UNDER CONSTRUCTION
Leona's Loaning Service is a simple way to borrow money from a lender and pay it back with interest over time.
Want that shiny new beacon, but don't have enough money to pay for it yet? Take out a small loan from Leona's Loaning Service to pay for that beacon, then pay off your loan over a short period of time.
How does it work?
Leona's Loaning Service offers a simple solution to your money problems.
Lets say you need 20k for a beacon. You'll be given 20k as a loan with 10% interest on that loan. This means that in order to pay back the loan in 7 days you'll need to pay $2,857 per day. But an additional $285.7 meebles per day to cover the %10 interest rate. Or if you decide to only pay the $2,857 per day only $2,572 meebles will go towards paying off the loan as the other $285.7 will be the %10 interest.
You do not have to wait everyday to make a payment. You're allowed to pay as much of the loan as possible, one day 3k, the next 1k. But this means only $2,700 is going towards paying off the loan as the other $300 is taken out for the 10% interest. As long as the loan is paid off in a 7 day period.
If a loan payment of 15% of the loans value is not paid per day(7day period), A late fee of 1.5% of the loans value will be issued. Meaning the next 24hour period you'll have to pay not only 30% of the loans value but an additional 1.5% on top of that as a late fee.
***There is not Interest on a rank if paid in full on the first day.***
Example: 20k Loan must be paid in 7 days. That means $3,142 must be paid per day instead of $2,857 because the $285 is the 10% interest. If you miss a payment then you'll have to pay $6,284 the next day with a late fee of $30. 1.5% of the loans value.
Ranks
Ranks are valued at $10 per 100k. Meaning if a player wishes to buy VIP they'll need 100k.
Ranks over $40 go up to 150k per.
For every $10 needed to buy a rank a 30k deposit will be required.
Example: If bob wants Citizen - > Exclusive that's $40 usd. This means he'll need 400k to do it. But if he takes out a loan with Leona's Loaning Service he'll only need to make a down deposit of 120k and pay the other 280k with %10 interest in 7 days.
Another example. If Geoff wants Citizen -> VIP that is $10 usd. This mean's he'll need a 30k deposit as it's 30k per $10 usd. He still owes 70k to Leona's Lending Services at 10% interest. In total after paying for the rank he's paid 107k instead of 100k for the rank as the 10% interest does not effect the 30k deposit but only the 70k. This stacks for every rank.
Legal Issues
In order to be approved for a loan, a player must accept a written contract stating that if they do not pay the loan back in 7 days it's an act of scamming the lender. As you've agreed to the circumstances within the loan contract. Failure to pay off the loan will result in repossession of the item you've taken the loan out for and legal actions taken against you. You'll still be required to pay back the loan after the fact. After this period you'll be given 14 days at an interest rate of %20 to pay back the loan. Failure to pay back the loan in the 14 day period will result in more legal actions.
Repossession
Anything bought with the loaned amount is automatically my property until the loan is paid off. If you default on your loan the items you've paid for with the loaned money automatically becomes mine. If you cannot pay off the loan within the 7 days you'll be required to pay back the remaining amount that is your balance and the items you bought with the loaned money.
Items/Valuables worth as of 2/22/2017
Items such as God Picks, God Armor are also acceptable for payments towards paying off your loan. Items will be listed as what their face value is.
Listed Item Enchantments must have max enchantments(For that specific item): EFF V, SILK TOUCH I, UNBREAKING III, FORTUNE III, PROT IV, FIRE PROT IV, FEATHER FALLING IV, AQUA INF IV, POWER V, INF, FLAME II, LOOTING III, KNOCK BACK II, DEPTH STRIDER III,
God Silk Touch Pick(1): $2,000
God Fortune 3 Pick(1): $3,000
God Silk Axe(1): $1,000
God Fortune 3 Axe(1): $1,200
God Silk Shovel(1): $1,500
God Fortune 3 Shovel(1): $1,900
God Shovel(1): $5,000
God Bow(1): $4,000
God Armor Prot IV(Full set)(1): $12,000
God Armor Blast Prot IV(Full set)(1): $7,000
God Boots(Feather Falling IV, Prot IV, Unbreaking 3, Depth Strider 3)(1):$2,500
Elytra(1): $1,300
Shulker Box(1): $500
Diamond Ore(1): $200
Diamond(1): $100
Gold Ore(1): $25
Gold Ingot(1):$25
Emerald Ore(1): $50
Emerald(1): $30
Items will be changed in value as the market changes. These are not permanent.
Outstanding Debt
@Imperfectly 3/10/2017
Interest: 10%
150k Loan (''Business loan'')
Required Items Worth/Balance: 50k
First Payment: N/A
Still owes: 165k
Paid off Debt/Loans
Paid off as of: 2/23/2017
Jacob3425_ 2/22/2017
Interest: 10%
Vip: Required Deposit: 30k
First Payment made on 2/22/2017: Amount: 30k
Still owes: 107k/107k
Paid off as of: 2/23/2017 (No interest, paid in full)
Jacob3452_ 2/23/2017
Interest: 10%
Vip->Exclusive: Required Deposit: 90k
First Payment Made on 2/22/2017: Amount 4k
Second Payment Made on 2/23/2017: Amount 146k
Still owes 240k/240k
