Archive - Loans Office

Curufinwe has retired due to RL time comittments. AP&N will be handling the Bank loans office as part of our contract for services with the Bank.

The Rules for loans are here:http://forums.civfanatics.com/showthread.php?s=&threadid=31144

In essence you may borrow up to one half of your expected income for up to 3 full terms. We estimate your income per term based on your salary multiplied by 8 (estimated number of chats per term).

You may get a signature loan for any reason. Interest charges on a signature loan are 10%.

You may get a secured loan to purchase items or to cover startup expenses for a business. In this case the Bank holds title on what was purchased until the loan is payed off. Interest rate on a secured loan is 7%.

NEW
You may get an asset secured loan for any reason. These loans are secured by assets (home, items excluding perishables and animals) that you already own completely. The bank then holds title to the asset until the loan is repaid. Up to 50% of the asset value may be borrowed with up to a 3 term repayment plan.
NEW

Loan payments are automatic and are deducted from your salary. For signature and secured loans the length of payback is the same as the number of terms used to figure the amount of the loan. i.e. If you are borrowing 50% of your income for 3 terms, you will pay back the loan in equal installments for 3 terms. You may pay back the bank early but there is no break or refund on the overall interest charges.

NEW
You may have a maximum of 1 of each type of loan.
NEW

I wish to take out a maximum amount 3 term loan for a business startup.

Loan Amount
50% of expected income for 3 terms.
Income = 100 base salary + 40 moderator salary + 30 bank contract.
.5 x 170g (income) x 8 (chats/term) x 3 (terms)
.5 x 170 x 8 x 3 = 2040g

Loan Terms
Interest (5%) = 102g
Total payback = 2142g
Payments = 90g for 23 chats, and 72g for one chat

I am, oddly enough, approving my loan.

yes, this is offical. bank aproves.

I would like to borrow 1200 gold from the bank.
I would like to take this for 3 terms.

Income=130gold/tc...
Totaling to 3120 gold in 3 terms, 50% of which is 1560 gold.
This is much more than my propable income.

The loan would with the 5% interest total to 1260gold payback.

And that would result in a payback of 53 for 23 chats and 41 for one chat.

disorganizer, your loan is approved. Your numbers have been verified.

Income = 100 gpc
Income over 3 terms = 100*8*3 = 2400 gold
Maximum loan = 0.5*2400 gold = 1200 gold

I would like to borrow 1189 gold. The interest at 5% is 59 gold.
Total payback = 1189 + 59 = 1248 gold
Paid back over three terms this would be 24 payments of 52 gold each.

Loan Approval
donsig, your loan is approved in the amount of 1189 gold to be repaid in 24 installments of 52g each.

i would like to take a loan for 500 gold.

Loan Approval
jdd2007, your loan is approved for 500g. Your total repayment will be 525g (5% interest). Your repayment schedule is 59g for 8 turn chats plus one turn chat at 53g

AP&N is handling the business startup for Eternal Eye Weekly. SKILORD requires a startup loan for this business.

Income: 100 g/tc
3 term expected income: 2400
Max loan possible: 1200
Loan amount: 1200
Interest: 60
Total payback: 1260

Repayment Schedule:
Turns 10 through 21: 53 g/tc
Turns 22 through 33: 52 g/tc

Loan officer: LOAN APPROVED

ok so is shaitan loan officer jsut cheking cos if not we could make it another job likeprice manager

Yes. AP&N is handling the loan office as part of our contract to the bank.

How much money can i still take as loan? I have one running.

You can only have one loan at a time, dis. You can take out a full loan as soon as you pay back the previous one. If you like we can figure your first loan payoff into your new one but that makes it a signature loan at 10%.

no thanks. i just was interested and wanted to put this thread to the top again ;-)

I would like to take out 1000 gold.
Income is 100 (base) + 3 (land ownership, I think) + 5 (knighthood, I think again...)
I'll repay over 3 terms. Not clear on the math, just tell me how much to repay per chat.

i would like to pay back my loan ... early.

Originally posted by Grandmaster
I would like to take out 1000 gold.
Income is 100 (base) + 3 (land ownership, I think) + 5 (knighthood, I think again...)
I'll repay over 3 terms. Not clear on the math, just tell me how much to repay per chat.

Click to expand...

Your signature loan amount is approved for 1000g.
Your interest is 100g making your total repayment 1100g.
Your repayment schedule will be: 20 turn chats at 55g.

Originally posted by jdd2007
i would like to pay back my loan ... early.

Click to expand...

348 gold billed. Loan is now paid off.