[Saged]

Let's say I lent someone $100.00 for a day, they would return $102.50.
Now let's say they borrowed $100 for a week, they would return $114.00.

Do you think a loan business with a repay rate of 2.5% per day and a 10% per day late fee would be effective?

This would only be done via PP/MP/GD at the moment.
Opinions?

[Damdomy]

This is the internet, people would just runaway. How will you make sure they'll pay you back?

[Saged]

This is the internet, people would just runaway. How will you make sure they'll pay you back?

A phone verification system.
A call/text to them with a code or phrase told to them in private

[League of Legends]

How will having their phone number stop them from not paying?

[Rob Ford]

A phone verification system.
A call/text to them with a code or phrase told to them in private

Couldnt they use an online SMS/Phone Calling application like Pinger?

[Damdomy]

Phone thing won't work, it's not enough.
Some that'll work could be their address and real name/ID. But then again, who would give you their information online.. When they can just borrow from a friend.

[Saged]

Closed until I have more time to theorize a full proof system.

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Thank you for your criticism and outlooks.