Remove the Investments/Loans forum

[Justis]

During my time as scam resolver, I came across so many reports for failed investments/loans that it made my stomach churn.

In response, I insisted that a change of policy was necessary to protect our community. After receiving Mick’s approval, I drafted this Wiki, and posted this thread to ward off the excessive losses accruing in that forum.

However, even with these limits, investments/loans continues to be the place that short sighted scammers go to to rack up their final grab.

Any section brings the risk of scammers, but most services come with an implied requirement of visible progress over the duration of the deal, and most deals involving products are over with within a day or two. Failure to respond within that timespan brings suspicion, and action can quickly be taken.

Investments/loans, however, allows for the debt to be legitimately held by the receiver of the funds without suspicion of scamming intent, since it is mutually agreed upon. This allows those with ill intent an excessive window of time with which they may contact many other users in private and seek additional funds.

Banks acquire the personal information of the people they loan to, so they can take legal action, and even still, they do credit checks before issuing loans. Many of our users are children, and are both not reliable to be loaned to, nor capable of taking legal action if they’re scammed.
Our userbase simply isn’t the right one for investments/loans to be offered to or requested by.

The section should be completely removed before it does any more damage than it has.

 

[Advin]

Agreed, +1

 

[Aabes]

Yeah +1

 

[Kelsey]

This should've been removed a long, long time ago.

 

[OSTKCabal]

Yes, yes, and yes. Probably the best thing you could possibly do for the safety and security of any members involved.

Most of the people who have some spare cash or have built a business out of private, small-scale loans on MCM don't have the ability to collect and verify their clients' information or history, beyond any past reports on this forum or a quick search of other postings/social media.

 

[Joey]

stop ur staff scamming before closing it, or let harrison use it before he completely leaves

 

[UnknownUsername]

+1, 100% in agreement with this. Amazing suggestion, Justis.

 

[yo]

In my opinion we either put harsher restrictions on using the Loan Section, or remove it. And to be honest, restricting the use of the section further pretty much beats it purpose and will become a dead area of MC-Market. Because of this I'm all for removing it.

 

[Terminated]

yup. Nuff said really. Needs to be gone. Has no place on a forum like this.

 

[Lockett]

I know that some people get scammed on there, however you have to understand that there has been hundreds if not thousands of other successful loans and investments on there. I have found the section quite useful and would hate to have it removed. Maybe just make the implied risk more implicitly stated.

 

[BigHole]

Agreed

 

[Ajdin]

If you asked me a few years ago, I wouldn't be sure. Mostly because it was really popular back in the day and some legitimate projects actually raised funding there which ended up working.

I just scrolled through the first few pages and noticed it's not what it used to be anymore. Without much research or thought I'd say it'd be a good idea to remove it. I wouldn't stop there. Just removing the section will cause threads to merge into other sections. For example I can imagine someone looking for funds to start a hosting company would try to post it into the hosting section. You'd need to forbid any posts or conversations related to it either. You also need to think if you're going to allow a scam report caused by an investment or loan.[DOUBLEPOST=1571173426][/DOUBLEPOST]

I know that some people get scammed on there, however you have to understand that there has been hundreds if not thousands of other successful loans and investments on there. I have found the section quite useful and would hate to have it removed. Maybe just make the implied risk more implicitly stated.

This has been done several times but it's just a section that's doing more bad than good, hence why this is being considered.

 

[VoidWardon17]

agreed

 

[casket]

How about rather than limiting it put a cap on the max amount being able to be loaned and maby like a tab like how there are scam report but loans which show a users current ongoing loans and past loans cause imo due to the fact that I do not wanna hit up a bank to get a $20 loan.

 

[Maddy]

How about rather than limiting it put a cap on the max amount being able to be loaned and maby like a tab like how there are scam report but loans which show a users current ongoing loans and past loans cause imo due to the fact that I do not wanna hit up a bank to get a $20 loan.

Agreed tbh

 

[utaninja]

The only solution I could give is a restricted loan section that to join you have to go though a ticket/entry system. Posting information and such.

I understand that would take staffs time though. Something like private og’s could in theory be the same way for loans.

 

[Zyger]

Also a lot of people tend to do tiny loans ($1 - $5) in that section solely for the purpose of gaining rep, so that's another reason why it should be removed.