#collateral-based loans

[fincrif]

Steps to Get a Personal Loan Without Income Proof

A personal loan can be a great financial tool to manage unexpected expenses, but lenders usually require proof of income before approving your application. However, if you don’t have formal income documentation, there are still ways to secure a personal loan. In this guide, we will discuss the steps you can take to improve your chances of getting a personal loan without income proof.

1. Maintain a Good Credit Score

Your credit score plays a crucial role in determining your loan eligibility. A high credit score (typically above 700) indicates financial responsibility and increases your chances of securing a personal loan even without income proof. Paying credit card bills and existing loan EMIs on time will help maintain a good credit score.

2. Apply with a Co-Applicant or Guarantor

If you do not have income proof, applying with a co-applicant or guarantor can strengthen your loan application. The co-applicant should have a stable income and a good credit score to increase approval chances.

3. Offer Collateral for a Secured Loan

A secured personal loan requires you to pledge assets like gold, fixed deposits, or property. Lenders are more willing to approve loans against security as it reduces their risk.

4. Show Alternative Sources of Income

Even without traditional salary slips, you can present alternative income sources such as:

Freelancing earnings

Rental income

Investment returns

Business profits

Providing bank statements or other financial documents proving consistent earnings can help build your case.

5. Choose NBFCs or Digital Lenders

Banks have strict income proof requirements, but Non-Banking Financial Companies (NBFCs) and digital lenders offer more flexible eligibility criteria. Some of the best personal loan providers in India include:

IDFC First Bank Personal Loan

Bajaj Finserv Personal Loan

Tata Capital Personal Loan

Axis Finance Personal Loan

Axis Bank Personal Loan

InCred Personal Loan

6. Maintain a Strong Relationship with Your Bank

If you have an existing relationship with a bank, such as a savings account or a past loan, your chances of securing a personal loan without income proof increase. Banks prioritize loyal customers with a good transaction history.

7. Opt for a Lower Loan Amount

Applying for a smaller loan amount increases the chances of approval as the risk for the lender is lower. Once you successfully repay a small loan, you can apply for a higher amount in the future.

8. Improve Debt-to-Income Ratio

A lower debt-to-income ratio (DTI) increases your chances of loan approval. Reduce existing debts before applying for a personal loan to improve your financial profile.

9. Provide a Detailed Business Plan (for Self-Employed Individuals)

If you are self-employed, showing a well-structured business plan and projected earnings can help convince lenders of your repayment capability.

10. Apply Through the Right Channels

Applying through online lending platforms or directly visiting the bank’s branch can make a difference. Some lenders have specific policies for individuals without income proof.

Conclusion

While getting a personal loan without income proof can be challenging, it is possible with the right approach. Maintaining a strong credit score, offering collateral, choosing the right lender, and showing alternative income sources can significantly improve your chances of approval. Compare loan options on Fincrif to find the best deals.

[rookiesbookies]

Recently saw this tiktok by @anemonz

Which is funny as hell

And had me wondering- how would they all react based on this information?

Allow me to set the scene:

Bonding night with the team was always fun, bringing liquor and grown adults to play board games only ever ended in fights a few times. They were drunken fights over Sorry or Ticket to Ride, of course. So they decided this time that Monopoly was the choice of game, one of the guys asking if they could bring their woman to play since it was a night she had off.

Price

Price was smoking a cigar as they played. There was a burn spot on the carpet next to him from the time he put it out on it before breaking up a drunken wrestling back between Simon and Johnny. Simon had blocked Johnny's train in ticket to ride and Johnny was so inebriated that he didn't even know who he was playing against.

Truth be told, Price thought he herd Johnny yell, 'Take this Grim Reaper,' so who the hell knows.

Price's wife sat lazily with her back against the leg of a chair, rolling the dice, moving, and counting the money she owed her husband for the space.

"Fuck," she let out softly under her breath, getting a mischievous idea.

"What's wrong, love?" Price said, raising an eyebrow at his wife.

She put on big doe eyes, fluttering her lashes at him, "I'm sorry, sir, but I don't think I have enough money to repay you this month."

It took Price a confused second to pick up what she was putting down before he got it, watching his wife twirl her hair.

"Well, you know I could take another form of payment." He said in a sultry voice, leaning closer to his wife who was sitting next to him.

He quickly stood up, grabbing his wife over his shoulder, kicking the dice with his feet and telling Simon to play for him, "going to collect my rent, be back in 15."

The three men looked between themselves, a mix of disgust and concern.

"15 minutes? Would've taken me only 4 with a lass taking at me like that."

Simon smacked the back of Johnny's head.

Soap

Soap was more than just a horny drunk. Everyone who knew Johnny knew this. He knew his limit but always went over it, even as a heavy-weight drinker, to impress his fiance.

Playing Monopoly was one of the few games they could all play and no one would flip a board in anger. The problem was it took a long time, and most of them always ran out of money.

"Bonnie, mi beautiful lass," she knew when the string of pretty names came out he was about to ask for something. "I'm a small bit short on coin teh pay you with. Could I pay with a nice smourich? A peck? A piece of my love from my lips to yers?"

