This is being made a bigger issue than it should be... People should be able to decide upon late fees and loans at their own discretion, at what point do we start controlling the boundaries of every transaction that takes place? In cases where the lending party is demanding excessive late fees or stupid amounts of interest, let it be sorted through the complaints system. A perfect example of this was between ldw116 and NoahPvPz_. The excessive interest rate was quickly shot down, with NoahPvPz_ only expected to pay the loaned amount back.

At most a cautionary rule stating that attempts to exploit other users through excessive interest rates or late fees, or through misleading the other user as to the terms of the agreement, could result in the invalidation of the agreement.

 

I agree with your suggestion, but I also disagree because it really shouldn't be needed. People should have common sense, but unfortunately don't. They like to charge absurd interest rates.



If it's actually needed then sure +1. However I hope staff can determine between a predatory loan and a regular loan.

 

Well yeah I agree in that sense. Some people cannot understand the interest (as I said) and some people also like to take advantage of these people.

Like I said, I loan a lot, and 100% is more than reasonable. If you disagree then you must be charging insane interest rates, this will not affect my profit at ALL. But it will protect others, if you're charging above 100% interest you're crazy.

So I'm not against this, it's just very unfortunate that it is practically required to protect new and young players from being exploited.


tl;dr 100% of my income is from loans, after this suggestion my total estimate profit loss will be: $0. If you "lose" money from this suggestion being implemented then please... reconsider how you treat younger players lol...

 

Okay guys, let's take a step back and stay on topic. This suggestion is about predatory loaning, and whether the rules on it should be made more clear or not. As I've stated before, if we moderators feel that a loan is predatory in nature, intended to take advantage of a person, we will not uphold it.

Having said that, there's nothing wrong for having a written guideline for loans somewhere, even if not in the rules (maybe a sticky somewhere?)

So do I have to take an IQ test to be on the server? >.< Guys remember, this is minecraft. A game. A kids game for the most part. A lot of the members on here are younger and don't yet have economic independence from their parents.

Having said that, yes I know this isn't real life and shouldn't be taken as seriously, but this is how a lot of them might learn about about monetary responsibility. After all, aren't games just simulations of what they will do in the future? (think of dress up and 'playing house')

Spoiler: Oh yay more of Psych Nerd Imagine

Okay guys, I'm letting Mod Imaginex step back a bit and letting Psych Major Imaginex come back up for a bit (well really tho mod imagine's always there in the background)

According to the American Psychological Association, Intelligence is "intellectual functioning" and some parts of intelligence can be measured with an IQ test. Some parts.

"These tests don’t measure all kinds of intelligence, however. For example, such tests can’t identify differences in social intelligence, the expertise people bring to their interactions with others"

So which intelligence are we supposed to measure? And how?

Also Pssst @UnitedStates2 if you edit your main post with some of the Q and A that have popped up people just reading this might understand a bit more :3

Anyways I think I'm going to step out of this suggestion for a bit. It's becoming a bit heated in here, and I don't really have time for all the drama :p (eww drama)
(Also don't really want to step on anyone's toes ;-; )

 

-1 Again, staff currently handles these few truly "predatory" loans adequately. There is no need for greater restrictions than that. Their arbitration is enough.

Legal under this proposed system. Tell me when it is predatory.

50k loaned. 100k in 4 weeks (basically a month. @UnitedStates2 suggestion should say 30 day period.)
50k loaned. 100k in 3 weeks (still reasonable to me)
50k loaned. 100k in 2 weeks (high interest, but is it enough to be predatory?)
50k loaned. 100k in 1 week
50k loaned. 100k in 1 day

All fall within the guidelines. The suggestion doesn't remove any of the need for arbitration and will have little impact in that respect.

PS I am actually curious to know when everyone thinks this would be "predatory". Feedback is appreciated.

 

Exactly why you should oppose encryption and allow your government to breach your right to privacy unless you have something to hide...

 

Strawman arguments aren't going to prove a point.

 

@UnitedStates2 When a borrower fails to pay on time and is confronted with the age old question, "Renegotiate or ban?", would these fees be subject to the same cap as late fees and stack with them, if they were to renegotiate?

The point I am making is that it does not "draw a clear line." This new system will remain arbitrary. This restricts everyone, but "doesn't hurt anyone."

PS Are you and I the last ones still on topic?

EDIT Were none of those examples "predatory"?

 

I feel like I am just repeating myself, making a point you will never understand. I know what arbitrary means. According to you I can loan 50k with 100k due in 3 days. This is within the restrictions you propose to impose. This is not "predatory" and will require no arbitration at the discretion of staff?

What I am saying is that your "clear guidelines" don't hold up to scrutiny. Staff arbitration will always be necessary.

 

@Nicit6
He changed the suggestion based on your opinion. Perhaps he will listen to you again. Would you read through some of my posts? I am sure you will see the point I am making.

 

@UnitedStates2

50k loaned. 100k due in 1 hour. By your logic this is also "completely legal and will be enforced"?

What I am asking is will these "clear" lines protect any more than staff discretion and the rules currently protect? If any, too few to justify unnecessary regulation.

 

What if I legitimatly want a 50k loan with 100k due in 1 hour (or 100k due same day cause thats more likely to happen).

*Edit* Im being completely serious here by the way. I dont see 50k loan with 100k due the same day as that crazy. Someone could really need something during the day and take a 50k loan to get it.