The Bank of Hydlaa

[bilbous]

Thank you for the clarification K, I was under the impression it was frowned upon under any circumstances.

[Ototravi]

now how are your records holding going to work?

[bilbous]

Is that 4% interest rate a flat rate or is it compounded over a specific period? Are the loans open ended or are they subject to specific time periods or are they negotiated on a case by case basis?

[Phinehas]

*Matt, with a small robed man sleeping on his shoulder.*

Well, this will be interesting. You have good ideas, but do you have enough people and dedication to run this? I hope it works for you, but I'm going to wait and see before investing.

[Garile]

Well hope to see it working, but still wondering if you wont get in trouble when scammed moneywise.

[Donari Tyndale]

The interest is now 3% per day, I think it is adequate, it is digging once per day per 100k borrowed. I am currently lookin gfor some people who can run three clients so the bank stays open 24/7.

[bilbous]

Are your time periods Yliakum days(Yd) or Earth days(Ed)?
For the moment let us assume that they are Yliakum days.

Suppose I borrow 1000 tria (t) for one Yd I would owe you 1030t correct? If I have to log off before I can see you to repay you but I see you the next Ed, 6Yd later.
I would owe you
1000t+30t=1030t+30.1=1060.9+31.87=1092.727+32.782=1125.509+33.765=1159.274+34.778=1194.052
Is that right? so 19.4% How much will I owe you if I don't see you for a week because I am unable to get to a computer for some reason (e.g. grounded for a poor report card, in the hospital)? This is why I called it usuary.
WordNet (r) 2.0 [wn]
usury
     n 1: an exorbitant or unlawful rate of interest [syn: vigorish]
     2: the act of lending money at an exorbitant rate of interest

Most banks that charge daily interest have fractional interest rates that are expressed as a yearly rate. Thus 5% per annum works out to .013% daily or some such thing. Of course they have legal means to recoup their losses from deadbeats so I suppose your lending costs are higher although I am not sure that you have to pay your employees (mules etc)

[Donari Tyndale]

We have 3% interest in RL-Days. If you are not on or on holiday, I am sure we can work something our . 3% Means diggin once per day per 100k borrowed (If you are new). I do not think that is too high, but we are testing at the moment.

[miadon]

3% a day is a lot. 3% a month is more reasonable (IMO)

[Donari Tyndale]

We will do 5 % per month then

[bilbous]

I presume digging means a full backpack of gold ore, which is different for different people depending on their stats. Is that correct?

[Datruth]

I hope someone can enforce these loans.

[Donari Tyndale]

We can not always enforce them, thats why we have this lottery, so we can risk loosing money.

[Idoru]

what are the proposed terms for the loans? could i get 100k over 6 months repayable at the end of the term? or would it require regular repayments? is interest charged on a reducing balance? or is it to be charged on the entire loan amount?

[Donari Tyndale]

You can repay whenever you want, the interest is charged on your current balance.