Loans format

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ChrisH

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Hey everyone, looking into getting a thread design developed for a loaning service I plan to offer on MCM. Just want to get some feedback, suggestions and refine the whole thing before I set it in stone. All constructive criticism is greatly appreciated.
One more thing, I don't want it to be super professional, I kind of want clients of feel relaxed with the idea of using me as a loan shark. Here it is:


For roughly a year now I've been offering loans off the platform, my name spreading simply by word of mouth. Naturally, my methods didn't waver, I was garnering a good amount of clients and, because it wasn't advertised publicly I avoided most scams. But as things have died down, and I've managed to acquire some more funds I thought I may as well give it a go.

  • Thou shall maintain contact with me throughout the entire period of thine loan.
  • Thou shall not chargeback.
  • Thou shall receive thy payment through Paypal Goods and Services and thou shall pay back the specified amount through Paypal Friends and Family.
  • Thou shall return the agreed amount on-time or additional charges may apply.
  • I have the right to deny a loan at any point during the transaction.
  • I have the right to chargeback without warning at any time before the loan is returned
  • These terms may change at any time without notice.
I apologize for my rusty Shakespearian, if you don't understand the way these are written have a look at the translated TOS at the bottom of the thread.

If you wish to apply for a loan, please use the following format:
Please note; all values must be exact and source of payback must generally be reliable. All currencies will be (USD). This is not an investment thread.

Sum needed:
[Your response]
Return amount:
[Your response]
Return date:
[Your response]
Reason for loan:
[Your response]
Source of payback:
[Your response]

If you have any questions about the thread or simply want to chat, go ahead and slide into my DMs, or simply use this thread.

  • You will maintain contact with me throughout the entire period of the loan.
  • You will not chargeback.
  • You will receive the payment through Paypal Goods and Services and you will pay back the specified amount through Paypal Friends and Family.
  • You will return the agreed amount on-time or additional charges may apply.
  • I have the right to deny a loan at any point during the transaction.
  • I have the right to chargeback without warning at any time before the loan is returned.
 
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ChrisH

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I'm truly confused on this term, why would you say you have the right to charge back without warning at any time before the loan is returned? That's a huge red flag imo

Yea I was hesitant on adding the chargeback term, thought it may provide more protection but I'll update it to be a little safer for clients.

  • I maintain the right to chargeback at any point during or after the period of the loan if the client breaches the Terms of Service.
Note: once the initial loan payment has been sent by myself, the terms are set in stone. Even if they are updated the terms you agreed to via PM are the term we use throughout our deal.

I appreciate the input!


the old English style just seems pretentious imo

Thanks, I'll consider removing that.
 
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