Abusive Interest on Loans

[Sprolf]

Hey, let's force all the private loaners to be controlled by the administration.
Government can always take care of evil capitalist meanies like them.

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[Fellow Hoodlum]

Grabbit and Scarper ... Licensed Administrative Bailiffs

For when you are having minor repayment problems, our bo...Agents will bre...retrieve the cash.

Have a nice day ...

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Some say he is a proud member of: "The most paranoid group of people in the Community."

[Unseelie]

That is exactly the point I was making.
You tell your 'customer' up front what the damage is going to be to their bank balance before you sew the deal up.
That is how it should be done.
Good one Mwerte. :cool:

How do you close a deal without doing that?
A deal implies consent on both sides, thats' the whole basis of saying 'you owe me'. People owe you because they agree to owe you.


And..scams these are not. You know what 8% compounded yearly on a 30 year mortgage is? About half the price of the house. These are better than the standard loans you, as a consumer, can get in the real market.

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[Ceoran]

Why not go beg for money and loans ingame like all the other guys who don't want to pay anything back do.

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My Stories Outcast laws and structures Join Samura|-

Go play the game, within the given limitations. That is how role play games are played. Not by trying to work around those limitations or whining about them.

[Birdtalon]

Please read simply before answering, I am talking about people who will never give the money back, and my magic fairy tells me you borrowed somme credits to the wrong person recently.

From reading your OP, I came to the conclusion that you were saying that high interest rates were a scam.

I am not taking loans, Nor I plan to, trading give me all I need. But I am pretty sure an impressive amount of scam reports is comming. Just a matter of time.

And it's better to prevent than Cure.

If people won't pay back the money, they won't pay it back. Regardless of the interest rate.

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[Agmen of Eladesor]

As far as people NOT repaying loans - with proper documentation (sreens and forum evidence) we've done some repossession of things in the past, as running a loan scam (borrowing money without ever paying it back) is a no-no. For the rest of it - caveat emptor. (I know, buyer beware, but that's close enough.)

Not as an admin run kind of thing, the Bounty Hunters Guild has started a credit union for our members, with reasonable interest rates. But like all credit unions, we require membership to participate. And seriously - do you want to default on a loan against people that hunt you down and kill you?

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Oh god... The end of days... Agmen agreed with me.

[masternerdguy]

edit:

misread, OFFICIAL LOAN.

ok.

shop before you buy.

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Send the fat kid in to see if its a trap

[Govedo13]

Well I got scrammed 2 or 3 times.
I dont think that my interest rate - flat 10% is that bad. There are no hidden taxes and the interest rate is fixed. If you are afraid from the wolfs don't go in the Wood.
I am about to be scrammed again right now- but I will keep trying to give loans - do you know why? Not because I make a vast amounts of cash doing it but because it helps a lot to the new reasonable players.

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Official faction players that are often accused of elitism, never deploy them and have those weird, immersion killing "fair fight/dueling" suicidal hobbies. (yes, i've seen enough of those lolduels, where house military with overwhelming force on the field willingly loses a pilot in a duel. ffs.)

[Dieter Schprokets]

The return on investment in a trade ship in this game far exceeds anything in real life.

Buy a big trader with a loan, you can trade and get enough to buy another in less than a day... ie 100% Return in one day..

Hence the interest rates are in fact far less than the rates of return available in actual trading or mining ships.

The interest rates reflect that fact.

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