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Shotokan · 2008.Feb.04, 04:47 PM

Hello everyone,

Lately I have been considering starting a loans business, starting with players from levels 10-15. I think that this would greatly benifit them as they would be able to get the things they want at a faster pace.

My terms aren't completely hashed out, but I'm thinking something along these lines . . .

20% interest added on to thier amount payed in daily fee. This daily fee would be made by getting daily bank statements for a few days before the loan, so i could adjust thier amounts to a price they could afford.

an example . . .

Say someone borrows $100,000, for 30 days. They would pay 4000/day for 30 days. if they were to miss a payment i would tack on an extra payment or something along those lines.

Anyways, i would really appreciate all or any thoughts/advice on this idea . . .

ps to all the spelling critics, sorry for any bad grammer or spelling Biggrin

sure there is a few errors

2008.Feb.04, 04:59 PM

'grammar'

All jokes aside, however, this is a tough racket to swing round here. The main reason being is no repurcussion for non-payment. Unless you have a serious enforcer, a loan taker could swindle you with no recourse.

2008.Feb.04, 05:06 PM

for a fee the enforcement can be purchased.

Shotokan · 2008.Feb.04, 05:23 PM

this i know and have talked to a few people about that.

hoping that people won't make it come to that though. also another reaason why i'm starting with lower levels as i can more easily chase them down myself, if it becomes a must

2008.Feb.04, 06:26 PM

Problem is that below 12th or so then they might just quit AND they don't make a whole lotta coin anyways...

2008.Feb.04, 06:46 PM

i know i definitely cound use a loan lmao

SimonAnything · 2008.Feb.04, 07:59 PM

That is a huge interest rate. Also, anyone who can borrow a huge amount of money and pay back in a few days can probably find a gang mate to spot them. Those who can't pay it back in a few days probably can't pay you back in the first place.

2008.Feb.04, 08:01 PM

SimonAnything Wrote:That is a huge interest rate. Also, anyone who can borrow a huge amount of money and pay back in a few days can probably find a gang mate to spot them. Those who can't pay it back in a few days probably can't pay you back in the first place.

naysayer

:cry:

you make smiley sad

2008.Feb.04, 08:17 PM

SimonAnything Wrote:That is a huge interest rate. Also, anyone who can borrow a huge amount of money and pay back in a few days can probably find a gang mate to spot them. Those who can't pay it back in a few days probably can't pay you back in the first place.

few days? i clearly see his first post mention something like borowwing 100k for a month... how does a mo nth eqaute to a few days?

Shotokan · 2008.Feb.04, 09:15 PM

well, a few days of a loan would make the interest rate drop and as i said it's a rough draw up so far.

but glad to see so many bites on the subject and of course with any business there will always be ups and downs to the start up ideas.