I am trying to receive a personal loan from a private lender who is just an individual. I'm running into some issues as this individual is trying to give me the loan in crypto currency. I am getting frustrated because I just want a "normal" loan where I can put the money directly into my bank and use it to make a large purchase. The problem I'm having is that I can't find any information anywhere about how to receive the actual loan, I.E. check, bank transfer, money order, etc. What form of payment is a loan usually in? The loan is 35k. We've typed up a loan agreement, but the lender has not listed what form of payment he is expecting for my repayments. I asked him why he didn't fill that part out and he just informed me its because its going to be a crypto transfer through some unknown crypto site. I am starting to wonder if this is a scam? I have not paid him anything and definitely have not given him my bank info.
One last question, is the loan agreement null and void if I never receive the money? If this is a scam and I will not be receiving the money how do I know he isn't going to try to come after me in one way or another saying he paid me?
Have you met in person??
Do you know this person is real??
It really sounds like a scam to me. Only my very, very close friends and a few family members have been willing to give me 10k or even up to 45k with only a short document and NOT closed at a title company. This really sounds like a scam.
Stop communication completely. So what if they say you owe money. I could tell you that you owe me $3mil. That doesn't make it so.
Please realize that NO ONE is going to give you a personal loan just like that. And then they tell you its going to be in crypto?? STOP NOW. Walk away.
Sounds shady to me. Someone that is giving it via crypto and without having everything figured out such as payments and terms just sounds to me like they are a scam. If you don't know this person I would say to walk away before you potentially get scammed out of money by them.
I am not an attorney nor is this legal advice but I would think that if money does not change hands with a provable paper trail showing it went from them to you than they would not be able to come after you stating you owe them anything. They could still say it but that doesn't make it true. I would suggest asking an actual attorney though for legal advice.