RexDameon
Mentor
- Joined
- Feb 5, 2005
- Posts
- 2,975
- Location
- Canada
- Society
- Entropia Pioneers
- Avatar Name
- RexDameon Rex Andreosn
First of all I want to say Neverdie didn't put me up to this. I just happened to use his bank because honestly i got the best deal there which i will explain.
So I've kinda run out of PED and i've just got items left. Now logically it seems i should sell my p5a. But i thought to myself why not check out this loan situation. So first I shoped around and seen who would give me the most PED if i use my Brigadeer Coat as colateral. This ended up being Bank NEVERDIE so that is why i used it. Not all banks have the same rates for each item or the interest rate. It's not all about interest rate but it's how much will the bank give you if any for your items. So Shop around for which bank to get your loan at.
So I took some screens to show others how easy it is. Also to figure out the math too.
First of all you click on Loan Application then you simply drag your item into the field, and you are presented with the value's and terms of the loan.
Next you are presented with a Confirm explaining further the terms. Notice a couple things here.
1. You can redeem your item at ANYTIME.
2. Minum Interest payment of 0.5 PED
3. Failure to Redeem it in 30 days and you loose your item.
After Clicking Yes you will get the following message and a sort Receipt for your Loan.
Next the math. I hope someone can correct me if i'm wrong here. But I'm pretty sure how it works is. The loan for myself is 126.98 at 14.99% Anually for 30 days. So if you take 14.99% of 126.98 you get 19.034302 now reduce to a month i just divide by 12 it's a little rough cause not all months have 30 days but close enough. And the Loan will cost me ONLY 1.59 PED.
So Is it worth it? I think so at least now i got a chance at not having to sell some of my gear. So if you are in need of money and want to sell something to get some more ped. Take a loan on something else first, and if that doesn't work out just sell the initial item you wanted to sell and get back the loaned item.
Hope this helps and takes a bit of the fear of out the Bank system and maybe gives others a use for it.
So I've kinda run out of PED and i've just got items left. Now logically it seems i should sell my p5a. But i thought to myself why not check out this loan situation. So first I shoped around and seen who would give me the most PED if i use my Brigadeer Coat as colateral. This ended up being Bank NEVERDIE so that is why i used it. Not all banks have the same rates for each item or the interest rate. It's not all about interest rate but it's how much will the bank give you if any for your items. So Shop around for which bank to get your loan at.
So I took some screens to show others how easy it is. Also to figure out the math too.
First of all you click on Loan Application then you simply drag your item into the field, and you are presented with the value's and terms of the loan.
Next you are presented with a Confirm explaining further the terms. Notice a couple things here.
1. You can redeem your item at ANYTIME.
2. Minum Interest payment of 0.5 PED
3. Failure to Redeem it in 30 days and you loose your item.
After Clicking Yes you will get the following message and a sort Receipt for your Loan.
Next the math. I hope someone can correct me if i'm wrong here. But I'm pretty sure how it works is. The loan for myself is 126.98 at 14.99% Anually for 30 days. So if you take 14.99% of 126.98 you get 19.034302 now reduce to a month i just divide by 12 it's a little rough cause not all months have 30 days but close enough. And the Loan will cost me ONLY 1.59 PED.
So Is it worth it? I think so at least now i got a chance at not having to sell some of my gear. So if you are in need of money and want to sell something to get some more ped. Take a loan on something else first, and if that doesn't work out just sell the initial item you wanted to sell and get back the loaned item.
Hope this helps and takes a bit of the fear of out the Bank system and maybe gives others a use for it.