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  • repaying loans

    I plan to repay my loan in the future. I have the persons first name but how do I contact him to do so in the future. I do not have his email address. Does the site do it?

  • #2
    Hi razorgirl - the 'loan' thing is just semantics, perhaps to avoid regulatory issues.

    These are considered to be purchases by everyone here and, to my knowledge, nobody has ever attempted to pay back a loan.

    If you need to get your money back at some point, I suggest you just sell your BTC here or on any other platform available to you.

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    • #3
      False. You can repay your loans. It is in your agreement. The borrow must contact the lender first and pays the fee if any.

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      • #4
        Originally posted by razorgirl View Post
        I plan to repay my loan in the future. I have the persons first name but how do I contact him to do so in the future. I do not have his email address. Does the site do it?
        Contact emails are in the loan agreement and paypal transaction details.

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        • #5
          Originally posted by adminatbtc4peace View Post
          False. You can repay your loans. It is in your agreement. The borrow must contact the lender first and pays the fee if any.
          I never said it wasn't possible. It's just pointless.

          The terms of the lending contract state that the principal value of the loan is denominated in USD, but must be repaid in an equivalent amount of BTC at it's current value. The premium paid is considered to be interest, and is non-refundable.

          Therefore, why bother trying to repay a loan to someone who doesn't want to be repaid, when you can sell your BTC more conveniently for the same value (or at a premium if you use xCoins)?

          If, for some strange reason, you wish to repay your loan by selling your coins back to the exact same person that you bought them off, then go for it and best of luck. I expect that it is possible, but highly unusual, and it means that you are kind of missing the point of this platform....

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          • #6
            I already have repaid my loan

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            • sagold7005
              sagold7005 commented
              Editing a comment
              Hi Bonchkar, but when you buying the bitcoins didnt you pay immediately with your paypal account, do you still owe the lender after that?

          • #7
            Im reading conversation above about repaying a loan, I dont understand repaying the loan because I paid via paypal instantlly with all the fees in order to received bitcoins. Now how come Im still owing the seller, please clarify

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            • New2BTC
              New2BTC commented
              Editing a comment
              Hi group. Was this ever answered? I just signed up and the "loan" part concerns me. I just want to be able to buy Bitcoins using my PayPal debit card. I have no interest in loan arrangements, and hidden agendas. If this is complicated I'm out.

          • #8
            Hi Im new here. If I lend somebody since they can pay me back anytime. Does that mean if I set 15% int that they can repay anytime?
            Do I get the value of my Bitcoin from the security deposit?

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            • #9
              As a buyer - you will never need to repay the 'loan'. You should consider it to be a purchase.

              The wording used is just semantics, probably due to regulatory issues.

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              • #10
                Stibbler is 100% correct. The loan aspect of the buying process here is a legal loophole to limit liability to the company and most likely allows them to obtain business from U.S. banking institutions (as many banks do not allow business accounts for businesses selling cryptocurrency since the regulations are extremely varied per state and change constantly). Since technically no "permanent" transaction is taking place, and cryptocurrency is itself only an emerging bracket of regulations and law there is likely very little legal ground or regulation addressing person to person loan transactions.

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