idea for a business. domain related....

[picassoface]

Here's the idea.

Someone has a domain they'd like a loan for ( lets say MyCoolDomain.com )

Loaners bid on the interest rate . ie:

Domain owner needs $1,000 loan for the domain @ 6 months.

bidder 1 offers 17% interest.
bidder 2 offers 12% interest.
bidder 3 offers 6% interest.
no other bids are received for a few days, so Owner accepts the 6%.

Owner transfer registration to "The Business Idea I've made", let's call it Loans4domains.com (taken though, but not by me. just an example.)

Loans4domains.com is now registrant but owner still retains modification/admin capabilities (as he might need the loan to build up his site). Loans4domains.com receives the money from bidder 3 and
transfers it to domain owner. Bidder #3 pays 1 percent of his interest rate for the service. In this case - $10. (cheaper for very highend loans).

If repayment is not received at due date, bidder 3 receives the domain.


Anyone like the idea ? I think it would be better than a service that offers a set percentage rate.

 

[copper]

I think I saw similar loan business set up, but, not for domain.
That business was booming.
I don't know what happened to it.
I can't even remember the name.
But, I can recall how the site looked.

 

[Eraser]

IMO, bad business plan. People who give loans, want to earn interest and don't want the domain. Most of people will abuse the system by taking loans and not paying it.

 

[hina]

I think what's more likely to happen is that there would be too many crappy domains submitted, that eventually no loaners would bother checking up the site anymore.