Who wants to loan STEEM to @mrwang and at what interest? Now accepting payments and working out final details for a loan for @mrwang.
@mrwang has recently reached out to the steemit community for a loan. I, @virtualgrowth, will managing this loan and handling escrow. As of this morning I now hold a copy of the master key which will be changed so the account may be held as collateral in thirty (30) days. @mrwang will be given keys so he my still post and operate the account but not have access to funds which will be managed by @virtualgrowth during the time of this loan until it is paid in full.
There is some initial feedback from my recent post: $1,500.00 USD Loan request by @mrwang to be managed by @virtualgrowth
Also check out @mrwang's recent posts:
This F-150 Needs Your Blessings... An Urgent Crowdfund Project
$1,500 Loan Will Be Used On The Following
- $120 - $200 USD - New Battery
- **under $200** - replacement parts whatever the part is to provide extra power source for my car alarm (Possibly a switch or ground issue suggested) and replace/repair brake line (there's a leak at the nose of the line)
- **$200** - Vehicle Registration & Inspection (please see video above for Texas laws and DPS info)
- **$290 + TBA** - cost of the recent traffic violation
- **under $100** - Tires tread worn out on 2 tires (normally I would purchase all 4 new.. but i'm settling for 2 used/good shape)
- **$50-$100** side view mirror
- **under $150** Cost of labor (Check engine light is on.. which is why I haven't been able to pass inspection. My truck is running fine for the most part but still needs some common maintenance done)
This is a loan request to the Steemit & Bitshares Community
Terms of the Loan
I @mrwang will put up my account as collateral to be held by @virtualgrowth for the full term of the loan until it is paid back in full. @virtualgrowth will assume control of the rewards from my post payouts which includes distribution of half the rewards generated from working with @bycompoundfilms and @steemitafterdark to each account as agreed upon. If I am unable to repay or default on this loan, the @mrwang account is to be powered down by @virtualgrowth and the power down will be applied to the remaining balance. Total rewards generated by active post from @mrwang currently stands at $210 and will go towards the balance of the loan. I will also continue creating for steemit and bitshares while also working on further projects as mentioned in previous post. This means the rewards of my post will be applied to the balance minus the studio and production fees agreed upon. I will also be making a follow up video with updates and the status of my truck, once it's all said and done, of course.
To add into the terms we will explore what interest rate shall be considered in response to @quinneaker's reply, "Also is there any kind of interest or incentive to give the loan?"
Leave replies to discuss and set an interest rate which will be some amount of percentage points to provide a return to those that support this loan request.
To participate in this loan
Leave a comment with your interest in supporting this steem loan to help out @mrwang.
Send SBD or STEEM to @virtualgrowth with memo: loan for @mrwang
Repayment of loan
When this all comes together loan payments will be made from @mrwang's account by @virtualgrowth. Will make posts detailing these transactions to provide an update and explanation of transactions which will include details of payments half to @mrwang's partners and half to repay loan payments with amounts owed and paid until they are paid in full. Upon loan being paid in full account will be returned to the control of @mrwang of his own account which will be held by @virtualgrowth during the time of this loan as collateral. If posts stop being posted by @mrwang the account will be powered down to make loan payments. As long as @mrwang account keeps having new posts the account will not be powered down.
All payments related to the loan will be denoted in USD. So payments will be calculated in USD from SBD & STEEM amounts. This will be in relation the $1,500 loan amount requested.
In regards to account keys.
@virtualgrowth has secured the master key by encrypted means which will be changed to secure the account as collateral in thirty (30) days. During which time @mrwang will be given keys to continue to be able to post but not withdraw STEEM from his account.
Bitshares asset possibility
If people may be interested a bitshares asset may be created for steem loans with this one as a far example and potentially more in the future. This asset would serve as a way for users to exchange the loan debt so that it would be more liquid if users may want a way to liquid the debt with a way of cashing out earlier. While also using the bitshares token for bookkeeping purposes. However redemption means would be different this way. Maybe this may be another concept to be thought about if such a service may potentially useful for users to put steemit accounts up for collateral for a loan.
Thank you for participating and providing feedback on the idea on how we may use STEEM in a way to help someone out in the community with a way to hold their account as collateral of the STEEM POWER value.
