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Kiting loans

1K views 5 replies 3 participants last post by  SVTF 
#1 ·
The rules say I hafta pay back 10% on loans every 14 days, or I get charged 50 chips as a penalty. Also, interest on the loans is at 19.9%.

What's to stop me from taking out new loans every 14 days to pay off the old ones? Am I missing something?
 
#3 ·
Loan 1-5, borrow $5000 each

Wait 13 days.

Loan 6-10, borrow $5000 each, pay off loans 1-5.

Wait 13 days.

Loans 11-15 (which is really 6-10 because the old 6-10 is now 1-5), borrow $5000 each, pay off loans 1-5.

Wash, rinse, repeat.
 
#4 ·
As my experience has shown, you can only have 10 "open" loans at a time. They don't drop off immediately after you pay them off (I had 10 fully paid loans showing on my banking screen, for weeks it seemed, effectively blocking me from any more loans).

Your scenario MIGHT work, but I think the 13 days thing vs. the actual removal of old/paid loans MIGHT get you into trouble. Even by a day or two.

Try it out? As a "test"? ;)
 
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