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Bank annual interest rates skyrocketed

Maybe they dont have enought cash for the loan runing , and need to slow down the machine...

I strangely have hard time to believe that....
 
vyad said:
I've used the banks a few times now. Last time I went for a loan, the amount I received from my item (the tt+ value) dropped in half at all the banks even though the market value remained the same. That there stopped me from taking a loan. Now with skyrocketing interest rates, I think I'll just use my Credit Card :rolleyes:
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I noticed the same thing.. using the same item for a loan that I had used before but only being offered HALF the amount from the previous time. Fort Argus Bank does seem to be the best one of the group right now... best rate, and way better amount of loan on MOST items... look at the one mentor edition rifle on the first page... they offer double what the other banks offer... like 12500.00 more... (I forget which rifle it is but its on the first page when you log in to the bank)

I'm a fan of BND and have used them alot, but I won't be taking any loans any time soon with the current rates.

And whats happening with the bank in Twins? Anyone know why they never opened?
 
I hope neverdie has a good lawyer because he's breaking the EULA by charging illegal interest rates ingame and the EULA states you may not break your local laws. Also according to US law, a contact is void if it contains illegal acts. Charging more than 18% interest in Florida is illegal so any contracts you make with Neverdie are unenforcable and void. If you lose your item to him from these illegal contacts, he can be sued to have your items returned.

It is also a Felony in Florida to charge over 45% interest. I wouldn't want to be in Neverdie's shoes...
 
Wait hold on a sec here. 99% annually, which is roughly 5.9% monthly.

If it works on monthly compound, then its about 0.2% a day.
If it works on daily compound, then its about the same.

So you guys complain that to hunt for one day, assuming u take out a loan for everything u pay for that hunt, will cost u extra 0.2%. So instead of 150ped with ammo and repairs, it will cost 150.3 ped.

You guys are basing your values on real life, but this is a virtual reality. No taxes, private entrepreneurs, and about 10, 000 times less registered users then the world has people. Things here are different.
 
burnsey said:
I hope neverdie has a good lawyer because he's breaking the EULA by charging illegal interest rates ingame and the EULA states you may not break your local laws. Also according to US law, a contact is void if it contains illegal acts. Charging more than 18% interest in Florida is illegal so any contracts you make with Neverdie are unenforcable and void. If you lose your item to him from these illegal contacts, he can be sued to have your items returned.

It is also a Felony in Florida to charge over 45% interest. I wouldn't want to be in Neverdie's shoes...
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Thank god its a GAME :laugh:

A GAME PPL - that what it is... We all can be sued for robbing ppl in pvp4 or pvp3 if we follow what you suggested literally...

I.
 
Igorl said:
Thank god its a GAME :laugh:

A GAME PPL - that what it is... We all can be sued for robbing ppl in pvp4 or pvp3 if we follow what you suggested literally...

I.
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Don't expect that argument to hold up in court....:scratch2:
 
Igorl said:
Thank god its a GAME :laugh:

A GAME PPL - that what it is... We all can be sued for robbing ppl in pvp4 or pvp3 if we follow what you suggested literally...

I.
Click to expand...

Im going to mine in PVP4, any1 kills me will get sued :D, i got a bunch of lawyers here in hell :deal:
 
LOL, Argus Bank increased in unison to 45%.
 
since the banks opened i would take my nico 120 into anshe's bank for the TT value for up to 2 weeks at a time.. but with those prices i won't be doing that anymore..
 
This happens in RL here too, companies scared when it comes to serve their customers, thinking they somehow "lose" something with each sale/contract, so they hype up prices so high (scared that they don't get profits on low prices), nobody wants them, they get a bad image, and they go bankrupt...
 
Igorl said:
Thank god its a GAME :laugh:

A GAME PPL - that what it is... We all can be sued for robbing ppl in pvp4 or pvp3 if we follow what you suggested literally...
Click to expand...

Phewww.... So I, or nobody else, don't have to worry about IRS (os any Taxman). :yay:
 
burnsey said:
Don't expect that argument to hold up in court....:scratch2:
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Well, I have seen worse examples of IRL law breaches then some transparent loansharking :(

Including but not limited to:

1) Price trend driving
2) Cartels

Those are all punishable by law, but hey :D

Wormie said:
Phewww.... So I, or nobody else, don't have to worry about IRS (os any Taxman).
Click to expand...

Im far from even thinking of how would I clasify my w/d... Would it be capital investment gain? Gambling winning? Paycheck?

My bank did this for me - they stated "regular income payment from foreign country". Though it is not really true (the "regular" part is highly debatable) - it is not taxable in my country as far as I know :scratch2:


I.
 
Im not 100% sure on this but, I think the way loans are in game and the fact that most loans dont last 1 year... that 99% monthly comes out to something like 8.25% for a month... Again im not 100% sure but thats what i think it is... If that is the case its not bad monthly, but the yearly it could really cause some damage.

Now if this is the case, im not sure if its becuase of having lack of full control over what they can or cannot do? Maybe MA set it up as to only having a yearly rate, and since most of their loans only last a few months at most they needed to make the yearly rate high to compensate for the low monthly... Just my two cents as i try to learn more about the banks.
 
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