Using Your Domain As Collateral

[yandig]

Saw this on DNJournal...

Need a cash advance for Christmas?
Want a loan for that new addition to your home? Now, you can get advances and loans through www.DigiPawn.com using your domain names as collateral.

From DigiPawn's website:
"DigiPawn.com is your one stop source for Cash Advances on Domain Names!
While we specialize in cash advances for domain names, we also advance money on any digital asset or intellectual property such as active websites, content, patents, trademarks and much more. The best part is YOU continue to use your domain or other digital asset throughout the period of the advance. You can continue to grow and develop your business while still getting access to the quick cash you need. "

 

[deet]

I seen this posted here before.

Has anyone tried this before?

 

[Tippy]

I tried but my name wasnt good enough lol, from what I've heard around they are after top names at far below market value. I guess its still not bad as long as you plan to pay the Pawn and retrieve your name before they claim it.

 

[deet]

I tried but my name wasnt good enough lol, from what I've heard around they are after top names at far below market value. I guess its still not bad as long as you plan to pay the Pawn and retrieve your name before they claim it.

I kinda fiqured they would be after Premium names. but now I am curious
what a few of my name would get. :D

 

[capiche]

I offered 2 names to them last month, (FullsizeSUV.com & FullsizeSUVs.com)they were both approved for $300 a piece within 30 minutes. Then he asked if I would just sell them for that much to him. After a little deliberation, I agreed and wrote him another email saying "Ok". (I needed the money)
2 Days went by and I heard nothing from them. Then after a couple more emails to them, he finally replied that they were no longer interested.
Needless to say, I was pissed.
Even now, if I log onto their website, it still shows those names as being "approved".

Now that I don't need the money so bad, I'm glad I didn't sell them, because with hybrid SUV's coming out, I'm sure I could get more for them. But I still think it's a crappy way to do business.

 

[VisualArtistFrankBonilla]

Me too

I had a few name accepted, but it was like 3 domains that are listed on www.GreatDomains.com. The total was something like $300 they woudl loan me. But then, I started thinking, ok, how are they gonna loan me this money? They are going to want the domain one way, or the other, first, before they loan the money, right? I am sure they are not going to loan you the money first, then say " Hey, you haven't paid us back on time, you now need to please transfer the domain to us". Ha!!! I'm sure somehow you have to transfer it to them first. Then if you pay back on time, they will transfer "your" domain back to you. I would stay away, unless I knew I didn't want the domain back, and act like I was just getting a loan, but knowing I had no intention of paying it back. You know, play their game!!! Ha!

Update: I decided to check www.Digipawn.com to see how the 3 domains that had been approved before were doing now. Ha!!! Now I have seven messages that all "domain" loans have been denied. Some mumbo jumbo about "retail value" versus "liquid" value. REMEMBER, THEY WERE READY TO LOAN ME MONEY ON SOME OF THESE SAME NAMES BEFORE THIS.
See example of denial:

http://www.digipawn.com/members/?loadmod=message&msgStatus=&msg=details&msgID=2118&lStart=

I would definately not do business with these people. They are strictly out to help only themselves. (duh, like we didn't know that before). As stated above, we only turn to them when you are broke, and desperate. But, there are better ways to make money off your domains, like here at Namepros!!

STAY AWAY FROM THESE GUYS!!




Frank

 

[RJ]

I offered 2 names to them last month, (FullsizeSUV.com & FullsizeSUVs.com)they were both approved for $300 a piece within 30 minutes. Then he asked if I would just sell them for that much to him. After a little deliberation, I agreed and wrote him another email saying "Ok". (I needed the money)
2 Days went by and I heard nothing from them. Then after a couple more emails to them, he finally replied that they were no longer interested.
Needless to say, I was pissed.

That's not very reassuring.

They are going to want the domain one way, or the other, first, before they loan the money, right? I am sure they are not going to loan you the money first, then say " Hey, you haven't paid us back on time, you now need to please transfer the domain to us". Ha!!! I'm sure somehow you have to transfer it to them first.

Yeah, that was my understanding of their offer. You transfer the domain for them to hold, they loan you the money, when you pay back the loan they give the names back.

 

[mf]

They are going to want the domain one way, or the other, first, before they loan the money, right?

Well, their first paragraph states: "The best part is YOU continue to use your domain or other digital asset throughout the period of the advance. You can continue to grow and develop your business while still getting access to the quick cash you need."

I not sure how they secure their loan.

 

[RJ]

They are going to want the domain one way, or the other, first, before they loan the money, right?

Well, their first paragraph states: "The best part is YOU continue to use your domain or other digital asset throughout the period of the advance. You can continue to grow and develop your business while still getting access to the quick cash you need."

I not sure how they secure their loan.

They leave the nameservers set to your current settings while they hold the domain. You still get the use of it.

If you're interested, Domain Masters had the DigiPawn founder on their radio show a couple months back. Here's the link, it was explained pretty well during their conversation.

http://www.webmasterradio.fm/episodes/audio/2005/DM083105.mp3

 

[Tippy]

Even now, if I log onto their website, it still shows those names as being "approved".

I would tell them to remove those names or if you can cancel them do so, who knows, they could come back later and claim you agreed to sell the names to them at those prices.

 

[capiche]

I would tell them to remove those names or if you can cancel them do so, who knows, they could come back later and claim you agreed to sell the names to them at those prices.

Good Idea. Going to do that now. Thanks Tippy.

 

[wasistdas]

I dont think it is a good idea to get loans haveing domains as collateral. Too easy to loose them, imo.

 

[kjmz]

They said they would give me $300 for a loan for my domain. I asked $500 but $300 is still pretty good. I was thinking of starting a new site, which would cost $300 to be programmed but then I would have to pay them back $345, which is a little too much for me. I don't think I would even make that much.

 

[Genialnames]

one thing sseem clear, they seem offer to anybody 300 us$ (to down?) . sounds a tricky biz.
Thanks for the advice