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Post by PrincessJessi on Jan 4, 2020 22:06:03 GMT -6
Make a thread with the amount you wish to borrow and how long you would like to pay it back. I also need to know if you are on pc or console as it will help determine your payment amount. We will discuss the conditions in your thread.
Your total repayment will be dependent on the size of the loan and how long the payments are extended for.
Payment "dates" will be on a payment per real day interval.
Payment "time" will be agreed upon in our contract and is the window 12+/- in either direction of our agreed time.
You will need collateral. You need something to put up against the loan. 1 field, building or piece of equipment (value to be agreed upon, I wont take your farm lol) will be included in the agreement and cannot be sold until your loan is paid off in full. If you fail to make more than 1 payment on time, you agree to sell the item and zero out the amount in game. This is roleplay and in the real world, there are consequences for not living up to our obligations. If you aren't willing to keep your end of the agreement, please stick to the in-game banking system.
You have a 1 missed payment free pass. More than 1 missed payment and the loan goes default and you will surrender the agreed upon collateral.
After we come to terms on your thread, I will then create your loan contract in the bank area detailing our agreement. You can make your payments by commenting PAID on your contract.
You can repay your loan in full early if you wish, but you must still pay the agreed amount minus the outstanding interest amount.
If you have ANY questions or suggestions, please comment below as this is something I just wanted to try out.
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Post by OutlawFarms on Jan 5, 2020 1:22:14 GMT -6
if we were to pay the loan off in full and early do we still have to pay the interest?
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Post by PrincessJessi on Jan 5, 2020 7:55:14 GMT -6
The interest is added per payment so it should be prorated.. any past would still have applied and the current payment.. any future interest payments wouldnt apply
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Post by Bryan83 on Feb 21, 2020 19:18:44 GMT -6
So here's a question, if a loan does go default for any reason, and the collateral is repossessed, if a borrower can come up with the missed payments, can the loan be reinstated and collateral redeemed?
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Post by PrincessJessi on Feb 22, 2020 17:38:31 GMT -6
thats an interesting question.. I dont think getting it reinstated should be an automatic given.. I think there should be some risk associated with neglecting our responsibilities.. I think maybe it should be based on the effort put forth to correct the default standing
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Post by Bryan83 on Feb 22, 2020 22:04:22 GMT -6
So a case by case basis, then.
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Post by PrincessJessi on Mar 3, 2020 7:52:12 GMT -6
Yea it seems more legit that way I think
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Post by kurtisdrummond on Jan 12, 2021 3:21:24 GMT -6
There are a lot of different ways to get loans, the first that came to my mind is to visit a local bank and try to borrow some money, but it is the most long and difficult way. In the bank, they will do a hard check of your credit score, then you should fill in all papers almost perfectly because if you make one or more mistakes they will just not give you that money and in 2021 it is dangerous to visit the bank due to COVID-19, but I have a better way. You can get credit online, for example North'n'Loans in Canada (I am speaking about Canada because I was born here) and I tried it and I got money in one day, only things that I have done are filled in requests with my info and that is all.
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Post by DEERE317 on Jan 12, 2021 7:18:16 GMT -6
There are a lot of different ways to get loans, the first that came to my mind is to visit a local bank and try to borrow some money, but it is the most long and difficult way. In the bank, they will do a hard check of your credit score, then you should fill in all papers almost perfectly because if you make one or more mistakes they will just not give you that money and in 2021 it is dangerous to visit the bank due to COVID-19, but I have a better way. You can get credit online, for example North'n'Loans in Canada (I am speaking about Canada because I was born here) and I tried it and I got money in one day, only things that I have done are filled in requests with my info and that is all.
You realize this a is a roleplay forum for a farming GAME?
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Post by Bryan83 on Jan 12, 2021 15:13:30 GMT -6
Hello, Kurtis.
I am a staff member here on this forum and if you have any questions or suggestions to improve our roleplay system, I'm always open to hearing them. Please feel free to reach out to me by PM and I'll be happy to discuss it with you.
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