I am currently offering lenders a convinient way to ensure they are never loan scammed. Interested yet?
Here's how it works:
1) get in contact with me via forum pm
2) send me a proposal, with who you are lending money to, how much you will be lending them, how long you will be giving them to pay back, and at what interest rate.
3) if the terms of the loan match the guidelines of this thread, and I agree the user you are loaning to can be trusted, I will allow you to add me as a co signee in the loan contract. I will also provide you with the co sign fee which will be determined as stated in step 5.
4) in the contract I @SCgenesis will agree to step in and take over the debt of the person you are loaning to if said user is banned during the course of the contract, ensuring that if something goes wrong with your loan you will still get your money back.
5) in exchange for this service that your money will not be scammed, I ask for 50% of the interest generated from the loan, as well as a fee imposed on the lender which will be determined by myself depending on how risky I deem the loan to be.
6) if the user you are lending money to is banned, I @SCgenesis will pay you back the money you originally loaned the banned user (with out interest) over the time frame originally given to the banned user.
7) if step 6 happens (the player is banned) the debt owed to the original lender will be transferred over to myself (including late fees) and will be payed back to me if/when the player appeals.
Conditions for applying for my co signature:
1) loan amount Must be greater than 85k
2) payback (interest) must be at least 1.35x amount being loaned
3) you must impose late fees of at least 10k/day lasting for a minimum of 7 days and a maximum of 21 days.
If you are interested in my co signature on your next loan please forum pm me with the following application:
IGN:
-Player you are loaning to:
-Amount you are loaning them:
-Interest you are charging them:
-Late fees you will be charging them:
-Amount of time said user has to pay you back:
-do you agree to all the terms Laid out in this thread?:
-do you understand that me and you will be splitting the interest generated from this loan 50/50?
-do you understand that if this player gets banned their debt including late fees will be transferred to myself and I will be repaying the money you originally loaned said player (with no interest)
-do you agree to reflect these terms as well as the terms outlined in this thread in the contract you create with said user?:
-do you agree to be completely transparent with me during the course of this contract and answer any inquiries I may have?:
-do you agree that altering the loan agreement with out my Concent will result in a breach of contract?:
Thread Tools
Thread Tools
-
-
Like x 1 -
Winner x 1 - List
-
-
Seems like an interesting idea - may I suggest you have Nicit take a look at this? He charges a very reasonable rate and in my opinion would be well worth it for you.
In addition, your auto correct maybe causing you some issues - here is an example:
-do you agree that altering the loan agreement with out my Vincent will result in a breach of contract?:
I believe you may have meant "consent".
and another one I found:
5) in exchange for this endurance that your money:
I believe you may have meant "insurance".-
Like x 1 -
Agree x 1 - List
-
-
Welp, rip me. I was in the process of making a loan "insurance" company. If you are looking for some finding/a business partner I would be happy to do that.
-
Like x 1 - List
-
-
teofilovic BuilderBuilder ⛰️ Ex-Mayor ⚒️⚒️
-
I think it would be really if ecc would actually incoporate this basic principle as a part of the game in the form of a value that parallels the credit bureaus irl. Successfully paying back loans increases it, failing to do so lowers and trying to rectify the late payment would raise bsck up part of the way.
Then it would be as simple as looking at the users ecc credit score to determine the safety of the loan. Repeat debt offenders would be quickly identified. And it would provide a penalty for loan scamming aside from a ban. Which would be good because a banned player cant pay off their people they have while banned so banning punishes the victim too.
But in the absence of that, this is pretty cool. -
petethepug BuilderBuilder ⛰️ Ex-Builder ⚒️
I already see step 5. Being risky.
I can't quote this due to being on my iphone but I will quote you indirectly;
"In exchange for this service, I ask for 50% OF THE INTREST GENERATED"
Basically after this you would have to pay double your loan fee.
Basically because he is the lender, he could say that your scaming the money, and have to pay 50k --> 100k.
So you are 'technicly' getting scammed but on very risky meassures, and means.
Edit:
It seems users are mistaking this as an idea, when really its just a 'Classified/Advertisement' for an agreement. I would recommend perhaps re-reading the topic title? -
Jacob43365 EcoLeaderEcoLeader ⛰️⛰️⛰️ Ex-President ⚒️⚒️
People should just check the person's history. If you are loaning to someone that already has debt you are asking for trouble.
-
petethepug BuilderBuilder ⛰️ Ex-Builder ⚒️Perhaps past ban history/appeals, and staff applications to see if they are reliable to count on.
-
Dosbt really help, I did a 300k loan to a VIP+ EcoLeader with no major complaints/bans.. I never got that back. I also did a loan with a [$$$$]President that joined in 2012, he scammed me an effy7.. You really never know if someone is going to scam me.
-
Yeah this isn't correct. You seem to be confused. This thread is an explanation of how the business works. The details will be written into a contract which will be approved by a moderator who will make sure nothing is sketchy. 50% of the interest generated is as simple as that, I just take 50% of the interest generated for the risk I'm taking.