Loan Shark is ready for testing

[Zab]

Feedback is needed.

One thing to note: The Rating system \ Feedback is NOT in place yet until later on. So be careful who you loan points to.

There is a CAP of 500 points on loans until I get the feedback system in place.


Test it out, give me feedback please:


http://www.pokerowned.com/forums/loan.php

[Daytradin]

A couple thoughts after the initial release.

Front page an identifier under PO Client Box (or elswhere) stating there are open loan requests with a link to the Loan Shark.
PM to borrower indicating a loan offer available
PM to lender upon consumation
PM to lender upon payback

On the Loan in Progress a couple more fields visible including

Days until loan due
On last day in bold red letters Loan Due Today
Mid-day on loan due date a PM sent to buyer as reminder of loan due

I believe the additional communications will help to facilitate and keep less loans from defaulting....they could go into auto default just from forgetting. Furthermore there could be a check box when the loan is originally set up that says Auto-Repay and the server checks for available funds to repay loan before letting it go into default. Additionally in the event it has not been considered, when debit balances exist the PO Client balance should be checked and garnished if available.

[Zab]

All good suggestions, but some of them could be really big upgrades (Knowing how the software handles things)

Front Page identifier I can do, however, I forsee this to be there 24/7 because there will be come loans people just dont want to give.. so there could be people waiting forever that no one knows and wont loan.


PMs, I'll find out if it can be done

Days Until Loan Due is there.. Gives you a date and time when its due

Last day notice.. something that pops up JUST FOR YOU on the main page could be possible

Auto-Repay is along the same lines as debt collector.. Not sure how easily that could be done, so I will find out

[Daytradin]

Awesome. Only note...actual calculated number for days til loan due. Should be easy 2 variable calc. Bottom line is that there are all kinds of minds around here and seeing a number 1 will hit home to more people than tomorrow's date.

[Rcktwrangler]

can't wait to start using this ... tks ZAB!

[Daytradin]

I think a few changes in display should occur. The 2 existing boxes should be reversed in position with loan requests at the top and accepted offers below...and maybe name changed to "open Loans" or "Loans in Progress". Then a 3rd box should be set up called history. The flow of loans would then be from the top...Input box for loan requests, requested loans outstanding, loans in progress and then completed loans (history). Easier to manage and view where everything stands.

As to fields, a completed loan currently displays original loan principal and the accepted date, paid status and feedback has been posted. We need to see interest charged, original term, and paid date. It would also be nice to see 2 calculated numbers, actual days taken to pay, and original minus actual. Those calculated numbers would be good for credit decisions. If a borrower is consistely -1 days vs allowed then you might charge less interest because they are quick payers.

After a few completed loans I have come full circle to believe the borrower should request the points and repayment term while the lender then designates the interest. All 3 loans that I have had completed so far were paid within 1 day while the allowed days were 2-3. Again this would be taken into consideration when determining interest on loan....a term of 1 day will be less interest than a week...and really the borrow has an idea of what they need and lender is arbitrarily picking a number. Defined by the borrower should effectively make loans cheaper to them in the long run.

[Zab]

For the top paragraph, those are easy fixes and I should be able to get them done first.

The middle one, I thought I had it that way, I'll double check

the 3rd box, repayment if done quicker.. Would take a little bit bigger upgrade, I'll add that to version 2 perhaps