Loan Company

[Ktanaqui]

Okay guys. I came into quite a bit of gold, but I got pretty lucky. Now I'm back down to a lower amount of gold, and I realized... it's a lot harder to get gold than it is to spend it. Especially if you're a newer member. And oftentimes, you want something that is out of reach, gold-wise. So, I want to start a Loan Company. I have to write up rules for it, but I think it would be a good idea. However, before I can start it, I need to get up around 500K more, so I need to do fundraisers, and see about getting some help, sponsors, etc.

So... I'm posting this topic to ask for ideas!

[Zen]

Hell, I call being your co-founder. I'd love to help you and be a part of it.

I'll start collecting something to fund raise right away.

[Ktanaqui]

*nods* Alright. You and GamingGal get to be Co-Founders, then, if she wants

[Zen]

I'm willing to put all my gold into it also. 157k isn't much . .

I'm starting a raffle now.

[Ktanaqui]

Any amount of gold is something, but I don't want to take all of your gold. Fundraising works fine. I know frozen eggs sell easily at 5g-10g apiece. So maybe a huge sell of frozen eggs... That'd get a pretty good sum of gold. 10,000 eggs at 10g apiece is 100K. Hatchlings sell well too. Any kind of stream creature sells well. And Koi are a good way to get gold. Especially since they are common, and hatch quickly. I've got twitter, so I can offer eggsitting for free to anyone helping fundraise.

[Zen]

Edit by Mod: No advertising. No eggspam. No click begging.

[freakazoid]

Any amount of gold is something, but I don't want to take all of your gold. Fundraising works fine. I know frozen eggs sell easily at 5g-10g apiece. So maybe a huge sell of frozen eggs... That'd get a pretty good sum of gold. 10,000 eggs at 10g apiece is 100K. Hatchlings sell well too. Any kind of stream creature sells well. And Koi are a good way to get gold. Especially since they are common, and hatch quickly. I've got twitter, so I can offer eggsitting for free to anyone helping fundraise.

And you can just sell those Koi to me...

/off-topic

[Ktanaqui]

Edit by Mod: No advertising. No eggspam. No click begging.

Tweeting.

Any amount of gold is something, but I don't want to take all of your gold. Fundraising works fine. I know frozen eggs sell easily at 5g-10g apiece. So maybe a huge sell of frozen eggs... That'd get a pretty good sum of gold. 10,000 eggs at 10g apiece is 100K. Hatchlings sell well too. Any kind of stream creature sells well. And Koi are a good way to get gold. Especially since they are common, and hatch quickly. I've got twitter, so I can offer eggsitting for free to anyone helping fundraise.

And you can just sell those Koi to me...

/off-topic

Yes, I know Yellow. But because of what it is for, they would be for 200g each.

Edit: I'm making a guild so that you can post the fundraisers for this thing. And the critters for the fundraising.

[BluMajica]

If you were to do this, you should take note of the problems from the MS Bank Gaminggal had set up, and define your rule set - perhaps with help from a mod?
I would recommend having a Mod or Admin as a part of this - someone you can call on to check for multiple accounts, gold begging, scams etc, and perhaps a rule to encourage a "background check" of sorts and say you can only get your funds after 24hours or something, to avoid any scammers etc.

A payback system with a reasonable interest rate - I mean you've got to make money to loan it right can not all come from the participants gold mining. So perhaps 5%? or something?
You might also want to consider if there are weekly repayments? and calculate that (like a real bank or loans office would) and make sure that people can afford to pay back what they are getting.
Also might want a Max amount you are going to allow people to borrow, so you do not have 4 or 5 people who are asking and receiving over 750k each and not paying it back.
And if someone decides not to repay you - as you cannot do anything more than ask through PM - what then?

If there was an Admins ok on this - I would be happy to help, but there needs to be a good rule set in place.

[Ktanaqui]

If you were to do this, you should take note of the problems from the MS Bank Gaminggal had set up, and define your rule set - perhaps with help from a mod?
I would recommend having a Mod or Admin as a part of this - someone you can call on to check for multiple accounts, gold begging, scams etc, and perhaps a rule to encourage a "background check" of sorts and say you can only get your funds after 24hours or something, to avoid any scammers etc.

A payback system with a reasonable interest rate - I mean you've got to make money to loan it right can not all come from the participants gold mining. So perhaps 5%? or something?
You might also want to consider if there are weekly repayments? and calculate that (like a real bank or loans office would) and make sure that people can afford to pay back what they are getting.
Also might want a Max amount you are going to allow people to borrow, so you do not have 4 or 5 people who are asking and receiving over 750k each and not paying it back.
And if someone decides not to repay you - as you cannot do anything more than ask through PM - what then?

If there was an Admins ok on this - I would be happy to help, but there needs to be a good rule set in place.

GamingGal is going to be helping with this project. We are looking at requiring collateral equal to the the amount of gold that is being borrowed, above 50K. At the moment, we are mainly aiming to raise around 1 million gold for the Company before actually opening it. I will be putting all of my gold into it (currently a little over 500K) to help jumpstart it. To start with, considering I'm going to be starting with only a million gold to loan out, I am going to limit the loans to 100K per person, with an interest rate of 7% (Possibly to be lowered once I have more gold). Payments would have to be made weekly... I'm trying to decide on a full system at the moment.

Edit: As for if people decide not to repay me... If it was below the amount that required collateral... it would be a loss that I would have to recuperate from. If above the amount that requires collateral, then the collateral would be sold to make up for the loss.