Loans

OK so i have an idea, but it could go 2 different ways, one being the more RP way and the other being a more code driven way. The idea is a code supported loan system.

More RP Idea:
Add a new skills for either leaders or diplomats

LOANCREDITS
Syntax: loancredits <amount> <player or clan>

Would allow a clanned character with proper empowerments to loan credits to a player or clan, Limit of say 1 or 2 million per clan/person.

EDIT: I guess I should put in here that this would come from the CLAN’S account not the character’s personal funds
CHECKLOANS
Syntax: checkloans

Would allow a clanned character with proper empowerments to check the loans currently given out by his clan. Shows interest rate, total loan amount, as well as balance remaining

SETINTEREST
Syntax: setinterest <loannumber>

Would allow a clanned character with proper empowerments to set a new interest rate on a loan. Would give a notification to the player or clan who took out the loan (through mail or some other form of communication)

SETDELINQUENT
Syntax: setdelinquent <loannumber>

Would allow a clanned character with proper empowerments to set a loan as being delinquent. Would have to perform a check to see how long since last payment was made. If it passes the check, this would cause all of a player’s assets (anything worth money NOT on the player except for vendor deeds) to be sold off and the money goes to the clan to repay the loan. If the sale pays off the loan the remaining credits return to the player’s bank account, any time the player makes money (selling or anything) a large percentage goes towards the loaning clan’s funds to pay back.

This leads to skills for slicers

MODIFYLOAN
Syntax: modifyloan <loannumber> <interest/balance/status> <new interest/balance/status>

Would allow a slicer to modify the information of a loan. Status being delinquent or current, balance is remaining balance and interest being current interest rate. Would need to have an EXTREMELY high fail rate even at adept (maybe like 25% success rate). Only allow 1 modification per field (1 interest 1 balance 1 status) must be level 140+

DELETELOAN
Syntax: deleteloan <loannumber>

Would allow a slicer to delete a loan from a clan’s loan profile. All loaned money would stay with the person it was loaned to. Would need to have a higher fail rate than modifyloan and take an EXTREMELY long time to do. Maybe even a skill timer of sorts with this(use once per 24 RL hours?)

The completely code-driven method

new field for bank command
BANK LOAN/PAYLOAN <amount>

would allow you to go to a public bank and take out a loan interest rate would be set and consequences for not paying would be more severe than with a player loan (after certain period of delinquency auto bounty placed?)

Questions, qualms, theories, problems, puzzles, conundrums, or general criticism

Please don’t go the "not going to happen because it’s to easy to abuse" route though because it’s blaringly obvious it is, make suggestions to STOP it from being easy to abuse. Thanks (this is the result of working at a mortgage company for 8 hours a day)

I rather like this idea myself though it could use a few changes to it.

Possibly removing the slicer ability to remove a loan entirely though allowing hacking and such. Make it possible to check so that people can know whether or not something like that had happened.

I myself would -so- make a Banking Clan off of this <.< Hire mercenaries and everything to "enforce" against people who resorted to using slicing methods.

Any new idea of acquiring money that isn’t running cargo is A-okay in my book. Frankly cargo running should be made -much- less profitable, so credits are more sparse, and people actually get desperate enough to use loan services like this, or steal for legitimate reasons, rather than just to be an asshole. The mentality of "I don’t have any money, better spend 10 minutes running cargo" ruins the economy more than anything else.

Introduce my previously suggested (I think someone else suggested it a while back too) economy system and cargo runs don’t get dull anymore. Whats more, people wouldn’t be able to bot for too long without losing profit.

Ooo A banking clan! I LOVE that idea. -prods Aron- I love this concept and I think it would open up some new possibilities for rp. thumbs up!

i’d like to see a parameter that sets the number of days for the loan, that way it would be easier to notify you when it’s delinquent

I don’t like the idea of it selling off your shit, I think that could be enforced RPly easier. Also makes people able to default on loans at risk of getting kneecapped.

Some good ideas, but if you give the clan tooo much power in the loan framework I see some very shady stuff goin down

Ie setting a loan for two weeks then secretly changing it to one week and then going after the person for a loan that you secretly modified

(yay necropost)

I was away for a while and now i’m back,

Necrobump!

I still think this is a great idea to be added in.

When I ran GBN (Galactic Banking Network), I gave out loans.

Loans had 10% starting interest, and every 24 hours it has risen for 1%. If you weren’t late in repaying, you got maximum of 24% of interest if you paid the last day of maximum of 14 days. If you were late, you get additional 20% of interest per day. (For example, if you were one day late, you had to pay 44% interest.) <!– s:) –><img src="{SMILIES_PATH}/icon_smile.gif" alt="" title="Smile" /><!– s:) –>

If a clan is smart like GBN was, your slicers will be screwed.

Yup <!– s:P –><img src="{SMILIES_PATH}/icon_razz.gif" alt="" title="Razz" /><!– s:P –> Dunno about other bank clans, but we had a reason to steal all the money, though :p even if it wasn’t fair!

I dislike protections that add code-support to stop people from ripping each other off. There is nothing stopping you from giving out loans currently — people have done it already. It doesn’t need to be tracked by the code, that isn’t something we need to occupy coders’ time with. You take a risk when you give out a loan, and that’s how it should be. Automated code-supported repossessing of assets for characters late on payments? I cannot possibly say ‘no’ in large enough block-caps. I’m not going to whine about how it would be easy to abuse because honestly I’m more concerned about the people who would be using it the way it’s intended. Stop crippling dishonest characters, and force characters who want to make easy credits to take risks.

I agree that punishments for late payments and no payments and skipping town suck, but I would like to see a system that atleast tracks terms of loans and whatnot. There should be a procedure for someone to propose the terms of the loan and a procedure for someone to refuse the terms of a loan. A system where you can pay on them at a bank whether or not the other person is logged on is good, but perhaps make the system require both people to meet to fully finalize the closure of the debt when it’s paid off. You want to create a system that gives a convenience to the players but does not remove their ability to filch out or something.

Also, something that would be nice is to have ships worked in with either finance or to be used as collateral on a loan in the form of a lien. If a lien is added in, the debt holder may or may not be able to repossess a starship or it could simply mean that the ownership of the vessel transfers to the lienholder in the event of the debtors death.

Again, this should be a system of convenience and tracking of RP meta information. Finance has been a long established practice in civilizations with very clear rules of accounting. Just don’t code SAP for lotj.