The title says it all, I think The Interest on Loans are Really Abusive, I got for rule to never loan anything, especially money, and the scam possibilities are infinite.
I think It should be ruled by somme limits
Ex. a loan of 340M ----> 425M to repay
that's a lot, too much.
Do you people also think this should be under more strict control ?
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WoT: wilwerin - EU server
If you take a loan with usurious interest, well, that's your fault.
Since you've posted this topic, you've realised that some people charge a lot, and thusly you haven't taken these loans... so you shouldn't really be complaining.
If people take those usurious loans, the loaner is lucky.
If not, he isn't.
If people accept the loans they are obviously getting something in return. Most of our customers end up with ships (after repayment) that they would have needed 2 months more time to obtain, as compared with not having the loan at all. In my eyes that's an extraordinarily good service.
I agree - in RL you get 5% per year. Here we charge per week - but guess what? RL money is also much harder to make.
Regulations are unnecessary. People won't take them if they are truly extortionate. Banning them entirely only stops anyone from benefiting at all.
Maybe a "handling fee", say a small percentage, say 1 to 5%, depending on how big the loan is, but not interest.
To do that you need to set it up properly, screen shots of both parties agreeing that person is getting a loan of x amount, to be paid back over -or- within a certain amount of time, blah, blah, blah, carry on.
Hard, messy and more work than it's really worth in my book.
People who give loans should say up front, "handling fee of 2% to be paid when paying back loan" or something along that line, if they are planning to make any sort of money and EVERYTHING should be screen shotted and then posted in a thread that specifically deals with loans given by that particular person, so it is all out in the open.
Any loans I run are as open as possible. We negotiate how much they want, how long they want to pay it back, and then I toss out a number, i.e. the amount of profit I get. I don't do percents usually, just a straight up "ok, there is 50 million in interest" or whatever. We're not running payday loan scams here.
Too lazy to trade for that Battleship ? Too wasted to mine for that Cruiser ?
Borrow money ... At any rate of interest they feel like charging you.
If you don't repay it, we'll send the boys round to sell your wife and kids into slavery.
Reality check, if you can't afford it, don't borrow it.
Some say he is a proud member of: "The most paranoid group of people in the Community."
' Wrote:Any loans I run are as open as possible. We negotiate how much they want, how long they want to pay it back, and then I toss out a number, i.e. the amount of profit I get. I don't do percents usually, just a straight up "ok, there is 50 million in interest" or whatever. We're not running payday loan scams here.
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.
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