New Upgrade - PokerOwned Insurance -

[Zab]

What is this?
If a user defaults in the Loan Shark (If he cuts and runs) you can apply for insurance. ** Please note, the Marketplace insurance isn't live yet and might not be**

How much can I get when I apply?
When you apply for Insurance I have 3 options

#1 Give you 20% of the PRINCIPLE LOAN back to you
#2 Give you back 100% of your PRINCIPLE LOAN
#3 Deny your request for this week

Principle? What about Default and Interest?
Sorry, you don't get paid on these unless the users repays you.

How do you choose which of the 3 to give me?
Typically you will only get 20% of your loan returned to you each week. The reason is not to bankrupt the insurance bank. I will award 100% of the loan amount to you typically if the total is less than 100 points.

If I think you gave a BAD LOAN (To a new user, or someone who defaults alot or I think there is some fraud going on) I will deny your claim for this week. I know people will try to abuse this system. If you loan out to new members that are high risk with no feedback, Expect to be denied every week.

You can apply for insurance once per 7 days.

What happens if I defaulted and the insurance paid my claim?
You still owe the principle (Back to the Insurance Bank), the Interest AND default (Back to the person who loaned you the points).

How is the Insurance bank funded?
1% of all Loanshark & Marketplace transactions are deducted and added to the bank.

Please Note: I am not trying to make money off this feature, I am trying to protect users when they loan.

[bbno3]

nice now im more wiling to give loans

[Prozach]

You have too many good ideas. I think you are a computer.

[lulabell79]

nice feature

[jbetta01]

so it can take forever to actually get your full loan back?

GREAT idea tho it gives people protection

[PokeYourFace]

Wow. soon ppl will be getting banned and put in jail for this stuff. PO is like America or something.
It has to be done though. Im just saying... this is real ish

[Zab]

so it can take forever to actually get your full loan back?

GREAT idea tho it gives people protection

Not forever, but eventually if you made a GOOD Loan, you will get back all your points. I didn't want to give all your points instantly back (Unless the bank could afford it).

So for now 10%. I may change this to 20% soon

[CoolJakeB]

Great upgrade, but doesn't 7 days seem to long to ask for insurance every time? It could take a very long time to get a single principle loan back.

[jbetta01]

like i said great idea love the thought of being able to get money back

[Zab]

Great upgrade, but doesn't 7 days seem to long to ask for insurance every time? It could take a very long time to get a single principle loan back.

It's something to change down the road.. But for now, I don't want it to be simple to get back your points (Because the insurance bank doesn't have a ton of points yet obviously)