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Fort Argus Bank is open for business!

gratz and good luck
 
Good luck with your bank, and yes, hopefully MA can also introduce more features
for banks. :)
 
Thx everyone for the support

I've added a lot of extra info in the 3rd post of the thread to try to make it as clear and simple as possible

How yearly interest works

At the moment the bank has 50% yearly interest. The current loan term is 30 days. Both these numbers might change in the future. Any change won't affect any loan taken before the change and just future loans.

As it is now 50%/year means
50/12 so 4.16%/month
50/365 so 0.137%/day

If you loan 1k peds for the full 30 days you will have to pay back 41.6 ped interests so 1041.6 ped
If you pay back the same loan after 1 day you will pay only 1.37ped interest, 1001.37ped

How loan values are set

This business is a bank or pawnshop as many like to call it now. It is not an item buying shop like some are mislead to believe.
I will work in improving the loan values for items as time permits. The process is slow and time consuming.

The values I have set are not what I think those items are worth.

I do not want to expose myself to a high risk of getting the bank filled with items that will be left there to expire on purpose. This has happened many many times in the past to other banks and that's why some of them are out of business now.
On the top items like imp and mod faps the values set are lower to make it possible to use them for loans. If I would set close to real value the bank would probably never have enough free peds for a loan to be taken.

Need to take a big loan?

If you want to take a big loan all you have to do is contact me and we will work it out.
It's possible to reserve peds for a loan, to be sure the bank will have the desired amount of peds on a certain date.
Work on loan ammount for items, make it higher or lower depending on the exact amount you need.
Work on loan term, if you are not sure when you can pay it back a longer loan period can be set.
 
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Been working on the special items list and it's a lot better now!

Added a lot of items, armors, weapons, skills, even clothes and adjusted other loan values!

Close to 60 pages of items (15 items/page) with special loan values now!
 
Gratz on the bank, purchase, man. I'm sure you'll do a great job running it!
 
thx Skippie


Added improved loan values for most common resources!
 
gratz on the bank purchase Tzepu.:)

Rick
 
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Drama leads to progress, and we all like progress
 
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Special Items list reached 63 pages now
 
Tzepu said:
This was in the 2nd post of this thread from the second I started it.

Let's just consider this chapter closed now.
Click to expand...

You could offer some kind of "injury time" when it is possible to ransom that item after that 1 month for those who fail to pay back by accident/mistake ... for security reasons and a bit of fees :wtg:
 
Dollymaus said:
You could offer some kind of "injury time" when it is possible to ransom that item after that 1 month for those who fail to pay back by accident/mistake ... for security reasons and a bit of fees :wtg:
Click to expand...

Seconded. It would make economic sense to reconsider this issue. I'm sure there must be many cautious players out there who think like me:

I would be very reluctant to take out a loan on anything with non-neglible mu, because the risk of failing to collect the item as intended is just too high. Consider the follwing scenarios:

1)Borrower has an accident, and is stuck in hospital for several weeks (happened to a friend of mine)
2)Borower has an unrepairable computer breakdown. None of their friends can help, since their computers are too old and unsophisticated to run EU. They can post on forum via friends/internet cafe , but can't access game (This happened to me, and I was out of game for 2-3 months til i managed to scrape up the cash to buy a new PC)
3)Borrower has IP problem at critical time (happens all the time, and can sometimes last for several days or more depending on reason)
4)Borrower is stuck on some other planet or in space, due to bugs (again, this happens all the time)

I'm sure people would have more confidence, if some measures were in place to prevent unintended loss of goods under these circumstances, or similar (I'm sure there must be other things I didn't think of)

Off the top of my head, I can suggest the following:
A) Be open to negotiations via the forum, re. expiring items. This would be handy in most cases (eg scenarios 2-4) where the borrower has internet access but not EU access.
B) set a longer loan period. Since people can return the item whenever they like and only pay interest for that period, there's no advantage (to the borrower) to keeping the loan period so short. If had several months grace instead of several days, then I would be a lot less uneasy.

The main problem with B is that the rates are over-the-top for long-term loans; but, given nothing else can be done, that would often be preferable to losing the item (and chances of it going into long-term would not be high in most cases)

Maybe others have further ideas. But , in any case, it seems to me that if you are willing and able to be flexible and to go outside the system, as regards long term loans, then the expiry problem could surely be addressed in a similar fashion.

