are better, I'll invite you to use credit cards and not my services to borrow capital.
The loan duration is negotiable, but realize you will be paying more in interest (eg., a 1 BTC loan for 2 weeks with 10% weekly interest pays 1.2BTC at the end of the loan). It may make sense to use instant bitcoin services, such as fastcash4bitcoins, etc, or get overnight shipping and use SR's loan service to get coins out of escrow faster.
Thank you for the replies