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loan4you
Eve Capital Bank
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Posted - 2009.09.04 20:22:00 -
[1]
Eve Capital Bank Quick isk without having to sell your assets- Your missionship blew up and you don't have the isk to buy another one?
- You need some quick isk but don't want to sell off your assets?
- You need isk but can't be bothered with selling your rigged ships on contracts?
We will lend you the isk! As insurance we require items that we calculates will cover the loan amount. If you have items that are hard to calculate worth on, for example if you have a lot of mission loot you would like to put as insurance. Then we will calculate its worth by checking the mineral worth of it.
When do I have to return the isk? Because of the way the loan is structured you don't have to keep to a strict payment plan. You can loan the isk for the amount of time that you need, however there is a limit on 196 days or 10 intervals.
My loan It's easy to keep track of your loan using the "My loan" feature on our website, there you will get detailed information about your loan, for example in what interval your loan is on. How much is left of the loan, how much the initial loan amount was and how much you have paid so far for each interval. You will also see how much you least have to pay to cover the interest.
You can only have one loan/character at the same time.
Status of your loan is being updated every hour.
Interests
- For the first interval (first week) you will pay 5% of the total of your loan
- For the second interval (second week) you will pay 7% of the remaining amount of your loan
- For the third interval (third week) you will pay 9% of the remaining amount of your loan
- For the fourth interval (fourth week) you will pay 11% of the remaining amount of your loan
- For the fifth interval to infinity (first 28 days after the first 4 first intervals to infinity) you will only have to pay interest of 15% of the remaining amount of your loan each following interval (28 days). Notice that this is per 28 days so it's the lowest interest, comparing to the other weekly interest its equal to 3,75%
When your debt is paid off you will get your assets back.
A interval is split into days, the first day is from whenever you start your loan untill 00:00 the same day.
Use the interest calculator by following the link at the top of our webiste to plan your loan and see how much you have to pay.
The interest are calculated of the remaining isk you have to pay back when the interval starts so if you loan 150m and pay back 75m during first week, then you enter the next interval with 75m left on the loan and you will pay 7% of that as interest during the second interval.
Sending in a loan request Start of by doing your own calculations on your assets worth and make sure that the assets you want to put in as security covers the amount you wish to loan plus some more. We wont be accepting loans for equal amount of the current market value, there must be a margin for market swings.
Then you put those items on a private contract to the corporation Eve Capital Bank entering the amount you wish to loan as cost. Make sure you check the spelling to avoid scammers.
Now we review your loan request and accept the loan if the security covers the loan.
When we accept your request you will receive the isk and the first interval of your loan begins, now you just have to follow the interest payments plan and pay back the loan at your own speed.
All payments are made to the corporation Eve Capital Bank
Visit our website for more information
For questions post here, send evemail or even use mail to contact us: [email protected] ---------------------------------- Eve Capital Bank
Eve Capital Homepage
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CCP Navigator
C C P
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Posted - 2009.09.04 20:25:00 -
[2]
Moved from General Discussion.
Navigator Senior Community Representative CCP Hf, EVE Online
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Malcanis
Vanishing Point. The Initiative.
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Posted - 2009.09.04 20:26:00 -
[3]
So more of a pawnshop, really.
Still, a better idea than some.
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Joe SMASH
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Posted - 2009.09.04 20:26:00 -
[4]
Is anyone really able to trust a bank in Eve after all the problems previous ones have had?
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loan4you
Eve Capital Bank
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Posted - 2009.09.04 20:44:00 -
[5]
Thanks for the comment Malcanis. Your right, its kind of like a pawnshop. I guess the word bank has a somewhat negative tone these days.
Trust is always hard to obtain, something you really have to have to work for and build up over time.
This bank is different from others however in the way it operates and the service it provides.
The way I see it is that I can either scam a couple of people and maybe make a few hundred of millions isk at top and close this bank.
Or
I can try and work my way to the top, getting a good reputation and keep the business for long time to come, that way keeping a steady income while providing the community with a service.
The decision is easy. ---------------------------------- Eve Capital Bank
Eve Capital Bank - Homepage
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Haradgrim
Tyrell Corp Fuzzy Nut Attack Squirrels
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Posted - 2009.09.04 20:51:00 -
[6]
Would you be opposed to giving out loans for items that someone doesn't want back (i.e. going to the pawnshop with no intention of buying the item back)?
Would you give that person additional loans for additional collateral? --
Originally by: CCP Oveur Just donęt forget the reach-around.
