Anyone have experience in P2P loans offline? I have a network

>>1665396
check your math

>>1665400

I mentioned the loans would compound monthly so essentially I'm charging 120% yearly interest on $2000. Does that make sense?

>>1665406
check your math again
also who would take that shit interest rate and pay it back without you needing to break their kneecaps

>>1665418

Illegal immigrants and working poor. Better off borrowing money from me because I won't fuck with their credit and other type of immediate loans charge an upwards of 300% interest rate.

>>1665419
like I said, good luck collecting without some hard pipe hitting niggas

>>1665406
Ok, I see what you're doing. If you're in the US you might check your usury laws, I don't think that's legal without a pawnshop license in most states. Even then you'd have to collect something from the person that's worth the value of the loan principle. Laws vary though.

>>1665424

This is all under the table. Cash money. All loans backed by collateral.

>>1665425
You'll run afoul of at least one federal law and probably one state law.

You're relying on your customers being too scared of the cops to report you, which isn't a great strategy. It only takes one person and they can complain about you anonymously.

No risk no reward my friend.

>>1665396
i do, but nothing such idiotic as 120% interest. i simply arrange a deal as in i pay you 2k you give me back 2.2k on said date. Dont have to worry about collecting in my country if you sign a paper and dont pay you get fucked with a bulldozer sized dildo drill. obviously check if they have callateral

>>1665429

so, when they dont pay you, what do you do?

you obviously arent going to muscle them out of the cash. and if they literally cant afford the repayments due to loss of work, what will you do? take some of their assets? how?

>>1665654

Collateral. Everyone has TV's and computers.

>>1665552

You must not be from the U.S