Bank of Avarice

I'll be keeping a personal spreadsheet of all the members money so you won't actually get to see it lol. This is where you can ask for loans and stuff tho.

can i have a loan?

my credit score is 950

The Bank will open tomorrow when everything is set up

I am putting all my money in my bank

You can now take loans.

All loans are subject to 10% simple interest per month

This is an example.

Loan Amount: 500 Ladis
Interest Rate: 10%
Term: 1 Month 
Repayment Frequency: Weekly

Payment Schedule:

• Week 1: Grace period
• Week 2: 100 Ladis
• Week 3: 200 Ladis
• Week 4: 300 Ladis

Prepayment: As a borrower, you have the option to make early payments. If you can repay the entire loan before the term ends, that's perfectly fine, and there won't be any prepayment penalties.
Late Payment Fees: 25 Ladis

The loan limit at your level is 500 - 3000 Ladis. You can only take loans by multiples of 50 for the sake of simplicity.

and if we fail to pay up by the end of the month?

spin the "wheel of doom?"

what is the interest rate for savings

Savings interest is 5% compound per month.

Throwing all my ladis in there

In order to ensure that members don't try to game the system, savings interest is stored for 2 months and then paid together. Then it gets paid monthly.

As an example:

Say you give the bank 100 principal

On the second month you should get 105 Ladis. However with this system if you withdraw the money, you only get your original 100 Ladis back. 

Only in the second month can you get the interest that was saved. So you'll get 105 + the second months compound interest. And that can be withdrawn.

I believe month is WAY TOO LONG. Weekly or Daily would be much better

Mmmm I see. But I think it's quite suitable, since if it were weekly or daily, the amount of ladis in circulation would skyrocket. Plus I can't keep an eye on this place every hour of the day

Also you can't currently put anything into savings because you have less than 500 ladis (which is the minimum required to open a savings account)

I will put 100 ladis in the bank

All money is already controlled by the bank. If you're talking about a savings account, you need to put in a minimum of 500 ladis

how much do.I.have? Put.everything.but 1500in bank

You have 2639.5 Ladis. If you're going to put everything away except 1500 that would be 1139.5 Ladis.

yeh

Your interest payout is the 24th of every month. And you can redeem your savings (with payout) on the 24th of September.