Before reading, as you probably know my #1 source of income is loaning. I have plenty of experience and here are my thoughts on the current issue and preventative measures to put in place. As people have said, people really should've looked into it before loaning. I loaned him close to $100,000 and was lucky enough to be paid back before all this. I was one of the first few people (if not the first) to loan to him and that's why I was paid, simply because I assured him that if he repays I may be able to loan him $800,000. Of course I wouldn't, but I could see the lotto habits and desire to borrow more money. I think it's a very nice thing to do as I spoke with @eekelmo a while ago about it. However, issues may arise if/when he appeals successfully. I will not be donating at this present time, but I wish the best of luck with finding enough funding to return payments to the victims. Definitely don't expect to earn interest though ====================================================================== Some of you may already recognize and understand warning signs when loaning but I'm going to chip in a little to help people via preventative measures. Rather than donating heaps of ECD: - If it sounds too good to be true, it probably is. - Double interest on big loans due in such short periods of times = Big no-no. That would make it almost pointless to borrow money if you intended to repay. Fair enough on loans less than $30,000 but $100,000+ double interest is crazy stupid. That's a big warning sign to show that the user may be quitting or simply desperate for money to fund a gambling addiction. - Lottery! I give loans to people who lotto, but only to those who will likely pay back even during a lottery loss. Always ask their reason behind a loan, some may be honest, most will lie. But if you are active enough to see who's actively playing in lottery, this can show that perhaps your "investment" is not so wise. - Registration date/activity/assets. Loan to those who have a lot to lose, more assets = bigger loan, less assets = less to loan. If they joined recently and have little donations, low-ish rank (President and below) with little initial wealth, perhaps they will not care too much if they risk a ban. Or they are willing to gamble half a million in a hope to double their money. Best case = They win $1,000,000, worse case = They lose it and get banned, but they don't care much. - Behavior. Rude + trolling players may end up with a ban. Getting your investment locked away nice and tight until they appeal (if they do). - Finally. A loan is a risk, it's like gambling. I've lost around $3,000,000 total from loans due to a combination of bad luck and failure to do my research. When loaning money, don't rely on the interest/profit/return. Similar to gambling, only loan/bet what you are WILLING and expect to lose. Nobody likes losing money, but if you loan out $500,000 don't put all your hopes into getting this money back. You might get it back, you might not. Shit happens, real life happens, no matter how trusted a user anything can occur that could cause you to lose your money. And most of all, do NOT loan out all of your capital to one individual user. At least spread it over multiple people. I've got a few loans out that are in the millions, but if they don't pay I haven't lost everything. It'll be a chip out of my assets/money of course, but I'm not putting all my eggs in one basket. Aim for a 75-80% return rate from customers. So for every 4 loans (1m each for example), expect to lose $1,000,000, then get $3,000,000 returned from the other 3 loans with $350,000+ interest on each. Even if you're scammed 1m, you profit $50,000. Spread it or you'll dread it
Hai! I joined EcoCraft with complete shock today to find the person I gave a loan 85k to was banned! I obviously took a screenie i'll post it in the next comment....
Here is the picture of only me sending him the money, however he said he was going to pay me double (170k) he said it could by me my town and a warp which was the only reason I accepted the loan otherwise I would have never even thought about it because as we've just seen there are many scammers out there..... and I was so close to mayor!
it appears I am having trouble posting the picture, It works via email I am very happy to email it if it involves getting my 170k!!
You are mistaken.... They said ppl (may) get back what they lent not what your owed (interest). Im sure they mean this to help people recover what they lost not help them make a profit. As you said you lent the person 85K.
Thank you guys so much! Yeah, looking back through my chat with him, I should have seen a lot of warning signs, shouldn't have touched this loan with a 10 foot pole. This is some good information though, thank you.
I am willing to donate to this fund through my daily earnings. However, I ask that you follow obblebobble's tips stated above.
I don't know if there is a specific way to submit this, but he owed me 200k today, and only paid back 180k out of the 230k he owed me on the 10th.
I'm assuming he paid you the money you loaned him already, if this is the case you are not eligible to receive funds. If this isn't the case please inbox drowninginpizza, matrix_rep and myself with evidence - you can use imgur.com to upload your screenshots.
