Last season on Prison 1, I started a bank with some friends (Armandi and wyldsteak), at first we wanted to see how it worked out, and throughout the year we started to learn new things with the bank and have gotten better at managing it. Many people who had borrowed money had actually found it really useful, but of course every now and then, we got scammed, it's no surprise, we knew that the bank could be a risky business. However, we have gotten better and have done things to reduce the chances of that happening, and they have worked... significantly. As the weeks went by, more people started joining the team and the bank's team got bigger, things started to go well and then... reset. This season we all got together again and we rebuilt the bank and started again. This season we had a couple loan customers who came in wanting to borrow money for some cool projects, and by the end had actually made a decent profit. The chances of the bank being scammed have been reduced, by a lot. Quite a few people have also relied on deposits to keep growing their money when they're not able to get online. Although the bank isn't as profitable (for the bank) as a profit shop would be to the plot owner (hence profit shop), it's a business that helps out people too in other ways. Everyone here makes money and it's a business that doesn't require grinding or mining, for neither the clients or the bank itself. It's /p h Bank by the way Interest Rates Keep in mind the interest rates for both loans and deposits can change, the current interest rates are always displayed on our discord server, which you can ask one of our employees for the link. The interest rate can also be lowered for specific people who keep a good record in the bank, this can be because they're making punctual daily payments or they have deposited significant amounts in the past. Short Term Loans: 8%/day Long Term Loans: 8%/day Deposits: 1.5%/day The interest rates for the loans are not compound or simple, it's a different type of interest, however, the interest for deposits is compund Loans If you're looking to invest money into spawners, the token market or profit shops (or you're looking to quickly replenish the money that has been drained from it), but don't have the money to do so, you can borrow money from the bank at an interest rate depending on your history of loans or deposits (that will be talked about in the next section). The way it works is simple, you apply for a loan in a link given to you when asked for, answer the questions and wait for someone at the bank to either approve or deny the loan application. If approved, you will be given details about the amount of money you'll have to pay back to the bank daily, for the amount of days the loan is requested for, and you'll be set. The main reason for why borrowing money is a good option, as opposed to mining, is that it's a lot quicker, and the longer you borrow it for, the smaller the payments will be, making it easier to pay it back Deposits Whether you're going offline for a few days or you're looking to make some money while AFK, deposits are an excellent way to grow your money, without doing anything. All you have to do to deposit your money in the bank is speak to one of our employees and tell them the amount of money you want to deposit and the amount of time in days (there is a minimum of 12 days however this can change depending on other things) FAQ How do you ensure that everyone will get their deposits back? There is a 100% guarantee that everyone will receive their deposits back because we never take in more than 50% of the bank's money in deposits How do you ensure that people will pay their loans back? As I've mentioned before, we can never be 100% sure that every single loan applicant will make all of their payments and pay back their loans Any other question's you guys have you can go ahead and ask me in the comments
Heya! So i just have a couple questions, and for starters this is a really good and unique idea! 1) What type of questions will be on the google form? (Feel free you start a convo with me to give me an example) 2) Do you guys have a list of past bank users from last season? (I used you but i’ve changed my ign multiple times) 3) How do you know the person receiving the loan will be doing the project/purchase they said they would? 4) Is there a limit on deposits (The amount of money) 5) Is the bank your way of income? Or do you collect spawners? 6) Any of your team members have coin flip/ gambling addiction? I asked a lot of questions, and just a warning i may have slipped over the answer to a couple of them but i tried reading as closely as possible. Thanks!
I like the idea; however, I just do not see how a bank can function in a scenario where there is no incentive to pay the money back. Trust is a huge part of the banking process, and there is no guarantee borrowers will pay their money back. Although you seem legit there is also not a 100% guarantee that the bank owners will pay the money back either, because they too can just decide to keep the money if they would rather just shut it down.