"Hmm," she acted as if she was thinking for a moment before grabbing him by the collar in a swift motion, getting real close to his face. "It's going to take more than just a kiss, pretty boy."

"Oh come on!" Gaz yelled, covering his eyes as Soap rolled on top of his girlfriend to give her a bit more than a smooch.

"Not in front of my monopoly board!" Simon yelled, throwing his monopoly cash on the floor.

Price just turned the other way, getting up to go get something, he didn't know what yet, since both of the people making out on the floor were more than sloshed.

Simon

Simon had been grumbling the whole game.

Mainly because his girlfriend was beating everyone.

He was positive she had been robbing the bank since she was running the bank this round.

“I need a loan.”

“Come again?” She asked, a smirk on her face.

“I need a loan, from the bank.” He said louder.

“What collateral do you have for me,” she asked.

“Collateral? This is a board game.”

“Well I have something in mind.” She said with a glint in her eye.

After a few turns and collecting rent from Soap, Price, Soap again, and Gaz- Simon still didn’t have enough to pay back to loan he had taken out to pay rent to his girlfriend.

Pulling him up by his collar into a closet. “Gotta collect on his loan. Be back in a few,” she said in a cheery voice, nothing but fear in Simon’s eyes. If he could have mouthed ‘help me’ through the mask he would have. Not sure what his girlfriend had in mind for him.

When they came back minutes later with watery and unfocused eyes, he was sweating, and panting.

Little did his battle buddies know, he had just gotten the best head of his life.

Gaz

Gaz and his girlfriend had already been stealing kisses between moves at the game. Light pecks with giggles.

She had counted her money and sighed, turning to Gaz, who has significantly more monopoly money than her.

“Baby,” she fluttered her lashes at him.

“Yeah?” He asked.

“Can you pay my rent?”

“What’s in it for me?”

“Do you want get a taste of it real fast?”

Gaz quickly got up with his girlfriend and disappeared out of the room.

“If I hear thudding noises, I’m cutting my ears off like that fuckin artist.” Simon grumbled.

When they came back the two were straightening their clothes and giggling like children as she sat on his lap when they sat back down.

Gaz looked at Simon, “I’d like to pay my girlfriend’s rent please.” Before giving her a peck on the cheek making her giggle.

Sadly I'm not doing the other boys like Alex, Keegan, Konig, and Krueger, as I just dont see them fitting this prompt, so sorry loves. I’m also on vacation/networking right now so if I dont post as much or reply slow that’s why!

<3

[celebrityfanfictionblog]

The Disgraced Prince

Chapter 7: The Prince's Bargain

Featuring Prince Andrew, Duke of York

In the heart of Mayfair, the air was thick with the scent of luxury and decadence. Prince Andrew, once a figure of royal prominence, now found himself navigating his financial woes in the opulent surroundings of a private members' club. He'd arranged a meeting with John Elia, a billionaire sports tycoon and former business partner, hoping for a lifeline in the form of a loan.

The lunch was a display of extravagance, each dish a testament to wealth, a stark contrast to Andrew's current reality. As the meal drew to a close, Andrew, his pride dented but his need clear, spoke up.

"John, I find myself in need of a loan. My bills…" He let the sentence hang, his royal upbringing fighting with his current desperation.

John, ever the businessman, leaned back with a knowing smile, his eyes assessing. "Collateral, Andrew. What can you offer?" His voice was smooth, laced with an undercurrent of something more than just business.

Andrew, feeling the pinch of his situation, asked, "What do you want?" His tone was resigned, his options limited.

John's gaze flickered to a private room at the back. "Let's talk in private," he suggested, his tone implying much more than words could convey.

Once the door clicked shut behind them, John made his demand clear, loosening his trousers, revealing his 6.5-inch cock, already hardening in anticipation. "Show me how much you need this," he challenged.

Andrew, his pride bending to necessity, knelt, his own cock throbbing in his pants, aching with desire but not touching it, not wanting to show John how much he was enjoying this. His fingers worked deftly. He looked up, meeting John's gaze. "This stays between us."

John nodded, his breath quickening. "Of course, Andrew. Now, impress me."

Andrew took John's cock into his mouth, his lips forming a tight seal around the head, his tongue swirling around the sensitive tip. For months, he'd been having clandestine encounters with his aide, Ethan Clarke, and even the King's PR Chief, James Cole, gaining a wealth of experience he now employed on John.

"Fuck, Andrew," John gasped, his hands in Andrew's hair, not to guide but to hold on as pleasure overwhelmed him. "Where did you learn this?"

Pausing briefly, Andrew's breath was hot against John's skin. "Let's say I've had some… enlightening company," he murmured, before returning to his task, his mouth moving with precision, his tongue flicking and teasing the underside of John's cock.

John was surprised by Andrew's skill, the prince's lips and tongue creating an intense rhythm. Andrew's fingers wrapped around the base, stroking in sync with his mouth, adding pressure where it mattered most. John's moans filled the room as Andrew took him deeper, his mouth accommodating, his throat relaxing with practiced ease.

"God, you're good," John managed to say, his body tensing.

