I'm sorry I should have elaborated.

I should have the freedom to make contracts as I see fit with my money. Had trouble in the past with loan payments? Fine, you pay more interest and the penalties for defaulting are higher. As a person borrowing, you always have the right to refuse the contract.

You don't have the right to

to make contracts as I see fit with my money. Had trouble in the past with loan payments? Fine, you pay more interest and the penalties for defaulting are higher.

According to clar at least.

 

@BlazeInfinite why the potato?

 

I have no idea what you are talking about here. ;)

 

Then surely you agree that people deserve the right to add as much late fee's as they like, cause its there money and they can do what they see fit with it.

Im just saying, i would advise people to do hose 3 things and then this suggestion would be obsolete because they will find a decent deal, not take the first one offered, save the money themselves or get a independent person such as a staff member to look over a contract and approve it.

You shouldnt be allowed to make in game contract with late fee's, would be a much easier rule...

 

See response to mission

 

It is my personal opinion that if I offer you a 1k loan with 1mil payback and late fees of 1k a minute and you are stupid enough to agree to it. Then you should have to pay it.

 

What's the justification behind these numbers? If you loan out even just 500,000 ECD to someone, you're going to want to set higher late fees that scale up with the principle of the loan, 15,000 ECD is nothing.

 

*cough cough* These numbers are better.

 

I like these updated numbers as they are a bit more flexible. However, I would like to see some exemptions for smaller loans, as far as interest is concerned (not late fees). Also, I wouldn't mind more restrictive guidelines for late fees for short-term loans. As these are, in my opinion, the most likely to be defaulted on for legitimate reasons. Most long-term loans are not repaid due to laziness. Short-term loans see a variety of issues such as the player getting grounded, loss of internet for unforeseen reasons, computer issues, school assignments, sickness, family emergencies, etc. (All of these examples have actually occurred) As such, leniency on late fees in this regard should be encouraged.

EDIT: 8 hours and I typed three sentences for my college assignment; this took under 5 minutes. I guess this is just where my interests lie.

SECOND EDIT: I am still opposed to this overall. -1

THIRD EDIT: This is actually my fourth edit. I found a comma out of place. I tried to surreptitiously change it; I am disgusted with myself.

 

Obviously you do not understand what I was talking about. I never said "predatory loans" and I am not even sure what the definition of a "predatory loan" happens to be. All I was saying, was that some sort of oversight by staff limiting the penalties and interest rates WILL reduce the available loans. Just let the market govern itself. If you are a person who has a bad track record and history with loans and a lender finds that information you should expect that to have a effect on your loan rates. It is not "stupid" to loan to them if there are correct consequences in place if they default. The big lenders on here understand the risks of loaning out money and try to calculate those risks vs rewards when loans are collected. Loans are not charity for people who can't control their lotto addictions they are a means to use wealth to make more money.

Also, when you say "99% of people don't make predatory loans." where are you getting that number? I have no idea what this means. It is quite simple. It is the borrower's responsibility to find the correct loan and it is the borrower's responsibility to pay the loan back on time. The Lender's responsibility is to loan out the money and to track the payments coming in. I can guarantee you that the large lenders on ECC are taking care of their responsibility, thus the onus falls to the borrower.

See! I just said that without calling anyone stupid. It is possible.

Blessings
Sheep-

 

Perhaps, @UnitedStates2 you could fund a bankruptcy program for users to file when they can't pay. You could cover all their debts with that fund. ;) j/k

Sorry, you don't get to decide what I do with my money or what other lenders do with their money. You do get to decide if you want to borrow from me or others. If a lender determines that it is worth the risk then who are you to say that they are not allowed to do it?

To "the 99% thing", basically are you saying that the 99% claim was not true? Were you saying that it was and this is not really that big of an issue in the first place? Either way it is not useful for your argumentation. If the former is true, then it holds no weight when held to the light, and if the latter is true, then what is the point of this whole thread?

To your ad hominem attack against my calling out your ad hominem references to my lack of intelligence, I think pointing out the flaw of your argument is quite an effective method of countering your attempt at argumentation.

Nice try

 

tl:dr

If the cap's are reasonable numbers, then sure!

But still, just don't be stupid people. It's not that hard to see a good loan from a bad one.

For now, +0

 

I like @Nicit6's numbers