~~Thad's Friendly Neighborhood Loan Bank (Version 2.0... with larger loans!)~~
Because my original loan thread was becoming extremely overcrowded and confusing, I've decided it would be easiest to start up an entirely new one from scratch, condensing all the rules from the original thread and all the updates to form what will now be the new, official rules. None of the rules have really changed much, but hopefully it will clear some things up so that I don't have to link everyone who requests a loan to various policy changes. (Therefore, some of this will be directly copied from the older threads, but please read these general rules--especially the phrases in bold for those of you with shorter attention spans--before requesting a loan. As is always, my goal is simple: to be the best, most compensating, and most professional loan option on the forum.
First things first, the main and obvious "rule": I have the right to accept or reject any potential loans. If someone makes a specific loan "offer", my acceptance of that offer is official if and when I transfer the amount of points requested! If someone simply asks for points without attempting to negotiate their own terms (as is really the norm), any loan granted will be subject to the terms listed below. Upon issuing a loan, I will simply record the time the loan was given (rounded to the nearest hour or later--I will be generous) and make a new, stand-alone post with the specific terms of that loan. To maintain some semblance of organization, all loans should be paid of within that thread. Again, my initial transfer of the points and creation of a payback post will mark the official commencement of the loan.
The major new policy:
I will now only be offering smaller loans (35 points or less) for specific reason (i.e. to join a contest, or order your pizza or flowers for grandma a few days early). As per the original philosophy, I set this limit at 35 so that by simply logging in and posting every day will, the loan can be paid back within a week. I don't want to make any loan so daunting that someone doesn't want to pay it back, especially if I can't see exactly how the points are being used. Thus, all loans will automatically be deposited to William22's Book, with the exception of loans smaller than 35 points, and then only with a specific reason.
Please note that I'm not trying to dictate how you spend your points, but when I grant a loan, I'm inherently taking a risk, and I've already been stiffed enough times to logically anticipate some problems in the future. There are a few very good reasons why I'm requiring larger loans be posted up at William's book. First and foremost, as I've said all along, it keeps the points within the SBR community, with 100% odds that when one person loses, another wins--as opposed to the casino, where it seems inevitable that people keep playing until they lose. On that note, it also allows me (and other potential loaners) to see exactly where and how the points are being used, which makes things much more easy to track and lowers the likelihood of stiffing. (Since William's book requires posting up, all bets and records are tracked, and as per my rules on larger loans, their are situations where loans automatically get back, further explained below.) Finally, this new system should streamline the process some, which is becoming increasingly necessary as the number of outstanding loans escalates.
All said, there will now essentially be two types of loans:
Standard Loans
- If paid back within 7 days, 20% interest
- If paid back within 10 days, 30% interest
- Otherwise, the loan needs to be paid back at (a minimum of) 5 points per day, ar a 40% interest rate, due by the end of the month (the same date the following month). A couple missed payments won't be counted against you, as it is understandable that not everyone can log into SBR 12 times a day, and might have work or a family event to attend to now and then.
Extenuating Short Term Loans
...will still be granted IF
- the loan is for 35 points or less
- the payback period is 7 days or less
- a reason is offered as to why it can't be deposited at a book
...And for all loans, I'm still offering the...
~~Special, same-day (or one game) loan 15% interest deal: Essentially, if a loan is being granted for the sole purpose of wagering on an individual event that will reach its conclusion today or tomorrow morning, the recipient of the loan only needs to pay back 15% interest on the loan if their bets wins and they pay back the same day. If the loan is not paid back within 24 hours (i.e. the day's bet didn't win) the loan will simply revert to a standard loan and is subject to the same terms as above.
Important Rules regarding Loan Payback, Withdrawals, and Rollover at William22's Book
Per the rules at William's Book, general deposits OVER 50 need to be rolled over 4x before a withdrawal can be requested. (Loans under 50 incur NO ROLLOVER.) Additionally, there are two major (positive) caveats to the above loans: 1) If a player reaches a total balance equal to or higher than 175% of their initial deposit, the original loan will automatically be paid back with the applicable interest. The total amount owed will simply be withdrawn from the player's account at William's Book, sent to me, and all debt is cleared.2) A player may choose to pay back their loan (plus applicable interest) at any time; again, this will clear all debt.
A note on stiffing: Karma will be coming your way.I trust SBR, I trust the majority of its posters, and I trust that integrity will keep everyone fair. On a side note, it's worth mentioning that I could never offer a real loan service; in my opinion, there is a certain amount of cold-hearted, shrewd business mentality required to expect someone to pay back growing interest on a loan as opposed to feeding their families or paying their rent. However, my 5-points-per-day loan model ensures that ALL one needs to do is make one post daily in order to pay back their loan on time! However, I strongly encourage blogging as a means of accumulating points; it adds a lot to the SBR community, and 10-20 points is a solid return for a quick write-up. As simple as this is, I simply don't see how anyone could stoop so low as to stiff a fellow SBR board member...
And a final note about loan eligibility: Really, all I'm looking for in terms of "qualifications" is proof that you are an active member of the SBR community, checking in and posting regularly, without any negative reputation and no outstanding bets. No positive or negative "qualifier" is a hard and fast rule; I will check your post history and make a determination. Remember, if I have evidence to believe that a poster can't pay back at least 5 points per day, the entire concept of the "friendly" loan bank is somewhat lost. As I've said from the beginning, I don't want any debt to be too daunting to pay back!
Obligatory fine print:
All of these terms are subject to change on my watch, but I will always post any changes before they go into affect, and anyone who already has a loan taken out will be "grandfathered" in, and thus not subject to any new changes. Honestly is supposed to be the policy around here.
Any (constructive) feedback on new additions and terms is welcome!Again, wishing nothing but the best for everyone! Hope this works out!
williams22 gave thadchr 38 SBR Point(s) for this post.
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Originally Posted by DaProfessor23