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CornerStoner
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Posted - 2009.09.04 20:53:00 -
[7]
You should name it EvE Pawn Shop. It's pretty brilliant IMO. Good Luck!
The thought of another bank after EBank, and every other failed bank, is crazy (Waves at ECR) |
loan4you
Eve Capital Bank
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Posted - 2009.09.04 20:58:00 -
[8]
Originally by: Haradgrim Would you be opposed to giving out loans for items that someone doesn't want back (i.e. going to the pawnshop with no intention of buying the item back)?
Would you give that person additional loans for additional collateral?
For me there is no way of controlling if the person taking the loan ever will pay anything back. Thats why the "collateral" will have to cover the loan amount plus some more, to cover eventual market dives.
You may only have one loan/char at a time but if you refuse to pay the interest for each interval then we are eventually forced to cancel your loan by selling the assets to cover the loss of isk.
If this happens repeatedly from the same player we will require more "collateral" the next time. ---------------------------------- Eve Capital Bank
Eve Capital Bank - Homepage
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loan4you
Eve Capital Bank
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Posted - 2009.09.04 21:18:00 -
[9]
Originally by: CornerStoner You should name it EvE Pawn Shop. It's pretty brilliant IMO. Good Luck!
The thought of another bank after EBank, and every other failed bank, is crazy (Waves at ECR)
It's somewhat hard to ditch that name right now but modifications have been made to better reflect the service provided, cheers! ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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Etien Aldragoran
DarkStar 1 GoonSwarm
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Posted - 2009.09.04 21:26:00 -
[10]
Originally by: Joe SMASH Is anyone really able to trust a bank in Eve after all the problems previous ones have had?
It helps that this one isn't a bank.
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Joe SMASH
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Posted - 2009.09.04 22:28:00 -
[11]
Edited by: Joe SMASH on 04/09/2009 22:32:09
Originally by: Etien Aldragoran
Originally by: Joe SMASH Is anyone really able to trust a bank in Eve after all the problems previous ones have had?
It helps that this one isn't a bank.
My post was written before "pawnshop" was added to the name. However, I still stand by it.
If all this service does is you give the "pawnshop" something of value. They give you ISK based on the value. You use ISK for whatever you need. You pay back ISK and get item back. Why bother with all that? If I need ISK, I sell an item on the normal market and then when I make back what I spent, I buy the item I originally sold. Sure market fluctuations mean I might pay more, but it could also mean I could buy the item back for less than I sold it for originally.
It would be different if things in Eve were unique. Very few things in Eve are. A unique item would be something you would want to get back. However since 99.99% of everything is mass produced in Eve, there is no reason to not sell what you do not immediately need and then re-buy it later when you can afford to.
Case in point. I needed a quick shot of cash for an Orca. So I sold my Freighter, that I originally bought for 840M ISK, for 820M. Bought Orca and fittings. Two weeks later, I could afford to buy back my freighter. I bought a freighter for 780M ISK, pocketing 40M.
Maybe I am missing something. I do not claim to be the smartest market player in Eve. I wish this service luck, but personally I will stick to the open market for my ISK needs.
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loan4you
Eve Capital Bank
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Posted - 2009.09.04 22:39:00 -
[12]
Thanks for the good luck mate. That's your way and this service doesn't do anything for you, that's just fine.
However, you might be in need of isk but don't want the hassle of selling your rigged ships on contracts.
Or maybe you have a bounch of smaller ships that will cover the amount needed to buy a new BS you just lost in a mission. Instead of waiting for all your assets to sell you can put those ships as collateral and get a loan, thats the general idea anyhow.
There might not be a huge need for this kind of service, time will tell. ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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Caldari's Revenge
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Posted - 2009.09.04 22:42:00 -
[13]
Well
I havn't really seen this idea before, grats to the op.
If you're "pawning" an item that is easily sell able on market you can take the risk and sell quickly and low and buy later on when you have money, possibly on higher price.
However, its not easy to sell e.g. rigged ships for their correct value and contracts can take a long time. So "Pawning" a rigged ship can be worth it instead of selling it on firesale?
Good luck with this initiative business.
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Joe SMASH
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Posted - 2009.09.04 22:45:00 -
[14]
Originally by: loan4you However, you might be in need of isk but don't want the hassle of selling your rigged ships on contracts.
Have to admit, I did not think of rigged ships... They are a huge pain in the ass to get rid of. Ok, I am being sold on the idea for that alone....