Andrew maintained his pace, his own arousal evident but ignored, focusing solely on bringing John to climax. The room echoed with John's climax, his body shuddering as he came into Andrew's mouth. Andrew, without hesitation, swallowed every drop, his commitment to the deal clear, his eyes locked with John's as he did so.

With the deed done, John handed over a check, his eyes wide with both satisfaction and surprise. "That was… unexpected," he admitted, his voice still shaky from the intensity.

Andrew stood, his suit slightly disheveled, his cock still throbbing but his face composed. He pocketed the check, feeling the weight of his financial burdens lessen, at least for now.

As he left, passing the doorman who tipped his hat, Andrew's mind raced with arousal. His thoughts were solely on Ethan Clarke, picturing the urgency with which he would need to fuck him later that night, channeling the night's tension into something more primal.

Stepping into the cool London night, Andrew felt his old swagger returning, a plan forming in his mind, the anticipation of what was to come almost as thrilling as the act itself.

This narrative is purely fictional, created for entertainment purposes. It does not suggest or reflect any real-life behaviors, events, or relationships between Prince Andrew, or any individuals associated with the British Royal Family.

[reachartwork]

don't want to shit on cohost's parade too much because i don't want to seem like sour grapes but learning that they put IP rights to their entire code base as collateral for a loan they are currently failing to pay back has me feeling kind of insane

[alex51324]

Please note that the civil fraud case is about him misrepresenting how wealthy he is, in order to get better rates on loans and insurance.

He is appealing, because of course he is, but he needs to put up the amount of the judgement in order to appeal; he would get it back if the appeal succeeded. The amount--it's called "disgorgement"--is based on what he is estimated to have fraudulently obtained.

In other words, the amount of money he got, by claiming to be wealthy, is an amount that he now can neither cough up, nor get anybody to lend to him. It's not just that he doesn't have the full $464 million in cash/liquid assets: he doesn't have enough to put up to get the loan*.

According to his own attorneys, he has approached 30 underwriters in an effort to secure a loan. None of them are interested in securing this loan with real estate or other non-liquid assets**.

So now he's asking the court to cut him a break, so that he can appeal the ruling. You know, the ruling saying that he lied about being rich, in order to fraudulently obtain loans. Because he doesn't have the money, and can't find anyone willing to believe him when he says he's good for it.

He's asking them to let him appeal without putting up the bond, so he can go back to court and prove that he really is rich and has no need to defraud anyone to get a loan.

(*No idea what they're asking in terms of collateral, but for reference, if you are a common criminal putting up a bond to get out of jail before trial, the bail bondsman usually asks 10% of the bond amount.)

(**Gee, I wonder why?)

[ptseti]

U.S. BANKS USED SLAVES AS COLLATERAL

Many of America’s key banks today were built on the back of slavery. In the South, they’d regard enslaved people as financial assets, accepting them as collateral on loans and mortgages - especially after the War of 1812, when slave prices shot up. The practice was particularly prevalent among ‘frontier banks’ in Kentucky, Tennessee, Mississippi and Louisiana.

In this video, Congressman Al Green grills JP Morgan Chase CEO Jamie Dimon on his bank’s involvement in slavery. The institution used more than 13,000 slaves as collateral and ended up owning 1,250 of them when borrowers defaulted - that’s according to a study based on the bank’s records.

JP Morgan apologized in 2005.

[senilthesynth]

RIP Cohost

Cohost is shutting down the end of the year. While I'm kinda sad because it was a good experiment to see if non-federated social media could be viable that doesn't rely on selling data or anything, I think Anti-Software Software Club just made too many assumptions that didn't or couldn't pan out. Including just... not understanding what they wanted in the end.

(Read more because this was originally a Bluesky post and got long)

Number 1 mostly being them being "blindsided" by Stripe clarifying their policy that, in the end, means ASSC couldn't use them as a way for users to tip each other or the Artists Alley section and such. That policy existed for years, well before Cohost ever existed. For context, ASSC originally wanted to build a Patreon competitor, not a social media site. They would have failed so hard if they stuck to a Patreon competitor on this alone.

And in my opinion, number 2 is their pay. They were paying themselves very well-off all things considered, and everyone was paid the exact same amount (~94k last I heard). That's… a lot of money going towards pay that could've gone to hosting costs. They're a startup. You pay yourselves what you can. I appreciate that they paid themselves well, but again. Startup. You pay what you can, and they were nowhere close to breaking even at any point.

I think their financial model didn't do themselves any favors - they started out with "we got a lot of loan money to do this and now we have to make it profitable" which, yeah, sometimes that's what it takes. But that's venture capitalism. Especially since Cohost's source code WAS the collateral! They acted as a leftist group trying to market themselves as a non-profit/not-for-profit (they're a LLC, they're legally not forced to do either), paying themselves well more than they realistically, and hoped they could get enough people to subscribe monthly to break even.

That… doesn't work.

Not to say this would've fixed things, but I think them registering as an LLC didn't help. That prevented them from bringing on anything resembling a volunteer, and since their whole thing was "everyone gets paid the same" it meant they had to operate with very few people. If I recall correctly, they had one moderator. Maybe two. Maybe. Two developers, an artist, and a moderator. Four people. MAYBE five, I forget the exact number.

