New loan shark in Torn
I am offering loans (min 500m) at 1% weekly interest.
1% interest is added at start of the loan, so even if you pay it back in 2-3 days, you will still need to pay 1%. Additional interest added at 00:00TCT one week after the loan is first taken out. For example, if loan is taken out on Sunday 12.8 at 15:30 TCT, next interest is added on 00:00TCT on Sunday 19.8.
Collateral must be provided. All high-value items will be considered, SEs, DPs, etc. RW weapons and armor can also be used as collateral, mail me to discuss values. I retain the right to refuse loans.
Minimum repayment each week is interest repayment. This is due each week before the next interest repayment comes through. Failure to clear interest repayment debt for two consecutive weeks will give me the right to terminate the loan, and sell the collateral provided.
Upon selling of collateral, proceeds will be used to cover the outstanding loan and interest. If there are leftover funds, I will return those funds to you.