Menu
What's New
By:
Filters

Entrepreneur's Universal Bank is up and running

J

Jolana

Provider
Joined
Jul 24, 2006
Posts
138
Avatar Name
Jolana Kitty Brice
Entropia Veteran's Bank is up and running

Hello everyone!

As owned of one of five banks recently introdyced to Entropia Universe I am happy to announce that my Entropia Veteran's Bank located in Fort Argus is open for bussiness.

Current annual interest % is set to 50 and loan term is set to 120 days.

Most armor, weapon, tool and some other values are set to consider market values. However, these values are not set forever, they can be changed because of market value change, or some miscalculation on some items is possible:) Anyway I will monitor all these things and adjust values in case it will be needed.

There is possibilities to make some special deals - those we need to negotiate first so feel free to PM me here with question or proposals.

Also will gladly hear any comments on bank itself, it`s design, item values etc.

Good luck in EU and real life! :)

Jolana
 
Last edited:
Ok, there is how bank system works.

You have an item you want to deposit to get cash. You go to Fort Argus find bank there and talk to Bank Teller located inside:)

There you will see Loan Application button - press it. Rest is simple - put an item into window and you will see loan amount, interest % and term.

Now to thing which bother most - math.

In all banks interest rate is annual. Meaning this is % which you would pay in case you take a loan for a year. If you use shorter term - you pay less than set %.

Example:
Annual interest rate is set to 75%. You take 100 PED loan for a 1 month. So to repay loan you will have to spend:
100 PED loan
+
interest: 75annual% / 12month=6,25 % which makes 6.25 PED
so in total 106.25 PED

Now about repaying loans:
you can repay your loan and get item back at any time meaning you don`t have to wait until loan expires. In this case interest will be calculated considering exact days you used that loan meaning you may have to pay less than you would have to if you wait until loan expiration.

I hope this will help:)

Regards,
Jolana
 
Last edited:
Jolana said:
Current annual interest % is set to 75 and loan term is set to 30 days.
Click to expand...

First of all, congratulations on your aquisition.

Secondly:
Your english seems a little bad so I am going to ask a question. Your interest rate is 75%? In other words, if I borrow 100 peds then I have to pay back 175 peds in 30 days? If that is true then all I can say is :eek:

Please clarify. Thank you and gl.
 
Gl

GL and thanks for investing in this universe..cuz this will benefit us in long term.

Gl and i wish u the best....
 
with the current state EU is in i doubt anyone will be using these banks anyways...
 
Thantos said:
First of all, congratulations on your aquisition.

Secondly:
Your english seems a little bad so I am going to ask a question. Your interest rate is 75%? In other words, if I borrow 100 peds then I have to pay back 175 peds in 30 days? If that is true then all I can say is :eek:

Please clarify. Thank you and gl.
Click to expand...



Annual interest rate is 75% - so compounded over 12 months that is:

(1.75)^(1/12) = 1.04774

or 4.77% interest rate per month


---ah my bad, too used to compound interest, see below
 
Last edited:
the annual interest rate is 75%. for a 30day loan, call it a month, you'd pay 1/12 of that. on 100Ped loan that is 6.25 Ped.


(its actually scary that people dont know this, no wonder theres a credit crisis irl)
 
If the annual interest rate is 75% then a 30 day term should be roughly 6.16%

Jolana, I love the Pyramid idea for the bank. Looks Great. What made you think of this design?
 
Thantos said:
First of all, congratulations on your aquisition.

Secondly:
Your english seems a little bad so I am going to ask a question. Your interest rate is 75%? In other words, if I borrow 100 peds then I have to pay back 175 peds in 30 days? If that is true then all I can say is :eek:

Please clarify. Thank you and gl.
Click to expand...

I think you missed the word annual.
 
Parasiteone said:
with the current state EU is in i doubt anyone will be using these banks anyways...
Click to expand...

Yeah..If 75% is true, we have laws in my state against antthing over 39%..and even that is high.
 
confidence in MA is at an all time low. people are not going to be investing more capital in a project they dont feel 100% confident with.
 
aridash said:
the annual interest rate is 75%. for a 30day loan, call it a month, you'd pay 1/12 of that. on 100Ped loan that is 6.25 Ped.


