Loans Service?

[Bymango]

I am debating whether or not to set up a loans service and I am trying to find out if it is a good investment of my money. I would love to get feedback from people that have experience. I was thinking of doing a 25 dollar loan max and quick returns.

 

[Azura]

It’s good, until you get scammed only offer loans to people above 10 rep I’d say.

 

[Bymango]

It’s good, until you get scammed only offer loans to people above 10 rep I’d say.

Ok thats what i was thinking play it really safe at first with 10+ reps then once i gain more money to put back in I will move it down to 5 reps and give higher amounts,

 

[Theo J]

Loans are, alright, at most. You'll get scammed a bit. But when they work, they're good.

My advice: Do background checks, rep, deals, etc. Always pay in G&S, (I usually cover the fee). This gives you the ability to open a dispute if things go south. Always receive the return money in F&F. This ensures that they will not open a dispute against you. There is no reason as to why someone shouldn't be able to pay you back in Friends and Family.

If you ever need help dealing with disputes, I've never lost one. Feel free to hit me up for help anytime.

 

[Ivain]

Leave neutral rep to someone who has an open loan with you, and always check the neutral rep of someone who wants a loan with you.
If you're asked for a loan larger than you're comfortable with losing, ask for appropriate collateral. It's unlikely most people will give you that, but it might mean you get a few more chances at a high loan client than straight up refusing them.

 

[Bymango]

Leave neutral rep to someone who has an open loan with you, and always check the neutral rep of someone who wants a loan with you.
If you're asked for a loan larger than you're comfortable with losing, ask for appropriate collateral. It's unlikely most people will give you that, but it might mean you get a few more chances at a high loan client than straight up refusing them.

Ok thanks so much, Have you ever done a loan service?

 

[Ivain]

nope, too high-risk for me. But I've got a lot of experience in trying to predict scam methods and figuring out how to counter them.

 

[Bymango]

nope, too high-risk for me. But I've got a lot of experience in trying to predict scam methods and figuring out how to counter them.

Ok thanks again