Ideas on a Loaning service?

[madenone]

I've made a bit of money from my Junkyard, I've been selling Spotify Upgrades, and Steam keys for a little bit. I've decided to try and maximize my profits, so I'd like some feedback on if you guys agree with me if you do happen to agree, could you also possibly help me with a thread design?

 

[madenone]

And a good set of TOS so there are no loopholes.

 

[madenone]

I can hook you up with a TOS.

Thanks man, always a great help.

 

[Choo]

loaning for profit is very risky business, make sure to include qualifications for people (ex: no negs, 3 months on the site, must have 50+ rep for 100$ loans) and loan them g&s. imo its high risk and average reward

 

[madenone]

loaning for profit is very risky business, make sure to include qualifications for people (ex: no negs, 3 months on the site, must have 50+ rep for 100$ loans) and loan them g&s. imo its high risk and average reward

So what's your stand? Should I do it? I also want to get Supreme, and I need some cash to do that. That's why I came up with the idea.

 

[Choo]

So what's your stand? Should I do it? I also want to get Supreme, and I need some cash to do that. That's why I came up with the idea.

I mean if you dont have 25$ then dont start yet lol

 

[madenone]

I mean if you dont have 25$ then dont start yet lol

I have $40 I just want a bit more to feel safe while loaning. ya know

 

[Choo]

I have $40 I just want a bit more to feel safe while loaning. ya know

Oh okay, Id probably suggest testing it out on some members first that need loans, I wouldnt suggest making a thread on it unless you feel like youre ready. Just say in shoutbox "Doing loans up to 40$" or something and see how it goes. I did the same thing, had a 2:1 scam ratio where 2 paid back and one didnt pay back, it really depends on who you pick.
Best of luck

 

[madenone]

Oh okay, Id probably suggest testing it out on some members first that need loans, I wouldnt suggest making a thread on it unless you feel like youre ready. Just say in shoutbox "Doing loans up to 40$" or something and see how it goes. I did the same thing, had a 2:1 scam ratio where 2 paid back and one didnt pay back, it really depends on who you pick.
Best of luck

Waiiiit D: mind helping me make decisions on loans? As in who to choose.

 

[Choo]

Waiiiit D: mind helping me make decisions on loans? As in who to choose.

Choose reputable members, not based on rep itself, but relashionship with others, business and purchases in the past, how long hes been on the forum for, his post count, is he active in the community, is he rep farming (not really valid rep like vouch copies and selling cheap stuff), is he gaining too much rep in a short amount of time, etc. All of these things I mentioned are things you should figure out to determine if a person is trustworthy. There are many factors, but dont do ALL this research, usually you can determine is someone is trustworthy for a loan by looking at their numbers and a few more clicks, no pressure.

 

[madenone]

Choose reputable members, not based on rep itself, but relashionship with others, business and purchases in the past, how long hes been on the forum for, his post count, is he active in the community, is he rep farming (not really valid rep like vouch copies and selling cheap stuff), is he gaining too much rep in a short amount of time, etc. All of these things I mentioned are things you should figure out to determine if a person is trustworthy. There are many factors, but dont do ALL this research, usually you can determine is someone is trustworthy for a loan by looking at their numbers and a few more clicks, no pressure.

Thanks Choo

 

[Lotus]

As someone with experience loaning people here on MCM. Don’t.

People over the internet have no empathy and don’t care about your money. I used to run a big loans service, I was very strict with my choices checking account age and reputation etc. It doesn’t matter.

I loaned about $1000 out to people, $800 was scammed and I lost $100 in chargebacks. The one person who didn’t scam me was a retired staff member, everyone else who did scam were high rep exit scammers.

Don’t waste your time loaning, you should never trust anyone over the internet with money. I’m lucky to have made a tiny bit of profit but it will always end in a loss long term.

Oh and PayPal TOS does NOT protect you with loans, you need to be careful on how you word your chargebacks and payments. It’s a very shady business in the end.