loan rules

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change the loan rules to make it so you can collect

original payment + payback amount + up to 50% of the payback amount in late fees.

For example:
$100 loan with a $150 payback


$100 + $50 + up to 50% of the payment in late fees.

 

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That sounds like an issue of using up the entire allotted 50% on the initial payment and not allowing yourself any room to charge a late fee. If you want to charge a late fee to dissuade late payments, then don’t charge the maximum possible amount in direct interest. There’s no reason you need to do that. The motivation for doing that and then insisting you need more room for fees is motivated by nothing other than a desire to squeeze more money out of the people you’re loaning to. I’m not saying you’re wrong for your desire, but it’s necessary to point out that there is no other benefit to be had here.

Although, implementing your suggestion would put our policies in direct conflict with every single law that moderates loan charges in every single state in every single country on the planet. Why would MC-Market want to enforce blatantly illegal loaning practices?

That's kind of how it works? When you loan someone $10 with a payback of $15 and they're a month late on the payment, obviously you want some sort of compensation. That month of having your money out of your hands isn't worth the $5 return that you were supposed to be given a month ago. This is a way of compensation for the time and money lost during the time they didn't payback the late fee.[DOUBLEPOST=1610559231][/DOUBLEPOST]

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This isn't the case at all. You can make a scam report here for something that happened offsite, and MCM even bans people who break their rules offsite.

 

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The only thing about a loan that would come to the site would be a scam report, so they'll need to have restrictions in place for this case.

 

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Although, implementing your suggestion would put our policies in direct conflict with every single law that moderates loan charges in every single state in every single country on the planet. Why would MC-Market want to enforce blatantly illegal loaning practices?

just want to point out that this is inaccurate to a degree depending on the situation. there are multiple states that allow this amount, https://www.cnbc.com/2018/08/03/states-with-the-highest-payday-loan-rates.htmt if its over a long period. so in theory, charging late interest fees could not be illegal at all, depending on time frame (for the record I'm opposed to the suggestion, just not on the grounds of it being 100% illegal).