Making Decisions On Who, How Much, And When To Lend.

[blueprints]

People are not random like our rolls, they are predictable therefore; There is no need to take unnecessary high risks when you can easily avoid them. Avoid bad surprises and stressful situations by thinking when to lend, who to lend to, and how much to lend. 

• When To Lend
  • Ok, this is the first thing you should consider and analyze in a borrower. Look at the specific individuals situation, look for impulsive and careless actions.
    • How fast did the player bust and how much?
    • Hows their health? Are they on drugs or alcohol? Drowsy or Tired? Check their mood: Upset? Desperate? Impatient? Anxious? Even "Bored".
    • These things aid in making bad decisions. Decisions made out of emotion or impulse, and if you think they ill be fine regardless of any of these things simply because they have a high wager or profit, or because they are (or appear/come across as rich) then your making a very risky assumption. 
  • Look for the Gamblers Fallacies. 
    • Are they Over confident in winning because of a Strategy or pattern? 
    • Are they upset because they had unrealistic high  expectations?  (These people usually accuse stake of cheating)
  • When do they get paid.
    • Dont be afraid to ask for Screenshots of their bank statement showing balance and date. These statements usually come as pdfs and very hard to edit. Only accept pdfs no jpeg, mp4, .doc, .word, etc. . .
       
• Who to Lend
  • Length of time borrowing
    • How many loans are paid on time? Late? 
  • Feedback from other lenders
    • How well was their communication? Their honesty? Look at all their feedback and look for unpleasant experiences/unhappy lenders. Usually these issues will only get worst and the more of them you see the higher the chance they have of defaulting. 
       
• How Much to Lend
  • Evaluate how much you can afford to lose
    • You should be well aware that they are gambling money. You should be expecting them to lose your money, 
  • Evaluate whether they can pay the loan back or not.
    • It does not matter if its someone as rich as Edward himself, you need to see clear evidence that they can pay! Just because someone has a really high wager or has profit does not mean they have money! Think about it, if their rich, why would they ever ask for a loan! Do not accept "I reached my exchange buying and selling limits" Its a lie, their really broke and have a gambling problem. They will lose your money after having lost their own.
  • Evaluate their previously Paid Loans
    • With others yes, but more importantly how many loans have they borrowed from you. Why? Because that's where you can learn the most about a person to determine an accurate risk factor score for them. Don't just look at whether they paid on time or not, look for everything I've mentioned in my post. Ask as many questions necessary until you feel safe/comfortable with the lending terms. 
    • Be cautious of a borrower who all of a sudden goes from asking for small amounts to large, make sure they can pay, don't let the number of positive feedback or paid loans be enough! Some of you put too much worth in these numbers, but a person is more then numbers. Scammers will build these numbers up to win your trust, don't degrade your trust by giving credit to a number that can be manipulated.  

You should be looking for maturity and responsibility as well as honesty. You want them to value your money as much as you do, it is your money their borrowing. Look for those that pay early, and gladly cooperate with providing you with anything you need to verify or evaluate and then adjust the loan terms as necessary. 

Well hopefully this helps someone, I do wish to see better relationships with each other on here. Helping people out while profiting can make a very wonderful community. But gambling is a addicting source of entertainment that can cause us to make stupid choices in a moment of weakness. My hope is that we learn see these weaknesses in each other and help each other make better financial choices when it comes to lending and borrowing. 

 

[77kdub]

those are some excellent tips hopefully this will help people make better decisions when doing trades thanks bluey!

[xtinepink]

Nice topic blue.

It’s very helpful for people who are in gambling and especially to our lenders here. There are already lots of people having trouble on paying their loans, and I think that lenders should also give extra careful on who to lend, if they have the capacity to pay especially with high amount and if they have pending loans to others. 

 

[blueprints]

Im glad you guys understood my points clearly, and appreciate the feedback

 

5 minutes ago, BLXN said:

Agreed. Good insight, if original. I stay away from loans, in life, and in general, unless trivial amounts, or simply one of convenience (at this time, I am trying to get a 50k loan just to play around with lol) but I do not borrow in anticipation of payouts while gambling- my gambling $ comes from investments - and I would recommend a similar approach to anyone. Have your finances sorted before starting to gamble them. 

The lenders should be more aware of whom they are dealing with - however, with 10% /day interest rates, I can see why they are also eager to lend.  It's a sketchy situation, and I'm glad I'm not involved in the drama.  
 

Exactly, these are the healthiest loans one can make, to someone just trying to have fun with a small amounts. Anything significantly large should go through a lot more review and verification. Good things come to those who are patient. If greed or intense thrill can make us less prudent in regards with our money, then we should those vulnerable situations as much as possible.

As BLXN said, have your finances sorted beforehand, use trivial amounts, or avoid borrowing to try and make money or recover. Very Good points as well!