(its actually scary that people dont know this, no wonder theres a credit crisis irl)
Click to expand...

Thank you all for your answers. Aridash, some people don't know about things they don't use :ahh:. Sorry I'm not as smart as you when it comes to these matters. That is why I ask questions, so I can be smart like you.
 
you dont have a credit card, loan, mortgage, car finance or overdraft IRL?
even if you dont, you should really get taught this stuff in school but probably aren't. hence why people get in to big debt they cant handle.
 
BrianMik said:
If the annual interest rate is 75% then a 30 day term should be roughly 6.16%

Jolana, I love the Pyramid idea for the bank. Looks Great. What made you think of this design?
Click to expand...

Its looks like a copy of the luxor in vegas only difference is the luxor is black and dosent have the wierd floaty bits sticking out of it. it does have the light on the top though :D

Luxor.jpg


75% APR is an incredible amount IMHO. I have a loan with IRL bank at 8.9% APR Cant see me taking out a loan with this bank...


Also disappointed to see only 30 days availadle... would like to see 6 month option as a max, but would pay no more than 120 ped for a 100 ped 6 month loan.
 
Last edited:
PINKY said:
Also disappointed to see only 30 days availadle... would like to see 6 month option as a max, but would pay no more than 120 ped for a 100 ped 6 month loan.
Click to expand...

Loan terms is big question right now. Expect to see some final set term in a few weeks. I really need to know what people are interested in most.
But if someone is interested in loan right now - as I mentioned feel free to contact me with details and we will discuss a deal:) % can be changed, terms also so there are ways...

Also I really hope that MA will listen to bank owners and implement more features to make this bussiness more flexible. But again this will take some time.
 
Jolana said:
Loan terms is big question right now. Expect to see some final set term in a few weeks. I really need to know what people are interested in most.
But if someone is interested in loan right now - as I mentioned feel free to contact me with details and we will discuss a deal:) % can be changed, terms also so there are ways...

Also I really hope that MA will listen to bank owners and implement more features to make this bussiness more flexible. But again this will take some time.
Click to expand...

Play it by ear... a good philosophy I think at the moment. Good luck with your venture!!!
 
can we make deposits into your bank and whats the interest rate for this?
 
How come the interest rate aint show for the true loan period. How hard can this simple formula be to implement ? Seriously U paid alot for the bank and I would as an owner demand this to be implemented. Just by reading through this post theres already alot of confusion on how to calculate and I am 100% sure you will loose potential customers ingame if they dont know what the real interested rate is on the spot.

GL
 
Is it possible to obtain loan with an estate deed like appartment, shop, house or even land deed ???
 
getget said:
Is it possible to obtain loan with an estate deed like appartment, shop, house or even land deed ???
Click to expand...

Not yet. I am not sure it will be possible ever but I think that this would be nice and will try to explain this to MA:)
 
kygon said:
can we make deposits into your bank and whats the interest rate for this?
Click to expand...

You can`t - using bank interface. However we can discuss that matter through mutual trust.
 
Mice said:
How come the interest rate aint show for the true loan period. How hard can this simple formula be to implement ? Seriously U paid alot for the bank and I would as an owner demand this to be implemented. Just by reading through this post theres already alot of confusion on how to calculate and I am 100% sure you will loose potential customers ingame if they dont know what the real interested rate is on the spot.

GL
Click to expand...

I am preparing list of needed upddates for bank already, was doing it since yesterday's morning in fact. There are many things I wish are improved and seeing exact interest in PEDs is one of them.
 
Thank you Vedder:)

Also I would like to notice that loan term is changed to 90 days. Enjoy.
 
Not sure if this question has been asked anywhere else:

Term is set to 90 days now, ok. Lets say I take out a loan for a 90 day term with 75% APR. For 90 days, this would be 18.49%. If I paid back the loan early...lets say in 30 days, would I be required to pay the full 18.49% or 6.16%? Does it only count per day interest with a default after the 90 day period or must you pay for 90 days of interest regardless?
(worked in the mortage business for quite a while, so this is really interesting to me) :silly2:

I personally would be interested in loans of just a few days but it would be nice to have the option to go longer (up to 90 days or whatever) if I felt the need to.
 
You must log in or register to reply here.
Back
Top