Loan Shark Reality

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10-06-2011, 03:44 PM
Tiarra

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.
10-06-2011, 03:45 PM
jkarcs77

sorry for ur losses tiarra
10-06-2011, 03:45 PM
gimmeabrew

boo :(
10-06-2011, 03:58 PM
pokerpiglet

gotta always cover ur losses
smart decisions
10-06-2011, 04:02 PM
Tiarra

Quote:

Originally Posted by gimmeabrew

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.
10-06-2011, 05:54 PM
CoolJakeB

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.
10-07-2011, 03:29 AM
MIGO14

Thats real economy I guess, lol. But for sure understandable.
10-07-2011, 03:31 AM
AryAlton

wow thats kind of steep for interest. but i guess that how business works
10-07-2011, 09:32 AM
ProBlackbird

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.
10-07-2011, 10:11 AM
bigphatmike

Yea i still owe Day a little bit of cash, but in loan shark i just think ppl got a little too nice
10-07-2011, 10:16 AM
lulabell79

I don't borrow, but just wondering... Why wouldn't you offer the lower interest rate to the ones who have proven they're dependable and paid as agreed & on time and charge the higher interest rate to new borrowers? The good borrowers should not have to be penalized for some slacker's bad debt.., nor should your risk be the liability of the ones who have proven themselves. You could also be more strict about eligibility requirements for new borrowers....like requiring references or have them show you their history of earning points to ensure they can pay you back even if they lose all the borrowed points in the client. Just some ideas ... because it doesn't seem fair to the ones who have proven themselves as good borrowers.
10-07-2011, 10:24 AM
Zab

I would suggest you stay away from new members and work it on a case by case basis. Old time members you know will pay, probably able to charge less interest.

But up to you :)
10-07-2011, 10:27 AM
lulabell79

Well said Zab.. I need to learn how to sum things up like that... lol. I tend to write a novel when I'm trying to make a point. Sometimes less is more, right?
10-07-2011, 10:36 AM
gametime74

good loans are there, avoid the bad ones altogether, don't lend large amts to new users or nothing at all
10-07-2011, 10:55 AM
willstocks

dam i too as well owe , so i know how you feel just hard to pay back sometimes
10-07-2011, 11:40 AM
lulabell79

Sometimes things can happen, even to the best of em, that may cause a delay in paying back a debt, but NO ONE SHOULD EVER BORROW ANYTHING UNLESS THEY HAVE THE FULL ABILITY AND EVERY INTENTION OF PAYING BACK AS AGREED!!! But if you lose all the borrowed points to a donkey in the client or if you were the victim of a sick bad beat, that doesn't change the fact that you still have to repay the debt and it definitely is no excuse for defaulting on a loan.

Credit is a privilege, not an automatic entitlement, whether its for a loan to buy a house or a loan for PO points.
10-07-2011, 01:13 PM
Tiarra

Quote:

Originally Posted by lulabell79

I don't borrow, but just wondering... Why wouldn't you offer the lower interest rate to the ones who have proven they're dependable and paid as agreed & on time and charge the higher interest rate to new borrowers? The good borrowers should not have to be penalized for some slacker's bad debt.., nor should your risk be the liability of the ones who have proven themselves. You could also be more strict about eligibility requirements for new borrowers....like requiring references or have them show you their history of earning points to ensure they can pay you back even if they lose all the borrowed points in the client. Just some ideas ... because it doesn't seem fair to the ones who have proven themselves as good borrowers.

I have never lent to a new member, or one without good feedback from previous loans. These are regulars who have borrowed before, and 1 is a well-known regular that has defaulted on loans from several of us. In short, these WERE members I trusted, or who had positive feedback from members I trusted.

And I understand that things happen, but these members have cut and run. Meaning, they do not reply to messages asking about the loan, or have waited for the loan to come due and have not returned to the site (with that account).
10-07-2011, 04:02 PM
wagon596

Homie don't play that,,,,,, goodluck,,, just think if you knew where they live,,,you could break some knee caps....
10-10-2011, 05:57 PM
eveleen

Have a points with a shark... this is?
10-10-2011, 06:13 PM
nazgardeq

paying one now
10-10-2011, 06:14 PM
scottieb668

yes i understand.. i have kaos oweing me 7500 know and want come around....
10-11-2011, 05:07 PM
Drivembig

you gotta do what you gotta do. If your not making points, then it really wouldn't be worth your time.
10-15-2011, 01:28 AM
steveg78

Sorry for your losses, I know exactly what you mean about the slow/non payers.
10-16-2011, 09:55 PM
randybos55

well it's good for people to pay u back right away... good luck
10-16-2011, 10:00 PM
QuBall

I'm a prick - I don't loan PO chips cause i like to lose them myself!!!!
10-17-2011, 01:46 AM
AryAlton

i loan sometimes. i try to help people out a lil. i had a loan from daytradin of 1000 po points. i paid him back on time and thanks to that loan i have been able to build my points to over 30k. loaning may not be a bad thing
10-17-2011, 04:16 PM
jasonponton

yeah it works great looks like i will try it soon!!!!! yeah....
10-17-2011, 09:33 PM
royalpat

I am new to forum just joined - how do you earn points and confused as to how to proceed
10-17-2011, 09:36 PM
Drivembig

royalpat, go to the beginners corner and read the second sticky down. That should answer all your questions. Thanks.
10-17-2011, 09:37 PM
awoll714

those % are un real for me btw do you take mastercard?
or visa i got both baby.
10-17-2011, 09:40 PM
joshtheking

lol loans aint always bad unless u got bumbs tht wont pay u back,just watch who u loan?
10-17-2011, 09:49 PM
royalpat

Quote:

Originally Posted by Drivembig

royalpat, go to the beginners corner and read the second sticky down. That should answer all your questions. Thanks.

thanks