This is entering hypothetical territory so everything is unknown and is me guessing a lot of things, but is based on what I do know.

Being a non-profit comes with its own set of problems, but if they could become and maintain a 501(c)3 non-profit, they could pay themselves what they could and have people willing to help volunteer moderate. They could never get code contributors, though, since their source code was their collateral it by nature had to be closed off. Also, donations (recurring or one-off) are tax-deductible for US-members, so while it's not a HUGE benefit it offers at least that small bonus.

I'm glad that they tried, and got as far as they did (even if it meant loan after loan to not die instantly). It showed that it could be possible - that there's hope in this idea. It's just a question of HOW to make it a sustainable reality. I don't think there's a clear answer there, though. Like my non-profit idea hinges heavily on maintaining 501(c)3 status (or similar) and being able to bring on volunteers as-needed. Using a public spec for the back-end (like ActivityPub or ATProto) so the focus can be on implementing it (even if federation is never a thing) instead of doing it raw - which avoids the back-end development time but then means having to work with an existing spec that may or may not change substantially over time.

IDK. I have no idea what would make a medium-form social media such as Cohost viable. Maybe it's the same idea but with lower pay so it's easier to bring new people on as-needed, with the expectation that this is a passion project 'til it gets off the ground. Maybe it takes the "use a public spec for back-end" approach and focuses on the implementation of it with their own additions and flair. ActivityPub is one spec, but you have Mastodon, Pixelfed, Misskey, Wafrn, etc. that all go in different directions. ATProto will likely be the same one day - Bluesky being the obvious "reference" implementation right now.

Maybe it's something else entirely that I could never ever think of. I don't know, but all I do know is that I'm glad they tried. Unfortunately, the writing has been on the wall for months now and honestly? If you didn't expect that, that's on you. People have been saying that Cohost wasn't sustainable for months.

[power-chords]

Part of my job is compliance/collateral management, so one of the cool things I get to do is run background checks on potential borrowers. Fun fact I've learned is that if you're the type of person who can personally guarantee an asset-based loan substantial enough to finance your luxury fashion brand, and you're a Florida resident with multiple traffic citations, there's a 70% chance that at least one of those citations is going to be for recklessly driving a boat in a Manatee Speed Zone.

[allthebrazilianpolitics]

Brazil government plans ‘payroll-deduction loan’ for small businesses

Receivables flow to underpin loan calculations; experts highlight operational issues to address

The Brazilian government is preparing a type of “payroll-deduction loan” for micro and small business owners, based on their revenue generated through Pix, the country’s instant payment system. This initiative is being developed in collaboration with the Ministry of Finance and the Central Bank, as part of efforts to reduce the cost of credit in Brazil.

The concept is for entrepreneurs to use their Pix receivables flow as collateral to secure bank loans. “Part of the revenue will be received through Pix, and another part will be allocated to repay the financing they have with the bank,” said Marcos Pinto, Secretary of Economic Reforms at the Ministry of Finance “It’s like a retailer’s payroll-deduction loan.”

As a security measure, Mr. Pinto said, there will be a limit on the number of Pix keys that business owners can create.

Carla Beni, an economist and professor at Fundação Getúlio Vargas (FGV), predicts a more challenging environment for small business owners in 2025, with higher interest rates and increased credit costs. The Selic benchmark policy rate is currently at 12.25% per year, and the Central Bank has indicated it may implement two more hikes, potentially raising the rate to 14.25% per year by March.

Continue reading.

[abubblingcandle]

Collateral Damage!

Ahh thank you for the ask!

Collateral Damage is part 2 in what I am calling my Darkest Timeline Series. This follows up Like a Black Hole which is a fic where Jamie implodes upon his return to Man City.

This follows the same thread but looks at the optics of his season and imagines what if City were pushing him out of the door but he didn't go on LCA. So after S1 Jamie is kinda pushed out of City and a prospective like bottom of the Championship/top of L1 coach calls Ted to be like "we're thinking of signing Tartt but we know he was difficult at Richmond. Will we regret it if we do?" and Ted with all his metaphors and shit tries to compliment Jamie but call him a work in progress but that is not the message he gives off and so the word spreads like a black mark on Jamie's CV.

A little snippet just for you:

“Oh, that is mighty hypocritical of you,” Jamie laughed, the loud harsh sound cutting through the silence like a knife. “I am sorry Jamie but I don’t know why you are here?” Ted tried to guide Jamie into the coaches office but he wasn’t moving from his stage in the middle of the changing room. “You don’t …” Jamie scoffed with his eyebrows raised and then barked another abrasive laugh. No one dared move, lest they bring down Jamie’s wrath upon them. “Guess you never thought I would know when you were ruining my life did you?” “I …” Ted was at a loss. He truly didn’t understand what Jamie was talking about but every time he tired Jamie just assumed he was lying. “You never thought I would know did you but I do not quit,” he spat the last few words and pulled his phone out. “Guess everyone will know what you go around saying then if you wont explain yourself,” he murmured, scrolling. “Jamie,” Keeley tried to interrupt but even she was silenced by the intensity of Jamie’s glare. “Because I happen to know a guy who could get me Huddersfield’s scouting report on me. The one that was mostly made of observations and comments from former teammates and managers,” Jamie rambled, anger dissolving into hysteria. Oh. Now Ted knew what Jamie was talking about. But he still didn’t know why Jamie was angry about it? "Here it is! Character, after discussions with previous coach at AFC Richmond it seems like JT is volatile and resistant to changes of leadership and tactics within the club dynamic. There is no belief from previous coach that this will change in the future due to lack of effort to engage with teammates. He is a risk to add to an established functioning club dynamic despite the prolific upside. Conflict with team leadership resulted in his removal from the Richmond squad and morale improved with his departure. I would not recommend JT as being worth the sizeable transfer or loan fee based on this feedback and the optics of JT within his time at AFC Richmond." You could have heard a pin drop.

