Ever use DigiLoan or DigiPawn

[Ray]

I was browsing Rick Latona's (2008 Domainer of the Year) site and saw something very interesting. DigiLoan or DigiPawn. Has anyone ever used these services to purchase a domain? Was it worth it?

 

[DnEbook]

interesting question , i have never had the need , but i think it would be interesting if they knocked back a name for their newsletter and then let you borrow against it ??

I wonder if that has happened to anyone ?

 

[Timewarp]

I cant decide if these name choices are great or terrible.
On one hand digipawn and digiloan are memorable, brandable and succinctly describe the services...on the other hand I can't shake the association with Pay Day Loans and Pawn Shops - two shady types of businesses I do not associate with.

 

[SpareDomains]

I cant decide if these name choices are great or terrible.
On one hand digipawn and digiloan are memorable, brandable and succinctly describe the services...on the other hand I can't shake the association with Pay Day Loans and Pawn Shops - two shady types of businesses I do not associate with.

"The idea of a pawn shop for owners of intellectual property was developed by founder Rick Latona and is based on his vast experience as a pawn shop owner in Lakeland, Florida. In fact, DigiPawn is a licensed pawnshop existing under the laws of the state of Georgia."

Digipawn.com | Borrow Money with your Domains | The First and Largest Financiers of Domain Names

"So, I bought a pawn license and started Cash Depot, Inc. Three years later I sold that business for $250,000. It all started with that $600 made at that first yard sale," Latona noted. "While in the pawn business I was buying something, selling something or loaning money to someone every 20 minutes. I will always consider that the best negotiating training one could ever have."

Life in the Fast Lane: Rick Latona Got a Late Start But He's Quickly Closing In on the Competition

 

[liquidcherry]

"The idea of a pawn shop for owners of intellectual property was developed by founder Rick Latona and is based on his vast experience as a pawn shop owner in Lakeland, Florida. In fact, DigiPawn is a licensed pawnshop existing under the laws of the state of Georgia."

Digipawn.com | Borrow Money with your Domains | The First and Largest Financiers of Domain Names

"So, I bought a pawn license and started Cash Depot, Inc. Three years later I sold that business for $250,000. It all started with that $600 made at that first yard sale," Latona noted. "While in the pawn business I was buying something, selling something or loaning money to someone every 20 minutes. I will always consider that the best negotiating training one could ever have."

Life in the Fast Lane: Rick Latona Got a Late Start But He's Quickly Closing In on the Competition

ok and what is the purpose of you posting this as response...are u a saying something?

 

[SpareDomains]

ok and what is the purpose of you posting this as response...are u a saying something?

he said it sounds like a pawn shop name so just a link from his site stating it's a licensed pawn shop and a link to an older story showing his pawn shop experience, no hidden meaning if that's what you mean.

 

[liquidcherry]

thx spare , i was just not understanding, no thoughts of hidden meaning

Cheers

Liquid

 

[DubDubDubDot]

I have never used it, but I knew of a guy online who got arrested and his whois changed to DigiPawn and then back to him some time later (not that he has any use for the domain given where he is living now).

 

[bulkdomainz]

I did think the business model was a good idea but I stumbled on some 'unsuccessful application' feedback about them on some forums, and a few 'suspect' positive feedback, and I decided to try them. I did. Waste of time, I'd say! Why don't you try it too and see? I think they just send a generic 'WE ARE NOT INTERESTED IN ANY OF THESE NAMES - IF YOU HAVE ANY OTHERS, PLEASE SEND THEM - WE HAVE CASH ON HAND TO LEND' message back to you and didn't even bother responding when I asked how much they were willing to lend against a couple of other domain names . . . Rick, feedback for you!

 

[Sparhawke]

I cant decide if these name choices are great or terrible.
On one hand digipawn and digiloan are memorable, brandable and succinctly describe the services...on the other hand I can't shake the association with Pay Day Loans and Pawn Shops - two shady types of businesses I do not associate with.

I am not sure whether Rick Harrison (Pawn Star) would agree on your assessment of his character or his business lol

I have no problem with Pawn shops, they have been around for centuries and were the de facto way of getting money, you have an item you want to borrow money on so you come to an agreement, maybe 50% of the retail price and you both understand what happens if it isn't paid in 141 days or whatever the term is along with some interest.

