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  1. #1
    Zab
    Zab is offline
    PokerOwned Admin Zab's Avatar
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    New Upgrade - Loan Shark -


    What is this?

    Many people were using the Marketplace to loan points to users. It wasn't the intention of the marketplace, but that is what it has turned into. So, I am creating a new upgrade that will allow you to loan points to users where you can set the terms and interest to charge.

    Why not just keep using the Marketplace?
    Person A would loan Person B let's say 2000 points. When person B defaulted on his loan, Person A would dispute it. I would then award the points to Person A, but that sent Person B -2000 points and he would never come back to PokerOwned again.

    Basically, I was insuring the loans ALL the time. Again, that's not the intention of the marketplace.

    What do you mean I can set the Interest Rate and Terms?
    Interest, like any other loan, is an extra bonus you get for giving the loan. An example might be, you loan someone 100 points and you want 10 points of interest. The total payback amount would be 110 points.

    The Term (Or length) would be, the person who is GIVING the points gives a set amount of days the person GETTING the loan has to make good, or they default.

    What do you mean Default? What happens?
    If you default on a loan (Do not pay it back), you cannot ask for anymore loans until you pay back your loan that you defaulted on.

    ADDITIONALLY, there is a 10% penalty for defaulting on a loan. If you borrowed 100 points and the interest was 10 points. You would owe 100+10+10% = 121 total now.

    Can you tell me how it works exactly?

    Person who WANTS a loan posts how many points they want a loan for

    Anyone can see these requests, at that point, anyone who is WILLING to loan submits their offer (How Much interest they want and how many days). At that time, points are deducted from the person offering the loan (To make sure you have enough points).

    The user requesting the loan can see who is offering the loan and pick the best one. Anyone who ISN'T picked to give the loan will at that point have their points refunded.

    Additionally, you can cancel your loan offer at anytime BEFORE the person requesting the loan picks you.

    What kind of safe guards do you have in place? What if I never get paid?
    - We will have a rating system much like the marketplace (I am trying to combine the 2 feedback ratings).
    - Max Request of 4000 points
    - You can only have 1 outstanding loan at a time. This is to avoid taking out NEW loans to pay OLD loans
    - I plan on an upgrade LATER "Debt Collector" where if someone defaults, you can click a button and take any of the users current points up to what you are owed.
    -Loans expire after 48 hours with no offers. If there is an offer on it, it is up to you to cancel it (Get your points back) if the user never accepts.


    What if the person doesn't pay me, what recourse do I have?




    Debt Collector-

    Easily one of my favorite upgrades.

    If someone goes into default that you loaned points to, you can click a link called "Debt Collector"

    From there, you can see when the user last logged in, how many points they have, how many they owe you etc.

    But the BEST part. You can take all their points to eat away at the debt they owe you!


    [U]
    .

    How many points am I eligible to apply for?

    How many days \ months you have been a member:

    1-30 days = 100 points cap
    31-60 days = 250 points cap
    61-120 days = 500 points cap
    121-180 days = 1000 points cap
    181 days+ = 4000 points cap

    *** You cannot ask for more points on a loan than you have EARNED lifetime. Example: If you are eligible for a 2000 point loan, but you have only earned 715 points, you can only ask for a 715 point loan ***
    Last edited by Zab; 07-11-2017 at 10:24 PM.
    "And Shepherds we shall be. For thee, my Lord, for thee.
    Power hath descended forth from Thy hand. Our feet may swiftly carry out Thy commands.
    So we shall flow a river forth to Thee And teeming with souls shall it ever be.
    In Nomeni Patri Et Fili Spiritus Sancti."
    http://www.youtube.com/watch?v=7_AtUXdXA_s

  2. #2
    Survey Master
    Join Date
    Jan 2011
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    697
    Very sick upgrade! Looking to start using it, thx Zab!

  3. #3
    PokerOwned God
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    Feb 2011
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    love the upgrade Zab ... STAY AWAY FROM NEW MEMBERS!

  4. #4
    PokerOwned God rrickir's Avatar
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    Dec 2010
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    sounds like u did a great job with this zabbbb i like the sound of that debt collector thing tho tooo,, maybe make it easier for people who lend then. too

  5. #5
    PokerOwned Demi-God bigphatmike's Avatar
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    Jul 2011
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    fingers crossed it works cool. Some would say to take loans off totally because it causes mistrust hopefully this will owrk better

  6. #6
    Zab
    Zab is offline
    PokerOwned Admin Zab's Avatar
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    Quote Originally Posted by bigphatmike View Post
    fingers crossed it works cool. Some would say to take loans off totally because it causes mistrust hopefully this will owrk better
    Many many many people use it though, and since people use it, they want, and need it.. I tried to create a better system
    "And Shepherds we shall be. For thee, my Lord, for thee.
    Power hath descended forth from Thy hand. Our feet may swiftly carry out Thy commands.
    So we shall flow a river forth to Thee And teeming with souls shall it ever be.
    In Nomeni Patri Et Fili Spiritus Sancti."
    http://www.youtube.com/watch?v=7_AtUXdXA_s

  7. #7
    lowball
    Guest
    No way?! This is brilliant!

  8. #8
    PokerOwned Veteran fiveohtwo502's Avatar
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    Dec 2010
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    77
    yea this is going to great.

  9. #9
    PokerOwned Veteren
    Join Date
    May 2011
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    82
    Great idea, i love the interest part of this new upgrade

  10. #10
    Elite PokerOwned Member CoolJakeB's Avatar
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    Apr 2011
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    574
    Excellent Upgrade!

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