bass_ec
  
 
| #1 posted July 6, 2008 at 3:05pm (EDT)
edited September 1, 2008 at 7:26pm (EDT) |
1. Stars
-You must have a star to request a loan. No and, ifs or buts. Sorry. This includes BTRs and such.
-I'm not going to create a guide to loan amounts based upon stars, but use your head. If you have a bronze star and are requesting $500, I will not even look at the request.
2. Payments/Repayments
-Under normal operation, you will receive the principal within 24 hours of accepting the loan.
-You will pay back 100% of the principal, plus 10% interest, plus all associated PP fees.
For example: You need $200. I will send you $200 via Paypal. 30 days later, you must pay the principal ($200) + 10% interest ($20) + the associated PP fees on the interest, assuming you utilize the refund option through Paypal (91 cents)
-If you are requesting a loan $40 or below, I charge a flat interest rate of $4.
For example: You need $27. I will send you $27 via Paypal. 30 days later, you must pay the principal ($27) + flat interest rate ($4) + the associated PP fees on the interest, assuming you utilize the refund option through Paypal (43 cents)
-Use this website to determine the amount of fees on any amount of money. http://ppcalc.com/
-I only send loans via Paypal.
-When repaying a loan, you must use the Paypal refund option to avoid fees on the principal (since Paypal does not charge fees if you refund money). The interest will be paid through a separate payment and is subject to PP fees.
-If you do not use Paypal's refund option, you owe Paypal fees on the entire balance; principal + interest.
-You are expected to repay loans using Paypal. If you intend to pay using an alternate method, please let me know in advance. Money Orders are extremely discouraged, but can be agreed upon if need be.
-You may only have 2 outstanding loans with me at any point. You will need to pay an additional $5 per loan if you need more.
3. Paying to Other People
-If you are requesting I send money to another party besides you, don't. Due to problems in the past, I no longer send to anyone but requester.
4. Requesting a Loan
-To request a loan, either send me an offer through GTZ's trade system, or post here if details need to be worked out.
5. Time Value of Money
-Time is money. Every day that goes by that you do not repay, I lose money that could be invested elsewhere. I expect you to pay ON TIME.
-I expect loans to be repaid within 30 days. If you need additional time, you must specify that before the loan is requested, and I will handle it on a case by case basis.
-If 30 days hit and you don't have the money, you will be charged an additional fine of $1 a day.
-If you do not communicate with me 15 days after your repayment date, I will file both a BTR as well as a Paypal claim against you in order to recover my money.
-The only way to get around this strict deadline is a payment plan of some type, which can be discussed on a case by case basis. However, read the first rule of this section as to why I might be hesitant or unwilling to do a payment plan in all circumstances.
These terms are non-negotiable except the ones stated. Again, please do not ask for a loan if you do not agree to these terms. Loaning money out is a risk for me, and therefore, I must be strict. Also, these rules are subject to change, fyi.
Thank you for taking the time to read through these! |
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