Wynn Loans

My friends and I are giving out loans for those who need them. I cannot post a discord link here, but if you would like to know more information and join our discord, message Miles#0109 on discord. Here is some general information sourced from a document you can find in our discord. More information on the process of trading can be found in our discord, but this is a sort of general introduction. I hope this answers any common questions.

What is the Wynncraft Bank?

The Wynncraft Bank is a group of money lenders - Vendenar (Ezekial Frost#9211), _Miles_ (Miles#0109) and Piscez_ (Piscez#8426). We provide loans to people in need of money, from smaller amounts of LE, up to tens of stacks of LE.


How do I know it’s Trustworthy?

These loans are secure on both ends, as collateral is required to take out a loan, and deals are recorded. Each loan has an extensive screenshot, video and financial evidence tied to it. Collateral is an item of similar value to the loan which is given to the lenders during the duration of the loan. When the loan is repaid, the item is given back. Collateral makes loans much more secure, and is limited to:

• Rare/legendary/fabled equipment worth 8LE+
  
  
• Mythics
  
  
• 8+ loot quality accessories and 20+ loot quality armour. All loot quality equipment must have 100+ durability
  
  
• Black/Chestnut/white horses
  
  
• T6 powders
  

Deals are screenshotted, and trades are recorded with video evidence. Loans, deadlines, repayments, collateral, etc, are recorded in our publicly available financial documents (to enable transparency). Every effort is made to make loans secure, and there is no opportunity for the recipient of a loan to be scammed in our system. We are open to suggestions as to how to increase the security of our system, too.


How does it Operate?

People who wish to receive loans can join our discord and apply for a loan. There is a specific format for this, used to dictate things such as interest rates. After you make an application and meet our requirements for a loan (a class over level 100, 200+ hours playtime, adequate collateral), you will receive a loan proposition. Applications are kept private between the player applying for a loan and the server admins. Interest rates may depend on playtime, size of the loan, future income sources, any previous history with us, deadlines, and more. We try to process and make decisions for applications as soon as possible, and prioritize loans that are needed immediately.




How is Money Tracked?

Money is stored on one Minecraft account to allow for easier access and trading. Investors (lenders) are given returns based on how much of the money they invest for respective loans. Each investor’s initial investment is tracked in a google document. Once a loan application is given, it is reviewed and how much each lender “gives” of their current balance is decided between the lenders. This money is removed from their balances (tracked in public financial documents) and their returns are added to that balance once the loan is repaid.

 

ITs not breaking the rules to run away with the loan just saying

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so can i take a 10 stack loan?

 

Theoretically you could take a 10 stack loan, but as stated in the thread, collateral would be required, and you would have to fill in an application. In the case of a 10 stack loan, collateral of 9.5 stacks or more (in value) would be required, approximately.

 

but if u have 9.5 stacks worth of something why wouldn't I just sell it for 9.5 stacks?

 

Because you cant sell stuff immediately and loans are often needed immediately. Hence why we try to give priority for loans needed fast. In our application, we ask when the loan is needed.

 

Inspired by my thread?

 

Oh, it wasn't, but that's cool. It was more inspired by Amphilogius/Xasaneas on discord, and we changed it a bit. We're also changing in response to community input in our discord.

 

This sounds like a cool project

have your free bump ;)

 

Can people apply to be investors?

 

I also want to know

 

Seems a bit backward to use a middle man to borrow money if you have to have the majority of the money, i'd say straight out selling an item is better than borrowing its worth and using it as collateral, because everyone knows the Wynn Admins don't intefer in item disputes

 

No, its actually a pretty good idea because some mythics and items are nearly impossible to sell so if the person needed money immediately, they would just take out a loan with that mythic as collateral. Ex. I need 40le to buy something for my war build and I can't wait for it. I have an ok warchief thats worth ~50 le. I take out a loan for 40 le using the warchief. I pay back loan and get war chief back. The End.
Also, if you try to run with the money, all the loaner has to do is spread the word that this person is a cheat and scammer. Then it would be pretty hard for them to do business with anyone.

 

Not rn, but we hope to do that in the very near future. We've had some people interested already but Piscez, Ven and myself have enough money right now and we'd like to see how business plays out at first. If we don't get much business, there probably isn't much of a need for external investors, and if we do get business, there may be a need.

This answers some previous questions. Basically it's just a lot faster and some things, such as Spring and Lameme, don't sell very fast.

Also I will reiterate that we are open to community input and have changed some stuff already. If y'all wanna "advise" me relating to this that would be welcome.

 

This is actually amazing and genius.
Also, if you have an item you want to buy, and an item you don’t want to sell, you can trade it for a loan while still being able to get said item back after repaying. Just much better than having to sell something that you don’t wish to sell

 

so this is more of a pawning business than a loaning business correct

 

wow this is actually a pretty cool and unique idea i haven't seen executed before
my appreciation is yours :D

 

The value of what you receive is closely tied to the collateral given, so it is quite similar to pawning in that way. There are other factors too, though. You normally have to fill a forum, which I don't think is common for pawning. Maybe it is a sort of mix. Either term works. We're not too worried about terms used, as long as people understand what we're doing.