Pay day loan shops are different, they WANT you to go over the terms so that they can then start charging thousands of percent interest. And if you don't go over you will end up having to go to them again; they are basically vampires. Every single one of these should be shut down.

Now, if you have a domain or whatever you want to pawn and get some cash for doing something else then whats the problem? You know you will not get full market value but you also understand it is a LOAN.

Now, obviously they cannot afford to loan money on any old crap domain and the value is very fluid rather than it is with antiques but high quality names will always pique their interest more than likely

 

[RJ]

It is a pretty simple concept really. They loan you money and hold your premium domain as collateral.

I have used both DigiPawn and DigiLoan before and can attest to their legitimacy.

 

[RevolutionaryDomains]

It is quite an ingenious idea, really.

Sparhawke and RJ bring up two very key and valid points here, which make all the difference, IMO. "obviously they cannot afford to loan money on any old crap domain..." - "hold your premium domain as collateral."

I myself, would be interested in the types of names submitted. No only [or even necessarily] in this case, but in general. Regardless, it is an interesting topic, and even more so, having been resurrected after nearly a year.


-Regards

 

[bulkdomainz]

Apart from RJ's feedback as above, every other positive one I read on online looked like they had been written by one person who frequents and is actively registered on several online forums.LOL!

I do agree that they can't give out loans willy nilly but does their website explain that they will ONLY lend on premium domains? Stating that on their website will make it clear that they only 'have cash on hand' for premium domains, not $1 dollar domains! LOL!

 

[DnEbook]

what ever happened to that rick latona guy , does anyone use his auctions ?

 

[Sparhawke]

Apart from RJ's feedback as above, every other positive one I read on online looked like they had been written by one person who frequents and is actively registered on several online forums.LOL!

I do agree that they can't give out loans willy nilly but does their website explain that they will ONLY lend on premium domains? Stating that on their website will make it clear that they only 'have cash on hand' for premium domains, not $1 dollar domains! LOL!

Domains are not like gold, they do not have value as such. I know if I buy 20g of 9carat gold off you for £7 I can redeem it at a scrap gold merchant for £9 and make money. It keeps its value very very well.

A domain pawnshop cannot afford to buy your junk and will not because they have to keep paying the upkeep of it.

They will only buy high value domains or those with potentially high values.

http://digipawn.com/register.php

The great thing about a good domain name is that it has liquid value, much like tangible assets such as coins, watches, cars and real-estate. You should be able to unlock that value and use it to borrow money when you need to.

Notice the word I bolded and underlined there?

That is your cue to understand they will not buy a $1 domain that they will have to pay $10 to renew in a month, they still have to be able to sell them.

The domain in my signature is probably one they will at least consider, those found in bargain basements will not be because they have no use to anyone.

 

[johname]

A domain pawnshop will only loan you an amount where there celebrating if you dont pay off the loan (and they get to keep your domain) No celebration factor (bad name) no loan

 

[bulkdomainz]

The domain in my signature is probably one they will at least consider, those found in bargain basements will not be because they have no use to anyone.

Why don't you give them a try and let's see what they offer to purchase or lend against any of your good names for? . . . and let us know .... you might not get the generic 'declined' message ....

 

[Sparhawke]

I neither want or need to pawn my names, thats why

 

[RJ]

Yes, in a pawn situation you need to offer some incentive to the lender to accept your name as collateral. (The 'celebration factor' as johname said.)

Both times I used DigiPawn/DigiLoan it was a situation where I was confident with what the domains were worth and I was seeking loan for considerably less than that amount. (leveraging) When the loan was paid, names were returned promptly.

RJ

 

[DnEbook]

Yes, in a pawn situation you need to offer some incentive to the lender to accept your name as collateral. (The 'celebration factor' as johname said.)

Both times I used DigiPawn/DigiLoan it was a situation where I was confident with what the domains were worth and I was seeking loan for considerably less than that amount. (leveraging) When the loan was paid, names were returned promptly.

RJ

did you do this because a bank personal loan was not viable ?