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+---- Thread: [Advice Needed] A MoneyPak/GreenDot/PayPal lending service? (/showthread.php?tid=3864356)
A MoneyPak/GreenDot/PayPal lending service? - Saged - Nov 13, 2013
Let's say I lent someone $100.00 for a day, they would return $102.50.
Now let's say they borrowed $100 for a week, they would return $114.00.
Do you think a loan business with a repay rate of 2.5% per day and a 10% per day late fee would be effective?
This would only be done via PP/MP/GD at the moment.
Opinions?
* - Damdomy - Nov 13, 2013
This is the internet, people would just runaway. How will you make sure they'll pay you back?
* - Saged - Nov 13, 2013
(Nov 13, 2013 09:22 PM)Damdomy Wrote: This is the internet, people would just runaway. How will you make sure they'll pay you back?
A phone verification system.
A call/text to them with a code or phrase told to them in private
* - League of Legends - Nov 13, 2013
How will having their phone number stop them from not paying?
* - Rob Ford - Nov 13, 2013
(Nov 13, 2013 09:25 PM)sYhw Wrote: A phone verification system.
A call/text to them with a code or phrase told to them in private
Couldnt they use an online SMS/Phone Calling application like Pinger?
* - Damdomy - Nov 13, 2013
Phone thing won't work, it's not enough.
Some that'll work could be their address and real name/ID. But then again, who would give you their information online.. When they can just borrow from a friend.
* - Saged - Nov 13, 2013
Closed until I have more time to theorize a full proof system.
Thank you for your criticism and outlooks.