[valecsecotech]

Understanding Mortgaged Property Valuation 🏠🌾.

What is it? Mortgaged property valuation estimates the worth of a property used as collateral for a loan, ensuring fair lending for both lenders and borrowers.

In Real Estate: Valuation is based on factors like:

Location Condition of the property Market trends In Agriculture: It's more complex, considering:

Land quality (soil fertility, water availability) Climate conditions Potential crop yield, livestock, and farming equipment Key Factors Influencing Valuation:

Land Quality & Location: Proximity to urban areas or quality of agricultural land. Economic & Market Conditions: Interest rates, inflation, and market demand affect values. Government Policies & Subsidies: Regulations, incentives, and land-use restrictions can alter property worth. Understanding these factors helps secure fair valuations and prevent risks for both parties. #PropertyValuation #MortgageInsights #RealEstate #Agriculture

[mariacallous]

The imposition of the largest sanctions program since the Second World War in response to Russia’s full-scale invasion of Ukraine remains a key tool for limiting the Kremlin’s war machine. But it has inadvertently also had substantial secondary and tertiary effects, from the rewiring of European energy networks to myriad lawsuits over what insurers should have to pay for the Kremlin’s seizure of over 400 Western aircraft.

These unintended consequences have garnered far less attention than the intended ones, but the former are still multiplying and there are tens of billions of dollars already at stake in them. While sanctions rightfully continue to be tweaked to maximize their impact, policymakers have not paid due attention to the legal spats and sanctions challenges that have already arisen in their wake. Their outcome will greatly determine the effectiveness of the sanctions and the extent to which the Kremlin or the West will bear their cost.

This is not the first time the West has had to deal with such issues. At the outbreak of the war with Japan in 1941, the U.S. seized assets and businesses owned by Japanese nationals on its soil, acting under the Trading with the Enemy Act. These actions, while directed primarily at the war-time adversary, inevitably wrought a lot of collateral damage, as investors in Japanese enterprises, their creditors, or depositors in Japanese-owned banks, were often the American public.

It took years to untangle the resulting mess. And yet, when all was said and done, the U.S. Supreme Court and Congress acted to protect the interests of these investors, and ensure both the orderly liquidation and the equitable distribution of proceeds to those affected. Thus, the depositors of Yokohama Specie Bank, had their claims on the “yen certificates” preserved in a decision by the U.S. Supreme Court in 1967, allowing the certificate holders to recover at least some economic value from proceeds of the bank’s liquidation.

In short, there is a blueprint for handling the legal spats that result from waging economic war. That blueprint, in broad terms, is to act forcefully against the economic interests of the enemy, yet make full use of the institutions of law and justice for the interests of affected parties at home.

Today, as Russia and the West remain engaged in a full-scale economic war, this blueprint seems largely ignored. What we see instead, is perhaps the opposite: The adversary ruthlessly subverting the toolkit of the “rules-based international order” for its benefit with lawsuits that seem to lead Western institutions down the path of treading softly where Russian interests are concerned, while Western investors and, of course, Ukraine take the brunt of the costs and receive little or no protection.

Consider the June G-7 summit, where member states united on a plan for using the returns earned by Russia’s $300 billion in frozen sovereign assets to aid Ukraine, of which $200 billion are held as cash and securities at the Belgian financial company Euroclear. Leaders of the G7 have agreed to effectively monetize the future income flow on the frozen assets, and turn it into an immediate $50 billion in loans to Ukraine. This is as stark an acknowledgement as possible that Russia’s assets will not be returned to it any time soon, even if outright seizure is off the table for now following a chorus of complaints that doing so would not be compatible with international law.

Nevertheless, Brussels has insisted Kyiv will not receive any of the five billion euros that the frozen assets have generated thus far and continues to tread softly against Russia and its proxies. The reason: Euroclear itself is worried about lawsuits brought by Russia over this action and its freezing of other securities affected by the Western sanctions regime.

According to Euroclear, it is facing “a significant number of legal proceedings…almost exclusively in Russian courts,” where “the probability of unfavourable rulings is high since Russia does not recognize the international sanctions.”

This reveals a fundamental flaw in the arguments made by proponents of the so-called “rules-based international order.” Russia can appeal to its structures too—and, slowly but surely, make sanctions even less effective than they already are. Meanwhile in the West, the powers that be continue to dither, and ignore the blueprints for economic confrontation from the past.

