Microcredit for Builders+! Small loans to help Builders and Residents bootstrap Rules Amount: from 1k up to 50k Duration: from 1 day up to 2 weeks (please note: the day in which the loan takes place does not count! the day after is the first day, the following one is the second, and so on) Daily interest: ranging from 5% to 25%, depending on amount, duration, security and payback method Security: I want to know what you're going to do with the money and how you plan to earn enough to pay me back on time, so we can chose the interest rate accordingly Payback method Single payment: give the money back (+ interest) on the deadline in a single payment Installment plan: give the money back (+ interest) day by day Application form: Spoiler Amount: Duration: Payback: Daily interest: Total interest: Plan: Some examples: Alice (Builder) needs just 2k to reach the amount needed for Resident application. She could get that amount mining with plain iron tools in less than 1 day, but she's not going to have time to play tomorrow, and she just needs to be resident now because 7 lwc is not enough for her. Amount: 2k Duration: 2 days Payback: 3k single payment Daily interest: 25% Total interest: 50% Plan: I need it to get resident. I'll make the money to pay you back mining.Answer: APPROVED. Bob (Builder with farm perms) needs 10k to purchase a pumpkin axe. He expects to earn at least 3k/day using it, so he commits to pay back 3k per day. Amount: 10k Duration: 5 days Payback: 15k instalment plan at 3k/day Daily interest: 10% Total interest: 50% Plan: I need it to buy a pumpkin axe. I'll make the money farming.Answer: APPROVED. Carl (Resident) wants to be Mayor and needs 40k in order to get the rank. He's got friends who can help him build the town in 2 days and sell lots of cheap plots to builders. He plans to make at least 10k/day in this way. Amount: 40k Duration: 1 week Payback: 54k instalment plan starting from the 2nd day at 10k/day (last day will be 14k) Daily interest: 5% Total interest: 35% Plan: I need it to get mayor. My friends will help me building the town and selling plots.Answer: For that big amount and low interest rate I want your friends to guarantee for you. LET'S MEET WITH THEM TOO. Doug (Mayor) got a big loan from someone else earlier, but he couldn't sell enough plots: he finished all the money and is still in debt. He decides to ask 50k in order to buy 50 lottery tickets and thus make loads of money fast and easy. Amount: 50k Duration 1 day Payback: 100k single payment Daily interest: 100% Total interest: 100% Plan: I need it too by luttery tickez and make lods of moneeAnswer: I'm sorry, I'm not going to waste my money on a lost cause. DENIED.
In the rules you said interest was 5% to 25% depending on certain variables but you put 50% interest rates in the first two examples. I recommend using the interest rate you stated in the rules section and not using a much higher interest on the first two examples.
The daily interest is in the range 5%-25%, while the total interest is the daily interest times the number of days. In the first three examples the daily interest is correctly within the range: only in the fourth it is out of range (which was an example of a completely wrong application)
Amount: 10k Duration: 1 week Payback: 13.5k Daily interest: 5% Total interest: 35% Plan: I already bought a spawnshop I need the money to fund it I will make back soon.
Amount:50k Duration:2weeks Payback:75k Daily interest:I will just pay you all of it as a lump sum. Total interest:50% Plan: I'm going to buy two max pickaxes (one fortune the other silk touch) and I will pay you back with the money I make.