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SetrakDark
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Posted - 2009.09.04 22:52:00 -
[15]
Edited by: SetrakDark on 04/09/2009 22:53:01 I had the same thought as the above poster. However,as you both mentioned, there are potential opportunities. I believe your selling point is CONVENIENCE. The success depends upon finding those illiquid items and organizing your business to make their movement easy. Things like dispersed hangars and many-ship proficient alts come to mind.
Anyway, definitely potential here. Good luck
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Lyris Nairn
Caldari Empyrean Holdings
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Posted - 2009.09.04 23:44:00 -
[16]
How will you price the security value of a rigged and/or fitted ship? Hull Market Price + Rigs Market Price + Fittings Market Price? If so, that's a lot better than selling a rigged ship on contracts.
-- Quite possibly the nicest person who'd ever want to kill you. |
loan4you
Eve Capital Bank
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Posted - 2009.09.04 23:50:00 -
[17]
Originally by: Lyris Nairn How will you price the security value of a rigged and/or fitted ship? Hull Market Price + Rigs Market Price + Fittings Market Price? If so, that's a lot better than selling a rigged ship on contracts.
Somewhere in those lines however the general idea is not to get stuck with a lot of items that people just wants to sell, people that take a loan just to get rid of the items. Therefor I can not put to high value on the collateral, it must always be more profitable for the client to sell the items on market/contracts then pawning them.
This applies very much on rigged ships that is a bit from occasion to occasion depending on what ship it is and on what rigs are on it.
Hope that answers your question. ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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Aniel Zaar
Gallente Light of Orion
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Posted - 2009.09.04 23:57:00 -
[18]
Well, the idea is pretty solid, and already exists for loans of >1B - BIG Merchant Bank of EVE (BMBE), run by BIG corporation. I think a few months back a similar idea blinked on MD, but due to small amounts of ISK moving around (since for >1B it's obvious to go with BMBE, the longest running IPO in EVE), it died.
Good luck with your venture nonetheless. *-*^-^*-*^-^*-*^-^*-*^-^*-*^-^*-*^-^*-*^-^*-*^-^*-*^-^*-*^-^ By the way, I am an Ishtar and T2 sentries fan. Fight to make the sentry damage rig work for all drones. |
loan4you
Eve Capital Bank
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Posted - 2009.09.05 01:10:00 -
[19]
Business has officially started with a very decent sized loan and I welcome the first customer!
Thank you for doing business. ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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Drab Cane
Killer Breeze Dread Carbon Initiative
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Posted - 2009.09.05 07:59:00 -
[20]
Good luck with this - it's nice to see people offering different services, using different income models.
I hope this works out well for you.
-----------------------------------------------
- Who Dares, Wins
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Micko Zelembac
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Posted - 2009.09.05 08:25:00 -
[21]
Potential i see in this is betting on product price rise. Lets say i assume that plex price is going to rise soon, but i allso want to have liquid isk so i could be able to continue my trading. I buy bunch of plex, give it to you for isk and buy it off you later when price have rissen.
BUT what if i knew few months ago that trit was going to tank and i bought lets say 1b units and gave you it requesting a 4b loan. If i then dont decide to pay would you treat it like a scam and dont do bussines with me again? Basicly what i did was fire sale my stock without opening market window, and got the best price of it.
I have some more questions but dont have time right now
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loan4you
Eve Capital Bank
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Posted - 2009.09.05 10:30:00 -
[22]
Originally by: Micko Zelembac Potential i see in this is betting on product price rise. Lets say i assume that plex price is going to rise soon, but i allso want to have liquid isk so i could be able to continue my trading. I buy bunch of plex, give it to you for isk and buy it off you later when price have rissen.
BUT what if i knew few months ago that trit was going to tank and i bought lets say 1b units and gave you it requesting a 4b loan. If i then dont decide to pay would you treat it like a scam and dont do bussines with me again? Basicly what i did was fire sale my stock without opening market window, and got the best price of it.
I have some more questions but dont have time right now
Thank you for your comments.
As I said before this service can never work if the client gets more isk by pawning the assets then he/she would when selling them on market.
Therefor I will evaluate your suggested collateral and make a decision on how much I can lend you. If market price drops extremely and you decide not to pay I don't consider that a scam at all and I wouldn't mind doing business again. The lost isk is then my own fault putting a too high value on the collateral.
Hope that answers your initial questions. ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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loan4you
Eve Capital Bank
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Posted - 2009.09.07 05:37:00 -
[23]
Service is up and running!
If you can't get hold of me in-game, then send a mail to [email protected] ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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loan4you
Eve Capital Bank
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Posted - 2009.09.08 08:33:00 -
[24]
Service is up and running!
