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Banking and Loans

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1 Banking and Loans on Thu Feb 09, 2017 5:40 pm

hillabilla

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I've spent an abhorrent amount of time mining because I enjoy it, but now I'm in a position of money and I was thinking about how we could go about making better use of the economy in this game!

As we haven't fully gotten off the ground yet, it's not much of a big deal, but as we go further, I thought perhaps we could offer some sort of option for loans. They wouldn't be much-- but if people had ideas they wanted to achieve, and got forum approval (perhaps if five people agree or the like) then they could borrow from a bank in order to make their dream come true. They could set up payment plans to pay it back too.

So far this wouldn't be necessary, but as we go on, this could allow people to build and develop the city and outlying areas faster, thus increasing the economy and possibly boosting job availability.

Just an idea, and thank you for your time!

2 Re: Banking and Loans on Thu Feb 09, 2017 6:42 pm

Jagaeg


GREAT IDEA!

3 Re: Banking and Loans on Thu Feb 09, 2017 10:55 pm

PureStupidity_

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This could be a good idea, but there is a very deep dark bad side to loans.

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5 Re: Banking and Loans on Fri Feb 10, 2017 12:47 am

PureStupidity_

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No, they wont. If just one person missuses a loan, it can hurt the economy a lot. I don't think you all fully understand loans.

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7 Re: Banking and Loans on Fri Feb 10, 2017 3:45 am

Venical

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I do agree about their being banks in the future, as that's not our goal at the moment. It sounds like a great idea but there could be a few things to help the risk of people misusing the loan.

One, we could establish rules on how to apply for a loan so we can reduce the risk of giving it out to the wrong people. In order to do so, we can have them write a loan request on the forums stating:

1. What is your loan going to be used for?
2. How can you assure the Government that they are investing in something that is worthwhile and can benefit the economy?
3. What is your fully laid out business plan that will convince us that your business is worth investing in?

These 3 questions, you can add more, will help the Government and anyone who owns a private bank to be certain that they are investing in someone who can make a different and not someone who's gonna join one day and leave. Making the process more lengthy will give the Government and any other bank certainty that the person applying for the loan will use it for good cause.

You're always gonna get those people that will not use the money correctly, which is why I stated above that they need a fully planned out business plan and a reason why we should invest. Now for what PureStupidity said, "This could be a good idea, but there is a very deep dark bad side to loans." As this is true, there are plenty of ways to help reduce the risks of that "dark side" coming into play. We could establish a way for the Government to receive the money back if the person isn't able to pay it back.

Ever heard of Asset Forfeiture? It is a form of confiscation of assets by the state. In this case, "state" meaning Government for us. This will also bring into play the Judicial Branch. Allowing the Judges to grant the Government a warrant in seizing all assets of the loanee. Another way you can prevent the economy of having a risk of getting hurt, you can set a cap limit on a loan. You can set a max loan of $5,000 (plot price) or just give them a loan of $2,500 and have them come up with the rest. Giving these small loans will rest assure that the Government will take little, if any damage.

Now that being said, I don't expect the Judicial Branch and/or Banks to come into play until later on in the future of BusinessCraft. This is just of my opinion and can be tweaked by anyone.

8 Re: Banking and Loans on Fri Feb 10, 2017 3:56 am

hillabilla

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I like the detail in which you have gone. You are much better at explaining things than I am, it seems, so I appreciate that. Sure, there are dark sides, but having safety measures in place will prevent misconduct in the future. Those with legitimate business plans deserve a chance to make their property boom, and this would give them that.

Of course, I know this is some time down the line, but I wanted to state my thoughts on it here Smile

9 Re: Banking and Loans on Fri Feb 10, 2017 9:33 pm

PureStupidity_

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Personally, I'm ok with banking and loans, just I do believe that loans should not go over $2.5k. It's just to risky for people who don't use loans correctly and could drain government funds. I also think you should apply for a loan. This could prevent over usage and things like that.

10 Re: Banking and Loans on Fri Feb 10, 2017 11:48 pm

Denizprodutions

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Could work out with careful planning to avoid people causing repay evasions.

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