Unclarity with Loan at NEVERDIE Bank.

Pascal666

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I've just lend an item to NEVERDIE bank, and the bank gave me 130 peds for a item I just purchased for 148. After getting 130 back I got very confused about what I just did.
I expected this item to generate interest for me(About 3.8% per loan period), but does it?

Do I have to pay this 99%/year or do I gain it? :scratch2:
 

Mr-Joey

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you pay.



to short............
 

Ludvig|MindArk

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you loan the money and leave the item as security, so if you do not pay back the loan + the interest in time they get to keep the item :wise:
 

remontoire

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I've just lend an item to NEVERDIE bank, and the bank gave me 130 peds for a item I just purchased for 148. After getting 130 back I got very confused about what I just did.
I expected this item to generate interest for me(About 3.8% per loan period), but does it?

Do I have to pay this 99%/year or do I gain it? :scratch2:
Well, your confusion comes from thinking that you loan the item to the bank - you don't. You get a loan from the bank and give the item as collateral and then pay interest on the loan. And get the item back once you have repaid. The reason that you get less for your item than you paid for it in the first place is that while banks need collateral, the banks are not interested in acting as resellers.
 

Nebu

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The unclarity comes from the name. It's not a bank, it's a pawn shop.
 

Thantos

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jjmatrix

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The unclarity comes from the name. It's not a bank, it's a pawn shop.
Yep; the "banks" are a joke; a bad joke, to be precise.
 

py08jl

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Tycoon

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Yep; the "banks" are a joke; a bad joke, to be precise.
I frequently use the banks, I think it's awesome to have sort of a line of credit vs. my collateral!

How often do you use them? Why do you say they're a joke? I think they're great to have when you need them! :D

just be responsible!
 

mastermesh

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How often do you use them? Why do you say they're a joke? I think they're great to have when you need them!
They are a joke because they usually give you like Auction Market Value - A LOT for what you give them... many times, what you get back on some items is even below TT value. Yes, you can get your item back, but if you somehow cannot, you just lost your item and gave the banker a way to sell your stuff for Market Value at the very lowest... which is why at least one bank used to own a mall shop, all the banks have shops in them, and bankers feed the auction. It's pretty sad. STTS was the closest thing this game had to a real world bank a while back, but it collapsed for a lot of reasons.
 

Tycoon

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you can't expect the bank/pawn shops to give out full market value! People would just dump their stuff in the bank rather than try to sell! The person who owns and runs the bank is a player, not MA employee, and that's their peds you get when you take out a loan! They can't be losing peds all day so people can dump a bunch of items in their lap like "here, do somethin' with this!" :silly2:

And if someone takes out a loan and lets it expire, that's really not the banks fault! I've had loans expire... I talked to the banker and she gave my defaulted items back to me at the value of the loan + the interest, and I threw them right back in the bank! :)

I find the banks (at least the bank in New Oxford) to have decent enough loans prices on most items for my needs! Just remember to pay your loans back before they expire and it should be all good! :D
 

Carlito

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I've just lend an item to NEVERDIE bank, and the bank gave me 130 peds for a item I just purchased for 148. After getting 130 back I got very confused about what I just did.
I expected this item to generate interest for me(About 3.8% per loan period), but does it?

Do I have to pay this 99%/year or do I gain it? :scratch2:
You got it backwards m8. You pay interest not collect it :laugh:. You got 2 weeks to buy it back or you lose it. The 99.99% is the interest rate per annum. So on 130 ped, comes to 35.6 pec interest per day you have it in bank +50 pec.
 
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