If you can't get hold of me in-game, then send a mail to [email protected] ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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Kalrand
Charles Ponzi School of Business GoonSwarm
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Posted - 2009.09.08 13:49:00 -
[25]
I personally would be more interested in this service if the interest rate was lower, but to conpensate for that, I'd be willing to offer additional collateral.
I was thinking something closer to 125% collateral with a 7.5% per month rate.
Unless the goal here really is the < 1B market. I know BMBE is 2% a week on their 1B+ loans.
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loan4you
Eve Capital Bank
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Posted - 2009.09.08 14:14:00 -
[26]
Originally by: Kalrand I personally would be more interested in this service if the interest rate was lower, but to conpensate for that, I'd be willing to offer additional collateral.
I was thinking something closer to 125% collateral with a 7.5% per month rate.
Unless the goal here really is the < 1B market. I know BMBE is 2% a week on their 1B+ loans.
Thanks for the comment.
To be honest with you, yeah the goal is at the moment the < 1B market, for the simple reason that the corp isk wouldn't be enough to grant multiple large loans at low rates, to do that you would need much more funds than we have atm.
However I will give this a serious thought, run some numbers and see what I can do about it.
One way could be to have a higher interest on "micro" loans and a lower on >1B loans and as a start only have a certain amount of available loan slots to make sure corp won't run out of isk. ---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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Kalrand
Charles Ponzi School of Business GoonSwarm
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Posted - 2009.09.08 14:21:00 -
[27]
Edited by: Kalrand on 08/09/2009 14:21:41
Originally by: loan4you
Originally by: Kalrand I personally would be more interested in this service if the interest rate was lower, but to conpensate for that, I'd be willing to offer additional collateral.
I was thinking something closer to 125% collateral with a 7.5% per month rate.
Unless the goal here really is the < 1B market. I know BMBE is 2% a week on their 1B+ loans.
Thanks for the comment.
To be honest with you, yeah the goal is at the moment the < 1B market, for the simple reason that the corp isk wouldn't be enough to grant multiple large loans at low rates, to do that you would need much more funds than we have atm.
However I will give this a serious thought, run some numbers and see what I can do about it.
One way could be to have a higher interest on "micro" loans and a lower on >1B loans and as a start only have a certain amount of available loan slots to make sure corp won't run out of isk.
One thing you might want to consider is to offer self amortizing loans. That would increase the rate you would receive back ISK, and prevents the clients from having an OMG moment with its time to pay back all the principal.
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XCardak
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Posted - 2009.09.08 16:38:00 -
[28]
First off I think this is a great Idea. I have a bit of a problem with this cause the interest rate is incredibly high. By my calculation, you'll have accrued 23.4% with in 5 weeks, which is great for your business but a bit steep for the person asking for the collateral backed loan. If I ask for 500 mil and end up paying 100 mil back each week, I still have to pay an extra 117 mil in interests accrued alone. I can understand a 10% or even a 12% over all, but 23.4%? That is alot when it comes down to it.
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loan4you
Eve Capital Bank
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Posted - 2009.09.09 06:01:00 -
[29]
Thanks for the comments guys.
Interests have been cut in half for most intervals.
Before, the effective interest wasn't more then the average micro loan business IRL but I guess that is also pretty "incredible high". Changes have been made to present a more reasonable deal.
As already suggested this would require a little higher collateral perhaps but not much difference to that.
In case of me being out of isk I guess I just have to wait with accepting new loans if I can't get additional fundings.
Note: All current clients loans have been adjusted to reflect these new changes as well.
---------------------------------- Eve Capital Bank / Pawnshop
Eve Capital Bank / Pawnshop - Homepage
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XCardak
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Posted - 2009.09.09 12:48:00 -
[30]
Hey Loan4you,
I just did the calculations on the interests after your adjustment and now seems more reasonable (at least to me) Like I said this is a great idea, and I'm glad you took my reply as advise for your interest format. I have another question. The interest to be paid. Would it be paid before the principle or after? Just like a bank in a mortgage, the interest is always paid before the principle. In other words the Bank always gets its money first before any payment is applied to the home. This is where accounting would help you. IE.. If I borrow 500 mil the first week i pay back 100 mil but my interest is 10 mil, does 10 mil from the 100 mil get taken off the top and 90 mil is applied back to payment of the 500 mil loan leaving 410 mil debt left? Or do you accrue all the interest rates into one lump sum to be paid back after the 500 mil is paid off?
Just curious of the model your using
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