Example of Simple Promissory Note : Lump-Sum With Interest : STEEM Banking

in loan •  2 months ago

Example of Simple Promissory Note : Lump-Sum With Interest : STEEM Banking

1. Borrower
@ borrower

2. Lender
@ lender

3. Lump-Sum with Interest

In return for a loan Borrower has received from Lender, Borrower promises to pay to Lender the amount of 100 SBD (principal), plus 10 SBD (interest). For a total amount owed of 110 SBD.

4. Due Date

Borrower will repay the entire amount owed by Payment Date.

5. Terminology

The term SBD refers to Steem Blockchain Dollars.

Borrower Confirmation

@ borrower please confirm the agreement below in the comments section.

"I agree to the terms of this Promissory Note"

SRY_RHU_THC0031.jpg

The Banker's Private Room, Negotiating a Loan
John Callcott Horsley (1817–1903)

Photo credit: Royal Holloway, University of London

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Keep it simple :)

Looks like a good agreement.

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Pure Trust at this point. I think lending will really take off if Steemit.com would integrate the Escrow/Multi-Sig features of the steem blockchain into the website.

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Would people convert to SBD in lieu of getting Power from it. I am not very good at crypto's so bear with me. Would you get loaned from your account and have it escrow-ed? If that is tied up, won't it be a loss to your income from Steem Power? I understand there are always trade offs and you can't have it both ways, but wouldn't that kill it (the ability to leverage that amount for profit)? On the other side, what percentage of SBD is actually traded/trad-able (if so many people keep it as power)? We have a value assigned as a future if it is only available in 13 weeks. I understand the contract could be written a million ways and I am probably way behind the curve, but why would a regular content producer, which I am not, want to do this? Not judging, very interesting to me.

nice explained!

hey, you're wonderful putting out this idea, thank-you

Nice explanation of this great methode of Lump-Sum With Interest ...I wish that we can use it with our community steemit.

Repayment packages/options?

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Are you looking to lend to me? or Borrow?

Hehe well done explaining :)

explained everything very simply and nicely by the way what is APR

Be sure to avoid usury and loan sharking (or loan whaling), haha.

the way you think and explanation is great.

This post has received a 5.72 % upvote from @bellyrub thanks to: @robert-call.

Thanks for the information. Is this already happening on Steem or it's an ideal steem banking plan for the future?

Simple and easy to go through
Feels nice