On your left navigation menu you have a link called Loans. This is the place to go if you need extra money for your driver. There you will see a link called Request New Loan which will take you to the Take Out A Loan screen. Here you see driver ID, current cash available, interest rate, and loan amount. As a new driver you can get a loan from $50.00 to $1000.00 (the loans are in increments of 50's). As your driver rating increases you can take out more money (Driver Rating * 100) up to a maximum of $5,000. A 2% weekly interest rate will be applied to the first loan you take out and the interest rate will increase by one point for every new loan you take out. Interest is calculated on Mondays at 12:00 AM. Once you take out a loan the following information will be displayed for each of your driver’s loans:

Loan Date: The date you took out the loan.
Loan Amount: How much you took out.
Interest: The weeklyinterest rate you will pay for the loan.
Paid: The total amount you have paid on the loan.
Owed: Shows how much money you owe on the loan.
Payments: Details if the loan is closed. If not a form will display to make payments your loan

Could the loan repayment be changed so that we can pay back in increments as opposed to coming up with the full amount to pay off the loan at once?

That would make much more sense.

I've added the ability to make payments on your loans. Everyone's existing loan interest owed has been reset to zero. It will begin to accrue new interest owed on a daily basis based on the amount owed times the interest rate of the loan.

I had 2 ideas well one was mine and one was Mark2600's

1) a set date to pay the loan, or you get penalized ON TOP of the interest.

2) having a credit system, so if you are late you cant get a loan or a business.

hmmm...it's okay, i suppose. it would make it harder for us though...which deters people from getting loans...which might be good. :(

how often can you take out a loan, once a day

once every 24 hours

What happens if you never repay the loan?

i dont think you want to find out

Two big musclebound heavies will come to your house and play baseball with your knees.

its not as fun as it sounds...

I Took a loan out yesterday, and today it said, i already took a loan out today. try tomorrow,

but i havent took out a loan today yet

its every 24 hours marion...

so is quick rest

but i can do that once a day, instead of waiting 24 hours

*shrugs*

those loans will come back to haunt you

There a specific requirement regarding the loans?

I haven't seen any link for it on the navigation bar,when I'm in route or not.

go to banking, there is a tab you have to click on, i couldnt find it myself

no there is no requirement to get a loan, but there are requirements after the loan

anyone can take out a loan -
one per 24hrs to a max of 3
first loan interest is 2%
second loan interest is 3%
third loan interest is 4%

thanks for letting me know

is there a maximum amount of loans?


EDIT: DELETE THIS POST

didnt see that

he said three

I understand that the interest rates go up on loans..the second is higher than the first, the third even higher. Is this for multiple OUTSTANDING loans or do those interest rates go up even after you pay back a loan. For example, if I get a loan and pay it back and then get another loan, will it be at the 2% or 3%? Thanks.

it goes back down.

Also did this get changed or not implemented?

Can you change loans so they didn't update at midnight on Sunday? Instead the interests adds in 7 days after you took out the loan. Cause ingame it's very decieving since it says 5% a Week, a week to me is 7 days. Yet my loan increase with having a loan for one day.

Did someone with a driver rating over 10 try it and it not work?

Working fine for me (17.23 dr, $1,750 max loan)

So it does get back down, which is great for me :D