Russia’s efforts here are already advancing: thus the suits against Euroclear, and the efforts of Mikhail Fridman—the sanctioned Russian oligarch—to return the nearly $16 billion of his former assets through an arbitration claim under the Soviet-Belgium-Luxembourg Bilateral Investment Treaty. As its name gives away, the pact actually even predates Russia’s establishment as an independent state and was inherited from the Soviet Union. It has not been updated since, but cannot be so easily unwound—its final clause notes that it applies to investments made before its hypothetical abrogation for 15 years thereafter.

It is also this treaty that Russia would ultimately use to try and have its domestic court rulings against Euroclear and other Western institutions enforced. We can be sure that there is more to come: Russia has already promised “endless legal challenges” if its assets or the income on these assets are seized. One of the largest such clashes is likely imminent, and will require politicians decide how to proceed. On 7 June the Permanent Court of Arbitration awarded Uniper, which was taken over after being bailed out by the German state, €13 billion in damages from Gazprom over Putin’s decision to toggle Europe’s gas taps in 2022, which forced Germany to bail out Uniper. A Russian arbitration court, on the other hand, has awarded Gazprom €14 billion from Uniper in the dispute. Berlin aims to re-IPO Uniper but will hardly be able to do so with such an albatross hanging above it.

It is therefore all the more remarkable that Western policymakers have not yet addressed how they intend to overcome such risks, nor why Russia remains permitted to take advantage of Western legal system under circumstances of a full-scale economic warfare.

Potential vulnerability to legal action by Russia and its proxies, and a lack of credible or coherent response by the West appears to have led Euroclear to take a number of actions that are clearly not in the Western interest and are often inconsistent with its past practices.

The clearing house has, for example, refused to label a number of securities as being in default in cases where the underlying entity has chosen to default rather than being forced to into default by sanctions. This has not just affected Russian corporate borrowers but even the debts of the government of neighboring Belarus. Belarus’ sovereign Eurobonds that were due to be repaid in early 2023 and are still unpaid, and thus in “default”; but Euroclear has instead designated these as “matured”. This semantic choice has significant implications, blocking the clearing and settlement of these bonds and thus impacting Western creditors – while Belarus, a key ally to Russia in its war, remains (intentionally or not) shielded from the full consequences of its default.

Good explanations for these actions are lacking, but it does appear that Euroclear has, in effect, accepted Belarus’ purported excuse: that sanctions prevent it from paying. But not all sanctions are a barrier to payment—certainly not those that have been imposed on Belarus. Notably, the Development Bank of Belarus, which faces a similar sanctions regime as the sovereign government, successfully made its coupon payment in November 2022, which was, albeit with delay, passed on to the bondholders by Euroclear. Suspension of payments, then, is simply a policy choice, and indeed, the Development Bank ultimately followed the sovereign and suspended payments as well, and this year failed to repay its Eurobonds at maturity. Euroclear took the same action with respect to the Development Bank’s bonds: they are marked as “matured” instead of “in default”.

This sort of leniency, and, seemingly, a fear of calling a “default” on a Russian ally, is without precedent, and completely at odds with the approaches by rating agencies, investors, the World Bank, the ISDA Determinations Committee (as it relates to Russia) and Euroclear’s own actions as to other sovereigns. In the recent past, the defaulted bonds of Sri Lanka, Lebanon, Zambia are all correctly marked by Euroclear as “in default” and continue to settle.

For Western creditors of Belarus, its Development Bank and the similarly placed Russian corporate borrowers, the block on trading and settlement by Euroclear is clearly harmful. For Russia and its ally, the lack of a “default” label by a key player in the Western financial infrastructure looks oddly protective. It also makes a mockery of the fact that sanctions are meant to constrain the inflow of funds to Russia and its allies instead of limiting their outflow and reducing the resources available to Russia and its allies to pursue an unjust war.

How should Western policymakers respond to these challenges? Firstly, by looking at the existing playbook for economic war, and treating as many claims as standard defaults and bankruptcies as possible. Secondly, by recognizing that the “international rules-based order” is in fact largely a set of established norms, particularly when it comes to creditor disputes, and that Russia has spent at least the last decade seeking to undermine these—beginning with its attempt to muck up Ukraine’s restructuring in 2014, something that continues to wind its way through the English courts.

That is the least that can be done to protect Western interests, free up more funds for Ukraine, and defang the Kremlin’s attempts to weaponize international law and institutions.

[krinsbez]

Random Sherlock Holmes Thought: Or, on The Adventure of The Beryl Coronet, pt. 1

So, after much discussion on the marvelous Letters From Watson discord, I have concluded that Mr. Holder’s reaction to his situation is not only perfectly reasonable and proportionate, he is, if anything, displaying an admirable amount of calm under the circumstances, because this situation might actually fuck over millions of people.

To begin with, the unnamed loan applicant is almost certainly meant to be HRH Prince Albert Edward, the Prince of Wales (the future King Edward VII), who was somewhat notorious for his playboy ways. The year before, there was a massive scandal because he was present at a house party where a guy was accused of cheating at cards when said guy refused to take the accusation lying down. This? This is SO MUCH WORSE.