Thanks, and good luck!


jay :)
 
I was thinking about a backup system for expired loans but didn't finalize it, no rush really since the bank is barely opened.

Major problem is that in the bank interface I only see item name, loan amount and date (not hour just the date).
No owner name or other way to distinguish a particular item.
If someone comes to me a while after his loan expired and says they lost a dante amp for example they can't prove they had a dante in the bank and I can't really know it's theirs and not someone elses.

I think I said before that anyone can contact me about bank matters and requests.
If an item is about to expire and you know you won't be able to pay in time drop me a PM!
If you want to take a bigger loan and you need a bigger loan period to feel safe about it contact me!

I will write something up and add it to the first posts
 
Edited first posts for a better read and more complete information

As I said earlier I've thought about it a bit and added this part for loan safety

Extended loands, expired loans and lost item recovery

If you are worried about loosing your items best safety is to make a screenshot of the Loan Deed. If the loan expires and the deed gets removed it will be your proof that it's your item that is in the bank.
As the bank system works now I only see item name and date, no time and especially no name, so I can't really know who's item it really is.

If you have RL or ingame issues affecting you or your avatar (computer problems, internet problems, accidents, ingame bugs) and you realize you won't be able to repay the loan contact me (or have a friend contact me) before the loan expires and I will extend it at no extra cost (other than the normal interest).

If your loan expired and you want the lost item back contact me as soon as possible!
Screenshot of the loan deed will be needed for verification and after that I will trade it back for the amount you owe the bank for the full time of the loan + a small recovery fee.
 
tyvm for the explanation!
looks like we're up against MA's inadequate systems again :(
well done for finding workarounds!

jay :)


Tzepu said:
I was thinking about a backup system for expired loans but didn't finalize it, no rush really since the bank is barely opened.

Major problem is that in the bank interface I only see item name, loan amount and date (not hour just the date).
No owner name or other way to distinguish a particular item.
If someone comes to me a while after his loan expired and says they lost a dante amp for example they can't prove they had a dante in the bank and I can't really know it's theirs and not someone elses.

I think I said before that anyone can contact me about bank matters and requests.
If an item is about to expire and you know you won't be able to pay in time drop me a PM!
If you want to take a bigger loan and you need a bigger loan period to feel safe about it contact me!

I will write something up and add it to the first posts
Click to expand...
 
jaywalker said:
looks like we're up against MA's inadequate systems again :(


jay :)
Click to expand...

On second thoughts, that's a gross understatement :laugh:
It's totally mad that people can entrust valuable items to you, yet remain anonymous .
Shopowners can see who buys their stuff. Very useful on occasion but not absolutely essential, unless somebody wants a refund (which is very rare , i would guess) In your case, i would say it's essential.

Hope you put in a Support Case about it.
Good luck!

jay :)
 
I've sent many support cases, think they're already tired of hearing from me

Hopefully some of the issues will be fixed or improved or added this decade
 
getting ready for the weekend bump
 
Hussk has been hussked really huskkin fast BUMP

up to 75 pages of special items now
 
B u m p
 
weekend bump
 
Fresh cash added to the bank vault !!!

The brand new spring mayhem starts tomorrow !!!

Get all the cash you need and get ready to grind !!!
 
Spring mayhem is here!

Low on cash? no problem, get a loan and keep grinding!
 
need some feffoxin' cash ??? :D
 
weekend bump
 
86 pages of items with special loan values now!

Probably more than any bank ever had!
 
"A pawnbroker is an individual or business (pawnshop or pawn shop) that offers secured loans to people, with items of personal property used as collateral. The word pawn is derived from the Latin pignus, for pledge, and the items having been pawned to the broker are themselves called pledges or pawns, or simply the collateral."
 
"If an item is pawned for a loan, within a certain contractual period of time the pawner may redeem it for the amount of the loan plus some agreed-upon amount for interest. The amount of time, and rate of interest, is governed by law or by the pawnbroker's policies. If the loan is not paid (or extended, if applicable) within the time period, the pawned item will be offered for sale by the pawnbroker."
 
"Unlike other lenders, the pawnbroker does not report the defaulted loan on the customer's credit report, since the pawnbroker has physical possession of the item and may recoup the loan value through outright sale of the item. The pawnbroker also sells items that have been sold outright to them by customers."
 
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