I think a few changes in display should occur. The 2 existing boxes should be reversed in position with loan requests at the top and accepted offers below...and maybe name changed to "open Loans" or "Loans in Progress". Then a 3rd box should be set up called history. The flow of loans would then be from the top...Input box for loan requests, requested loans outstanding, loans in progress and then completed loans (history). Easier to manage and view where everything stands.
As to fields, a completed loan currently displays original loan principal and the accepted date, paid status and feedback has been posted. We need to see interest charged, original term, and paid date. It would also be nice to see 2 calculated numbers, actual days taken to pay, and original minus actual. Those calculated numbers would be good for credit decisions. If a borrower is consistely -1 days vs allowed then you might charge less interest because they are quick payers.
After a few completed loans I have come full circle to believe the borrower should request the points and repayment term while the lender then designates the interest. All 3 loans that I have had completed so far were paid within 1 day while the allowed days were 2-3. Again this would be taken into consideration when determining interest on loan....a term of 1 day will be less interest than a week...and really the borrow has an idea of what they need and lender is arbitrarily picking a number. Defined by the borrower should effectively make loans cheaper to them in the long run.
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Thread: Loan Shark is ready for testing
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09-03-2011, 10:12 AM #6
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