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  1. #1
    Elite PokerOwned Member
    Join Date
    May 2011
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    457

    Loan Shark Reality

    I will be raising the interest rate that I charge in Loan Shark. Starting today, I will be offering 1 day loans at 15%, 2-3 day loans at 20%, and loans for more than 3 days on a case-by-case basis with interest in the 25%-50% range. I will no longer be offering loans through the market, even for players with pristine credit.

    I have found that I must pass on the costs of those new members and regulars alike that do not pay back their debts. Around 90% of my customers have paid their loans on time, however, the other 10% have made it so that I have lost money overall!

    If repayment gets better in the future, I will lower my interest rates once again. Apologies in advance to all of you who have been good borrowers, but 10% interest is unsustainable as I am currently losing money at that interest rate.

  2. #2
    Private
    Join Date
    May 2011
    Posts
    4
    sorry for ur losses tiarra

  3. #3
    PokerOwned Demi-God gimmeabrew's Avatar
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    Jul 2011
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    1,054
    boo

  4. #4
    PokerOwned Demi-God
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    Aug 2011
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    875
    gotta always cover ur losses
    smart decisions

  5. #5
    Elite PokerOwned Member
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    May 2011
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    457
    Quote Originally Posted by gimmeabrew View Post
    boo
    Sorry gimme! It sucks that I have to charge an honest customer like you more to cover for some idiot deadbeat, but that's the way credit works I suppose.

  6. #6
    Elite PokerOwned Member CoolJakeB's Avatar
    Join Date
    Apr 2011
    Posts
    574
    I feel your pain. I have some loans in the Loan Shark that have defaulted as well, charging more interest seems like the best plan.

  7. #7
    PokerOwned God
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    Apr 2011
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    2,113
    Thats real economy I guess, lol. But for sure understandable.

  8. #8
    PokerOwned Demi-God AryAlton's Avatar
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    May 2011
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    1,012
    wow thats kind of steep for interest. but i guess that how business works
    A bad attitude is just like a car with a flat tire, "You aren't going anywhere unless you change it."

  9. #9
    -(^_^)- ProBlackbird's Avatar
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    Nov 2010
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    3,938
    It's sure is nice of people that actually want to loan out points but kind of aweful in the end that they won't paid you back.
    PokerStars: ProBlackbird | Betsson: ProBlackbird | Party Poker: UnknownFlush

  10. #10
    PokerOwned Demi-God bigphatmike's Avatar
    Join Date
    Jul 2011
    Posts
    1,083
    Yea i still owe Day a little bit of cash, but in loan shark i just think ppl got a little too nice

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