Originally Posted by
Triple_D_Bet
Since I have time to kill, past time I compiled my standard terms to make future loans easier. If the terms below ever conflict with those laid out in an individual loan thread, the loan thread will take precedence. Additionally, these terms are not retroactive to existing loans unless agreed to by borrower.
Loan repayment terms: Loans will consist of upfront interest depending on speed of repayment as well as a weekly interest rate after a certain period. Individual circumstances will vary, but repayment will generally resemble the following tiers:
1-1,500 points: X points for:
X+5% due in 48 hours
X+10% due in 1 week
X+15% due in 2 weeks
X+20% due in 4 weeks
After 4 weeks, interest charged on outstanding balance every Monday.
1,501-4,999 points: X points for:
X+5% due in 48 hours
X+10% due in 1 week
X+15% due in 2 weeks
After 2 weeks, interest charged on outstanding balance every Monday.
5,000+ points: X points for:
X+5% due in 48 hours
X+10% due in 1 week
After 1 week, interest charged on outstanding balance every Monday.
Interest: weekly interest will be due as outlined above. The rate will vary based on credit-worthiness of borrower and will be stated in the individual loan thread. Additionally, the weekly interest rate can be reduced if the following conditions are met:
-If weekly repayment averages 2% of the loaned amount, weekly interest reduced by 25% of original value
-If weekly repayment averages 4% of the loaned amount, weekly interest reduced by 50% of original value
-If weekly repayment averages 6% of the loaned amount, weekly interest reduced by 75% of original value
Minimum Payments: minimum payments may or may not be required based on your individual loan. If required, failure to meet the minimum outlined will affect credit worthiness and may incur penalties if outlined in loan.
Updates: Unless otherwise specified, repayments should be made as "post points" (clicking on gold button) in repayment thread. Points should either be given to my original post confirming points sent or to the latest weekly status update (if weekly interest has kicked in). While posting in the thread for every payment is not required, it often makes repayment easier to track and can help minimize mistakes. It is your responsibility to make sure you keep track of repayment and inform me promptly of any miscalculations.
Additional loans: It is expected that borrowers will not have any outstanding loans nor will they seek additional loans from other lenders while a loan is active with me (with the exception of a consolidation loan). My prior approval is required for all additional loans, or penalties may apply. Staking agreements and small (< 25 points) will not require prior approval unless they become habitual and/or interfere with normal repayment.
Add-ons: At my discretion, I may give you an add-on to an existing loan. Unless otherwise specified, add-ons will increase the total due by 110% of the add-on, will modify the total lent for weekly interest calculations, and will be subject to all normal weekly charges.
Slow Paying: Each loan will have a due date, before which it is expected the loan is repaid in full. If I deem it unlikely that this date will be met due to slow repayment (usually after at least 1 month), the loan will be regarded as a slow-pay. You will be notified in the loan thread and via PM. Unless otherwise specified, loans in a Slow-Pay status will have a minimum weekly payment required sufficient to support repayment before due date. Slow paying will impact your credit worthiness and will be shared with major lenders, but if your loan is brought back on track it may be removed from a Slow-Pay status at my discretion. Failure to comply with these minimums may result in further penalties and/or being labeled a Stiff.
Stiffing: If after being marked for Slow-Pay you ignore me and make no attempt to communicate with me regarding your loan (or for extreme cases of douchebaggery), you may be labeled a Stiff. At this point, your name will be PM'ed to major lenders and noted on any stiff reports to prevent you from receiving future loans. Additionally, all possible efforts will be made to limit any further harm to the community from your dishonesty, including (but not limited to) seeking to prevent your participation in poster-sponsored contests, not-so-politely reminding you of your debt at every opportunity, and any other actions permitted by the SBR Terms and Conditions. Weekly interest and/or penalties WILL NOT CEASE for a loan with a Stiff status, and repayment in full will be required to clear your name.
Creditworthiness: Various terms of the loan (interest, max amount borrowed) will vary based on credit worthiness as assessed by me in your "Effective Report Of Outstanding SBR Trust, Evaluated Routinely" Score. If your E.R.O.O.S.T.E.R. is large enough, you will qualify for larger borrowable amounts and lower interest rates. E.R.O.O.S.T.E.R. scores will not be made public at this time.
For frequently asked questions, please see the following post.