STEEM CREDIT BANK : Announcing Launch of Experimental Loan Product

Hey everyone,

Just thought I would launch a Steem Bank Experiment and see how things go. I'm looking to establish a network of trustworthy Steemians who I can offer loans to for personal or business use. Cut the middle man out of the game. I know the interest rates are considered high when compared to the Fiat Banking World, but as trust builds between the Bank and Borrowers I believe the interest rates could trend down over time as the risk of default/fraud is greatly reduced. Any feedback on Rates or Terms or any other comment is greatly appreciated. Also, this a working draft and I may make revisions over the next few days. Thanks

STEEM CREDIT LOANS ™

Loan Rates and Term

10 to 100 SBD or STEEM (1.1% Interest Per Day & 28 Day Maximum Loan Term)
100 to 500 SBD or STEEM (1.0% Interest Per Day & 28 Day Maximum Loan Term)
500 to 1000 SBD or STEEM (0.9% Interest Per Day & 28 Day Maximum Loan Term)

Example Loan #1

A Loan of $50.00 SBD for 21 Days = $0.55 SBD (Interest) Per Day for a total Interest charge of $11.55 SBD. The total amount due at the time of repayment is $50.00 SBD (Amount Borrowed) + $11.55 SBD (Interest) = $60.55 (Total Repayment Due)

Example Loan #2

A Loan of $300.00 SBD for 14 Days = $3.00 SBD (Interest) Per Day for a total Interest charge of $42.00 SBD. The total amount due at the time of repayment is $300.00 SBD (Amount Borrowed) + $42.00 SBD (Interest) = $342.00 (Total Repayment Due)

Example Loan #3

A Loan of $750.00 SBD for 7 Days = $6.75 SBD (Interest) Per Day for a total Interest charge of $47.25 SBD. The total amount due at the time of repayment is $750.00 SBD (Amount Borrowed) + $47.25 SBD (Interest) = $797.25 (Total Repayment Due)

What I use to determine if a Loan can be funded.

1. Minimum of 54 Reputation (Same as my account)
2. Amount of STEEM Power
3. Amount of Pending Payouts (https://steemviz.com/pendingpayouts)

Each successful Loan repayment will result in the Borrower having access to better Interest rates for future loans.

Temporary BONUS!

Get a 0.1% Interest Rate Reduction if you have successfully completed a Loan with another Lender on the STEEM blockchain.

Lending Desk Hours: 1PM to 5PM (Central Time USA) outside of this time I will respond as my availability allows.

Please Submit Loan requests below, or contact me privately on steemit.chat @ robert_call

Steem Credit Bank

Statement of Condition (2017-10-04)
Long Term Assets = 51,070.529 STEEM POWER
Liquid Assets = $20,000 SBD & 2,669.272 STEEM
Deposits Due from Banks = $2,187.500 SBD
Current Loans to Business Accounts = $3,500.000 SBD
Current Loans to Personal Accounts = $343.330 SBD

The Banker's Private Room, Negotiating a Loan
John Callcott Horsley (1817–1903)

Photo credit: Royal Holloway, University of London