AIUI, the amount that Mr. Holder is being asked to loan would be roughly equivalent to OVER FIVE MILLION POUNDS today. That is an *obscene* amount of money for anyone to be in debt, and especially for the heir to the throne. The fact that he doesn’t feel comfortable utilizing any of the licit and aboveboard means available to him of obtaining funds means he doesn’t want anyone to know that he’s incurred that debt, which is even worse.

Also, keep in mind, if I’m reading this correctly, the Beryl Coronet is part of The Crown Jewels. And he is, in essence pawning it. He is NOT allowed to do that. They belong to the sovereign, which he isn’t yet. And based on a quick check on Wikipedia, it wasn’t officially settled that the King or Queen is allowed to sell them off until the 1990s. So, basically, he’s stealing it. This is the kind of thing that in earlier eras might lead to one finding ones’ residence become The Tower of London, and also to becoming a head shorter. That’s probably not on the table here, but the blowback if this became public would be massive. This is the kind of scandal that brings down governments.

But it gets worse!

Because, see, even if we leave out the identity of the Applicant, what we have hear is Mr. Holder making a loan of an obscene amount of money off the books, without consulting with the other partners. I am not convinced that this is legal, and I can easily see him being subjected to both criminal and civil charges. Also, keep in mind, that the collateral (or whatever the correct jargon is) for said loan was then damaged and partially stolen from his own home. He is DONE. Furthermore, the Bank itself is probably going to go down in flames. And we are told it’s the second biggest Bank in London! That is going to cause a MASSIVE shock to Britain’s economy. And with this happening at the same time as an equally massive political scandal?

We could well be looking at a Recession here.

So, yeah. This case may have the second-highest stakes (after Second Stain) of any Holmes story so far, despite there being no capital crimes involved.

[dailyanarchistposts]

J.5.9 How does mutual credit work?

Let us consider an example of how business would be transacted using mutual credit within capitalism. There are two possibilities, depending on whether the mutual credit is based upon whether the creditor can provide collateral or not. We will take the case with collateral first.

Suppose that A, an organic farmer, pledges as collateral a certain plot of land that she owns and on which she wishes to build a house. The land is valued at, say, £40,000 in the capitalist market and by pledging the land, A is able to open a credit account at the clearinghouse for, say, £30,000 in mutual money. She does so knowing that there are many other members of the system who are carpenters, electricians, plumbers, hardware suppliers, and so on who are willing to accept mutual pounds in payment for their products or services.

It is easy to see why other subscriber-members, who have also obtained mutual credit and are therefore in debt to the clearinghouse, would be willing to accept such notes in return for their goods and services. They need to collect mutual currency to repay their debts. Why would someone who is not in debt for mutual currency be willing to accept it as money?

To see why, let us suppose that B, an underemployed carpenter, currently has no account at the clearinghouse but that he knows about it and the people who operate and use it. After examining its list of members and becoming familiar with the policies of the new organisation, he is convinced that it does not extend credit frivolously to untrustworthy recipients who are likely to default. He also knows that if he contracts to do the carpentry on A’s new house and agrees to be paid for his work in mutual money, he will then be able to use it to buy groceries, clothes, and other goods and services from various people in the community who already belong to the system.

Thus B will be willing, and perhaps even eager (especially if the economy is in recession and regular money is tight) to work for A and receive payment in mutual credit. For he knows that if he is paid, say, £8,000 in mutual money for his labour on A’s house, this payment constitutes, in effect, 20 percent of a mortgage on her land, the value of which is represented by her mutual credit. B also understands that A has promised to repay this mortgage by producing new value — that is, by growing organic fruits and vegetables and selling them to other members of the system — and that it is this promise to produce new wealth which gives her mutual credit its value as a medium of exchange.

To put this point slightly differently, A’s mutual credit can be thought of as a lien against goods or services which she will create in the future. As security of this guarantee, she agrees that if she is unable for some reason to fulfil her obligation, the land she has pledged will be sold to other members. In this way, a value sufficient to cancel her debt (and probably then some) will be returned to the system. This provision insures that the clearinghouse is able to balance its books and gives members confidence that mutual money is sound.

It should be noticed that since new wealth is continually being created, the basis for new mutual credit is also being created at the same time. Thus, suppose that after A’s new house has been built, her daughter, C, along with a group of friends D, E, F, … , decide that they want to start a co-operative restaurant but that C and her friends do not have enough collateral to obtain a start-up loan. A, however, is willing to co-sign a note for them, pledging her new house (valued at say, £80,000) as security. On this basis, C and her partners are able to obtain £60,000 worth of mutual credit, which they then use to buy equipment, supplies, furniture, advertising, etc. to start their restaurant.

This example illustrates one way in which people without property are able to obtain credit in the new system. Another way — for those who cannot find (or perhaps do not wish to ask) someone with property to co-sign for them — is to make a down payment and then use the property which is to be purchased on credit as security, as in the current method of obtaining a home or other loan. With mutual credit, however, this form of financing can be used to purchase anything, including the means of production and other equipment required for workers to work for themselves instead of a boss.

