Re: Loan Payment Schedule Advice -- Easier Sim Living

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Subject: Re: Loan Payment Schedule Advice

Author:
Boteph Loveless, Simmerville

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Date Posted: 06:24:28 01/16/06 Mon
In reply to: Margurita Pierce 's message, "Loan Payment Schedule Advice" on 19:53:43 01/15/06 Sun

Mrs Pierce,

I manage the local bank. In Simmerville we offer loans to households of any size but loans can never be more than 10% of a household's networth.

The loan is to be paid back in just one operation. Earlier we charged 50% to be paid after 5 simdays, then the rest after 5 more days. Now a loan can be paid any 5th simday (max 15 simdays total).

The loans are locked for 5 simdays, mostly because this will limit the administration on our part (the bank).

We charge only 2% interest (calculated and charged every 5th simday). In addition there is �500 added to the debt when the loan is renewed. A loan can only be renewed twice.

We use the individual Accounts system that makes it easy to look up the information. A line can be like "Bank: -�10.000 -�500" which means the origina loan was �10.000 and it has been renewed once. Interests are not added to the loan, but must be paid from their Account.

Isn't 25% interest rather heavy? We have discussed raising the interest from 2% to 10%, but I thought 10% would be max. In Simmerville most loan holders are poor families.

Mr Loveless
SC First TRust Bank, Inc

>Hi
>
>We're trying to refine our banking system here in
>Apple Valley. We are now in the position to issue
>loans of �10,000 or more. We do not want to have
>families pay the full amount of the loan plus interest
>in one operation, but would rather have a payment plan
>for the families. We are debating the following
>payment structure:
>
>5% interest and origination fee
>25% each simweek (simday:sunday-simday:saturday)
>
>How do other hoods manage thier loans?

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Replies:

Subject	Author	Date
Re: Loan Payment Schedule Advice	M. Pierce	06:55:13 01/16/06 Mon