First SteemFund Loan - ACTIVE
Today, the first ever P2P Steemit Loan has been activated. Investors can track this loan's payments on steemfund.github.io
Borrower
@kenny-crane
Amount of loan: 600 steem.
Duration of Loan: 3 months.
Annual APR: 20%.
Investors
@lukestokes 200 Steem
@kingscrown 60 Steem
@ervin-lemark 100 Steem
@chitty 240 Steem
Payment schedule
21/02/2017 = 210 Steem
21/03/2017 = 210 Steem
21/04/2017 = 210 Steem
Let me know if you're collecting for the next loan. I've earmarked 100 STEEM.
cool, make sure to follow @steemfund so that you get all the updates on new loans proposals.
I am in receipt of the 600 steem, as all can see by looking at my wallet.
https://steemit.com/@kenny-crane/transfers
Big thanks to the investors and everyone involved with this project!
I am honored to receive the first ever P2P Steemit Loan! :D
Wow that's good! I have been reading these posts with great interest!
Glad to see you made this work. :) Congrats!
Great, congratulations.
@steemfund
A question - if annual APR is 20%. what would be the rate for 3 months? Or is it simplified for testing purposes? TNX!
APR calculator
Hello @ervin-lemark, this is Direct Anual Interest. So it would be:
(20% / 12months) * 3 months = 5%
600 + 5% = 630
Here is a table of what each investor would receive:
@lukestokes 210 Steem
@kingscrown 63 Steem
@ervin-lemark 105 Steem
@chitty 252 Steem
OK, got it. Thanks for the formula and the explanation.
Not that I am into big money here. Just that the rules are clear :)
Have a great weekend!
Congratulations. resteemed.
I can't wait to see this idea take off.
I'm willing to try this when the time is right.
Can iapply now @chitty?
How much equity do I have to my rep?
How is that measured?
Hey Joseph, the general idea is that the higher rep a user has the lower the APR for his loan, since REP works as collateral here, with your rep you could ask for a loan and pay 15% APR.
A more detailed explanation can be found here: https://steemit.com/steemfund/@steemfund/p2p-lending-on-steemit
I'm new to steemit so please forgive my ignorance in advance- so would a borrower perhaps be willing to pay that 20% because as a very proactive content creator and curator that they expect exponential growth leveraging that powered Steem making a 20% interest rate relatively insignificant when compared to their anticipated overall gain in Steem?
And if that's the case would a 20% interest rate be appealing to a Steemer that has extra Steem to spare but isn't necessarily creating content and curating as often as the borrower might?
Just generally trying too figure the advantages to lender and borrower in such an arrangement- thanks for any insight you may provide.
Hey, thanks for your comment and welcome to steemit.
Yes, both cases could be true.
The borrower could also need money for activities outside steemit, like paying debts or remodeling a house, etc.
The investors would want in because they will be getting a sure gain without much effort.
Great project! I wish to help fund these loans.