Loans — Are they worth it?

[Dr Paradox]

Personally, I believe that loans are worth it. I’ve seen some talk in shout-box saying it’s not worth it however, over time the profit does grow. For example I’ve given out non-scammed loans to 10 people, in the span of approximately 2-3 months. I’ve profited $150 just by letting the money work for me. Yes, I understand that it’s a small amount for 2-3 months however, as a 16 year old it’s an easy way to make quick profit.

Essentially, you don’t have to work for the money as the money is working for you. I’ve had 3 scammed loans and won both my chargebacks (I paid the other guy $15 F&F by accident whoops.)

For me, giving loans is just an easy way to make some quick cash. You don’t have to work for it, and all you have to do is wait for the money to come in. All you truly need to do is always stay on top and be organized with your loans. Of course, the occasional scam does occur however, I believe if you have a strong enough TOS and valid proof for a paypal dispute, you should be able to win the chargeback every time.

These are just my opinions, what do you think?

 

[Flipora]

ima be honest i didn't think about the chargeback part. i just figured scammers were impossible to deal with but this seems like a pretty good deal

 

[TofuLong]

High risk, low returns.
Lots of unnecessary worrying and stress over little returns.

 

[Dr Paradox]

High risk, low returns.
Lots of unnecessary worrying and stress over little returns.

Can you clarify high-risk? To me, it really depends on the amount and who you’re loaning to. I’d classify high risk as loaning to someone who hasn’t done much deals, low $ amour deals, fairly new, and requests for a big loan.

 

[TofuLong]

Can you clarify high-risk? To me, it really depends on the amount and who you’re loaning to. I’d classify high risk as loaning to someone who hasn’t done much deals, low $ amour deals, fairly new, and requests for a big loan.

Essentially too many things are beyond your control which is why I feel it is high risk.
1: You don't actually know those people you loan to and their situation. Could be up this week but they may have financial issue next.
2: If you fail to win just one of your big claims you pretty much losing all the profits you have earned for the past few months.

Probably plenty more reasons out there.

 

[Dr Paradox]

I just got scammed 150 big ones in a loan. Would only loan to high repped users from now on.

Who’d you loan to?
I also think I might max my loans at $100 and won’t go beyond that to reduce risk

 

[Cold]

Can you clarify high-risk? To me, it really depends on the amount and who you’re loaning to. I’d classify high risk as loaning to someone who hasn’t done much deals, low $ amour deals, fairly new, and requests for a big loan.

Loans aren’t covered under PayPal protection. Even if you lie, you can only get away with it for so long before they limit you. I’ve been on the receiving and committing end of chargebacks and sadly, I’ve never won. Idk if it’s something I’m doing wrong or my country of which I’m from (PayPal support here is simply horrendous) but the odds are always stacked against my favour.

Btw, the first loan I gave was a scam; the user paid the money he owed in F&F but chargedback under unauthorised a month later and I lost an additional $10 due to ‘chargeback fees’.

 

[Dr Paradox]

Loans aren’t covered under PayPal protection. Even if you lie, you can only get away with it for so long before they limit you. I’ve been on the receiving and committing end of chargebacks and sadly, I’ve never won. Idk if it’s something I’m doing wrong or my country of which I’m from (PayPal support here is simply horrendous) but the odds are always stacked against my favour.

Btw, the first loan I gave was a scam; the user paid the money he owed in F&F but chargedback under unauthorised a month later and I lost an additional $10 due to ‘chargeback fees’.

Mind DM’ing me how you handle your paypal disputes with loans? paypal support has always been helpful towards me. Also, i’ve never lied once in a dispute i opened towards a guy who didn’t pay back their loan. I give proof of them agreeing to my TOS, verifying their paypal, etc and state exactly what happened to paypap[DOUBLEPOST=1569675474][/DOUBLEPOST]

$150 to um[DOUBLEPOST=1569675410][/DOUBLEPOST]
You can manipulate it a bit so it is covered. What I do is loan out in G&S and claim it's a "Loaning service" then it's a digital good and you've covered. So I should be good in recovered my loan, but still it's not guaranteed.

edit: F&F chargebacks will never succeed. Too tough to fight, you'd have different ip logins and shiz if I'm not mistaken.

I classify it under product/service not received

 

[Dr Paradox]

Exactly. That's how I do it, and it's worked thus far.

Right. The “seller” essentially usually tends to lie in the dispute made against them in paypal

 

[Tomb]

not worth it imo

 

[jxhdvn]

I’ve seen reputable users scam out for minimal amounts such as $20 - you should assume the worst of everyone when giving a loan because it doesn’t matter if they have lots of vouches and rep and have built up trust anyone can scam at any time

 

[Dr Paradox]

I’ve seen reputable users scam out for minimal amounts such as $20 - you should assume the worst of everyone when giving a loan because it doesn’t matter if they have lots of vouches and rep and have built up trust anyone can scam at any time

True, for example I believe Sloths scammed out for a $60 loan? the former mod. However i do feel if you have strong enough evidence you should win paypal disputes almost 99% of the time

 

[Rawbie]

From my past with loans, they aren't worth it.

I did 6 loans, and 3 scammed out. I only loan to people with like 80+ rep now.

 

[hetbeest]

Not worth it tbh

 

[..Error404..]

Loans are just easy way to get scammed you should just give out loans to people who are reputable and have a good way of paying back.