Which brings us to the case of an individual without means for providing collateral — say, for example Z, a plumber, who currently does not own the land she uses. In such a case, Z, who still desires work done, would contact other members of the mutual bank with the skills she requires. Those members with the appropriate skills and who agree to work with her commit themselves to do the required tasks. In return, Z gives them a check in mutual dollars which is credited to their account and deducted from hers. She does not pay interest on this issue of credit and the sum only represents her willingness to do some work for other members of the bank at some future date.

The mutual bank does not have to worry about the negative balance, as this does not create a loss within the group as the minuses which have been incurred have already created wealth (pluses) within the system and it stays there. It is likely, of course, that the mutual bank would agree an upper limit on negative balances and require some form of collateral for credit greater than this limit, but for most exchanges this would be unlikely to be relevant.

It is important to remember that mutual money has no intrinsic value, since they cannot be redeemed (at the mutual bank) in gold or anything else. All they are promises of future labour. They are a mere medium for the facilitation of exchange used to facilitate the increase production of goods and services (as discussed in section G.3.6, it is this increase which ensures that mutual credit is not inflationary). This also ensures enough work for all and, ultimately, the end of exploitation as working people can buy their own means of production and so end wage-labour by self-employment and co-operation.

For more information on how mutual banking is seen to work see the collection of Proudhon’s works collected in Proudhon’s Solution to the Social Problem. William B. Greene’s Mutual Baking and Benjamin Tucker’s Instead of a Book should also be consulted.

[fincrif]

How to Get a Personal Loan Without a Bank Account

In today’s world, having a bank account is usually a requirement for obtaining a personal loan. However, if you do not have a bank account, there are still ways to access financial assistance. Whether you need urgent funds for medical expenses, home repairs, or other personal needs, some lenders offer alternative lending solutions. This article will explore how to secure a personal loan without a bank account and what options are available for borrowers in such situations.

Is It Possible to Get a Personal Loan Without a Bank Account?

Yes, it is possible, but it can be challenging. Many lenders require a bank account to deposit loan amounts and set up automatic repayments. However, some financial institutions and alternative lenders provide options for borrowers without traditional banking relationships. These loans often come with higher interest rates and different repayment structures.

Alternative Ways to Get a Personal Loan Without a Bank Account

1. Credit Unions and Community Lenders

Credit unions and community-based lenders may offer personal loans without requiring a bank account. They often consider factors like income, employment status, and credit history rather than just banking details.

2. Microfinance Institutions

Microfinance institutions provide small loans to individuals who lack access to traditional banking. These lenders operate with minimal paperwork and may disburse funds through prepaid cards, mobile wallets, or cash payments.

3. Payday Loans and Cash Advance Lenders

Payday loans are short-term, high-interest loans that do not necessarily require a bank account. Instead, lenders may request proof of income and a valid identification document before approving the loan.

4. Pawnshop Loans

Pawnshops provide secured loans against valuable items such as gold, electronics, or vehicles. Since these loans are collateral-based, they do not require a bank account. However, failure to repay the loan can result in the loss of your pledged asset.

5. Salary-Based Loans from Employers

Some companies offer salary advances or employer-backed loans. If you work for an employer that provides this benefit, you may be able to borrow against your future paycheck without needing a bank account.

6. Digital Wallet and Mobile Loan Apps

With the rise of fintech companies, many digital wallets and loan apps offer instant loans. Some of these apps allow users to receive funds in mobile wallets rather than bank accounts, making them an ideal choice for those without traditional banking.

Steps to Take When Applying for a Personal Loan Without a Bank Account

1. Check Your Credit Score

Even without a bank account, having a good credit score can increase your chances of loan approval. If your credit history is poor, consider improving it before applying.

2. Gather Required Documents

Lenders will still require proof of income, identification, and sometimes a guarantor. Be prepared to provide salary slips, business income records, or other financial proof.

3. Choose the Right Lender

Research and compare lenders that provide loans without requiring a bank account. Check their interest rates, repayment terms, and customer reviews to find the best option.

4. Provide an Alternative Mode of Payment

Some lenders may disburse funds through checks, prepaid debit cards, or mobile wallets. Be sure to ask about available payment options in advance.

5. Consider a Co-Signer or Guarantor

If your credit score or financial standing is not strong enough, having a co-signer with a bank account can increase your chances of loan approval.

6. Understand the Loan Terms

Read and understand all loan terms, including interest rates, fees, and penalties for late payments. Avoid predatory lenders who charge excessively high rates.

Pros and Cons of Getting a Personal Loan Without a Bank Account

Pros:

Provides access to emergency funds for individuals without a bank account.

Some lenders offer flexible repayment terms.

Alternative lending options may not require a strong credit history.

Cons:

Higher interest rates and fees compared to traditional bank loans.

Limited loan amounts and strict repayment terms.

Risk of losing collateral if opting for a pawnshop loan.

Final Thoughts

While obtaining a personal loan without a bank account can be challenging, it is not impossible. By exploring alternative lending options, preparing necessary documents, and choosing a reputable lender, you can successfully secure a loan that fits your needs. However, be cautious of high-interest rates and ensure that the repayment terms are manageable to avoid financial stress in the future.

If you are considering taking a personal loan, always conduct thorough research to find the best financial solution tailored to your situation.