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You are reading an article written by a citizen of eRepublik, an immersive multiplayer strategy game based on real life countries. Create your own character and help your country achieve its glory while establishing yourself as a war hero, renowned publisher or finance guru.

Need a Loan?

Day 3,095, 17:02 • Published in Ireland United Kingdom

• by David Allenkey

Need a Loan?

So recently I found myself trying to come up with something that could possibly done to make Ireland a more prosperous nation. Outside of the excellent work that has been done recently in the government and the Irish Army MU, I feel like there are still some things missing that could really help the Irish people.

I don't pretend to know a lot about everything, or even a little bit about everything for that matter. One thing I do have expertise in, however, is finance.

I am trying to explore the idea of an Irish Credit Union.

I am not sure if this has been done before or not, but the concept of this would be very simple. Every citizen of Ireland is eligible for membership to the Irish Credit Union. Members will be able to keep funds on deposit with the credit union, and the credit union would off an interest rate on those deposits. The credit union would also offer loans to members so that they can upgrade their training grounds, create new businesses, or upgrade existing businesses.

The idea of a credit union is that it is a financial co-operative. It is a not-for-profit institution that's sole purpose is to benefit it's membership base.

Additional details would need to be figured out, but I wanted to throw it out to the population to see if there is any interest at all in creating this financial institution.

Please comment, and if possible, utilize the following options for me.

1. I would be interested in joining the Irish Credit Union, and could see myself depositing funds to help others, while also receiving a return on my investment.

2. I would be interested in joining the Irish Credit Union, and have a need for loan services so that I can create/upgrade a business or upgrade my training centers to be more prosperous.

3. I have no interest in this project, and would not want to be a part of it.

After putting the option that best fits your situation, please provide additional comments if you have any.

Thanks for your time everyone!

Comments

David Allenkey Day 3,095, 17:03

Please vote, comment, and subscribe!

Lady Silver Day 3,095, 18:40

2 I would support something like this to help others.

David Allenkey Day 3,096, 03:30

Thanks for the feedback Lady. I thought more of you being a 1 in this situation... 🙂

Lady Silver Day 3,097, 10:13

Well on different days it could be either 1 or 2. Sometimes I donate to the country and the food drive and new players then might have a need if we get a new industry and I need new plants. So I guess put me down 1 and 2.

Sotar Glas Day 3,095, 23:20

Other than free training center upgrade, I don't think there is a way to increase your daily income as companies take ages for ROI atm. But it might help for people needing quick cash for upgrades or so.

David Allenkey Day 3,096, 03:32

Yes, it generally would be someone that needs funds and can pay back within 30/60 days. Just because you get a loan to upgrade your weapons factory doesn't mean that you will be using just that new money to pay it back. You've still got the income from all other sources coming in. Just makes it where you don't have to wait as long is all.

Kevin Sheridan Day 3,096, 03:34

As of the current state of the game there are two main problem:

1. The economy is broken, every investment will take forever to repay itself...so it will be hard to maintain such a model.
2. The chances of a new player taking off with dozens of gold bars are simply too great...

We can only hope that the incoming industry will change the economy for the better

David Allenkey Day 3,096, 05:28

Thanks for the feedback Kevin. I agree with your statements. On the first one, it would depend on the availability of funds from the depositors. For the 2nd, there would be criteria that has to be met to receive a loan. A brand new citizen probably would be an ideal borrower.