Marketplace Upgrade

[Zab]

I am trying to get thoughts down on how to protect everyone..

The basic problem is NEW PLAYERS asking for loans. So I am thinking a couple things

#1 New players (with less than 5 feedback) can only ask for up to 145 point loans
#2 Players with 5+ feedback can ask for up to 500 point loans

Instead of basing it on time, base it on feedback (Maybe a combo of both)


Now the question is, HOW to design the "Put the loan out there, and accept it" so both parties know what is going on.

I think the system should work in favor of the Sharks (People putting out the loans)

Sharks put out the loan figures and the required juice or payback %. You loan 145 points, I expect 155 points in 3 days or else......................????

I need to know what happens, what we do with the or else. Just negative feedback?


My initial vision is setup like this:

Loan Shark: Zab Points Loaning: 145 Interest: 25 Points Days to Payback: 5 REPAY LOAN: 170 Points (Click button to repay)
You as the Loaner, would instantly get 145 points deducted, even before someone accepts
Whenever someone says "Yes I want to take out a loan" You have the option to accept or deny. Once you accept it, the loan goes away and you have to relist it.

Now what I think from here, if you PASS the 5 days, you go into "Default" You will instantly go -170 points + 10% default penalty

A new button would pop up (In Red) Repay Defaulted Loan: 187 Points

We list all loans
We list all loans in progress
We list all defaulted loans

** Cannot get another loan until you repay your old loan, so essentially 1 loan at a time **

[Daytradin]

I am trying to get thoughts down on how to protect everyone..

The basic problem is NEW PLAYERS asking for loans. So I am thinking a couple things

#1 New players (with less than 5 feedback) can only ask for up to 145 point loans
#2 Players with 5-10 feedback can ask for up to 300 point loans
#3 Players with over 10 feedback can ask for any amount of loans

Instead of basing it on time, base it on feedback (Maybe a combo of both)


Now the question is, HOW to design the "Put the loan out there, and accept it" so both parties know what is going on.

I think the system should work in favor of the Sharks (People putting out the loans)

Sharks put out the loan figures and the required juice or payback %. You loan 145 points, I expect 155 points in 3 days or else......................????

I need to know what happens, what we do with the or else. Just negative feedback?


My initial vision is setup like this:

Loan Shark: Zab Points Loaning: 145 Interest: 25 Points Days to Payback: 5 REPAY LOAN: 170 Points (Click button to repay)
You as the Loaner, would instantly get 145 points deducted, even before someone accepts
Whenever someone says "Yes I want to take out a loan" You have the option to accept or deny. Once you accept it, the loan goes away and you have to relist it.

Now what I think from here, if you PASS the 5 days, you go into "Default" You will instantly go -170 points + 10% default penalty

A new button would pop up (In Red) Repay Defaulted Loan: 187 Points

We list all loans
We list all loans in progress
We list all defaulted loans

I believe this thought process "I think the system should work in favor of the Sharks (People putting out the loans)" is somewhat backwards. The lender should not be the one posting the offer as I personally would not loan to just anybody. A borrower does not likely care who puts up the points in as much as the lender definitely should care who they are lending to. I do undertand that a lender can refuse to lend but like in the banking systeme world wide the borrow comes to ask for a loan or apply for it. Furthermore, why should a lender have to put up the points before a loan is consummated? There may be other uses of those points until a borrower is found and a deal is struck....if there ever is one. The beaten path now in process is not people going into the forum and saying "hey i got a 1000 points to lend, who needs it"...it's the borrowers trying to find a lender...as it should be.

Lastly, PO is the decider and enforcer of "or else". This is a system without recourse as a lender. There is no way to reposess points unless PO does it for you. The lender cannot "foredlose" on the borrower or kick him off the site...only PO can.