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LOAN service!

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Lacyhicks

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Jul 30, 2013
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nevermind this post! lol its come to my attention its not ok to loan. Thanks for the info guys and gals.
 
Last edited:
I am first to post it :scratch2:
well its against the rules to give loans
 
AxeMurderer said:
I am first to post it :scratch2:
well its against the rules to give loans
Click to expand...

Is it? I thought the only rule about this was that MindArk would not be held responsible if it was a scam, or something like that...? May be wrong, though.
 
I loan to people with collateral all the time.

I think the grey area here is when you start competing with the Banks and their services.
 
There was a policy notice issued by MindArk in 2007 about this issue:
Clarification about Entropia banking operations
Since we released news about the virtual banking licenses, several questions regarding loan services and banking affairs within Entropia Universe have been raised. The main concern has been the lending of items for interest. We feel that we need to clarify our policy about this.

Recently MindArk PE AB issued official virtual banking licenses. These licenses comprise a secured bank system for processing loans and securities in the form of items. All transactions made via this official bank system, such as loans, defaults, securities, interest etc., are safe and as such guaranteed by MindArk.

By contrast, loan services offered outside this official bank system cannot be guaranteed by MindArk. If an item is exchanged between avatars, this transaction will be logged as a regular TRADE. And as all trades are final, MindArk will not investigate claims if a loan giving avatar refuses to return items or money.Many people do not fully understand the true value of their virtual items until they are lost. They will then contact MindArk PE AB for assistance and will realize that we cannot help them; this can cause a lot of unnecessary grief and frustration.

We do not wish to discourage entrepreneurship within Entropia Universe, but based on experiences from community feedback and support case history, unfortunately not all entrepreneurs offering loaning services are trustworthy members of the Entropia Universe and therefore we need to be strict in our policies in order to protect the community from scams and cheating.

Therefore, any loan services offered outside the approved bank system will be considered by MindArk as scam attempts and the avatar offering such services risk a permanent lockdown of his/her account.
Click to expand...

If anyone wants to discuss this further, please start a new thread in the appropriate section.
 
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