Loans
Any company within the game can take out a loan to a maximum value of $50,000.
Repayment terms
- The basic rate of interest on top of your loan is just 10%
- You must repay the loan over a maximum period of 52 weeks (which is a long time when you consider the game speed).
- So if you take out a loan of $50,000 the total amount repayable is $55,000 at $1,057.69 per week (which reduces the amount owed at $961.54 per week).
Adding to a loan
YOU CANNOT CURRENTLY ADD TO A LOAN! GET THE FULL LOAN THAT YOU REQUIRE STRAIGHT FROM THE OUTSET. THERE WILL BE A SYSTEM IN PLACE SHORTLY TO ADD TO LOANS, WHICH WILL OPERATE ON THE FOLLOWING PRINCIPLES.
If you have a current loan amount of less than $50,000 you can add to that loan, as long as the new loan amount does not total more than $50,000.
If the new loan total is less than your original loan amount then your repayments will remain at the same level. However, if you new loan amount is greater than you previously borrowed, your new weekly repayment will be higher.
Example 1
- Original loan: $20,000
- Loan remaining (unpaid): $10,000
- Current weekly repayments: $423.08
- Additional loan: $5,000
- New loan total: $15,000
- New weekly repayments: $423.08
Example 2
- Original loan: $20,000
- Loan remaining (unpaid): $10,000
- Current weekly repayments: $423.08
- Additional loan: $15,000
- New loan total: $25,000
- New weekly repayments: $528.85
Early repayment
You can repay the loan early at any time (either in part or in full), with no penalty.
Withdrawing money to your manager account
You can't withdraw any loan amount to your managerial bank balance. This could lead to cheating bigstyle and we wouldn't want that! Your withdrawls to your managerial bank balance are therefore limited to the company bank balance minus the loan amount.
