It appears that the loans you can take do not inform of any interest. Not how much, nor when it is paid back. I was adviced to post it as feedback on Discord.
#Federal loans have no information about interest
dawn folio
runic quest
@spark rover you made that law, right?
not quite sure how that one works
keen tree
A sign next to the currency exchange is a reasonable request, not really something Kyokes would be involved in doing.
runic quest
i have no idea how the interest rate on it works either
keen tree
The law text and code does however provide this information
its 0.1% of the loan amount per hour
As a constituently marked law it is the citizens responsibility to make sure they understand the law text which is provided.
runic quest
you mean 0,1% of citizens wealth?
keen tree
No, the law summary does not show the full detail in regards to that
steel basalt
Wealth in Debt (tracking) probably
runic quest
so for a 10k loan, i pay 10 euro per hour, or 240 euro a day?
keen tree
10 per hour
dawn folio
So it should be 7 days interest-free?
runic quest
looks like 7 days of 2,4% interest daily
so 33,6% interest if you let it run over the whole course of the loan (14 days)
might also be that i'm misunderstanding and the whole course is 7+14 days
at which point it seems like 50,4% interest
dawn folio
As a constituently marked law it is the citizens responsibility to make sure the...
What does this mean? Constituently marked law? Where would I, as an average Joe, find this law text when applying for a loan?
keen tree
All of the pre made laws at server start have a [C] [SC] or [SR]
a [C] marked law is constitutional
you also have server concept and server rules for the other two
Every law has text and forms part of the laws function so it is a good idea to read these parts to understand how a feature works
dawn folio
I see, I found it now yes under the Laws. I feel like it could be communicated better at the loan station, as you can very easily just press some buttons and end up with a big loan! In the real world there is usually a lot of regulations on how loans are offered... just my suggestion!
keen tree
Yes, the sign is a good idea and we will look into making that happen
glacial flicker
the economy>finance section of ecopedia does say that loans are expected to be paid with interest, so that'd be the default. but that also says its about players, not the government so may not be relevant
spark rover
might also be that i'm misunderstanding and the whole course is 7+14 days
Correct. First 7 days of it being taken, it’s interest payment only. After that it’s interest + principle payments. After this cycle it might also be something different.
#law-gazette message
This was pinned at one point but it seems most pins were removed. This explained how it worked.
#white-tiger message Never mind, I guess I had to pin it in #general and link that to #law-gazette at the time.
proud tendon
the detail information doesn't give all the needed data though. that is a requirement as translation from civics to human speak.
i often make that mistake as well.