- 1 Loaning
- 2 Paying off your loan
- 3 Overdraft
How do I take out a loan?
You can take out a new loan by filling in the number you want to loan and press the OK button. And nowadays you can do everything on just a website and take short term loans online. All you need to do is just visit a web page where you fill in information about you and wait. After not a big amount of time you will get an answer and that you will be connected with loaners.
Does it cost money to loan?
Yes. Loaning money costs money. You have to pay interests each day. By default, the daily interest you have to pay is 5%.
Can I lower the interests of a loan?
Yes you can. By hiring/training your accountants you can lower your bank interests. Every training level increase of your accountant will lower your bank interests by 1%.
You can train your staff at the office.
What are interests? (Bank loans)
Loan interests are costs you have to pay when you have a loan running. The interests are paid daily and are a percentage of the current remaining debt.
You don't have to do anything yourself to pay your interests, they are deducted from your acount automatically.
Can I increase my loan limit?
Yes you can. Increasing your loan limit is fairly easy. At the bottom of the bank page you'll find a button where you can upgrade your loan limit with. You'll have to pay in experience points to increase the loan limit and there are also some extra conditions you might need to comply with.
More information about those conditions, costs and such is given at the bank page since it varies with your current company setup.
Paying off your loan
How do I pay my loan back?
You can pay back a loan via the bank page. You can choose to pay it back at once or in smaller pieces.
Do I need to pay interests if I pay back my loan on the same day I took out the loan?
No, the interests are calculated daily, so if you loan money and pay it back a little while later on the same day, no interests are charged.
Do I have to pay the loan back at once?
No you don't have to. You can repay your loan in installments. You can choose how much you pay back yourself.
What is overdraft?
Overdraft occurs when more money is withdrawn than is available on your bank account causing your balance to go below zero. At this point the account is considered overdrawn.
Since overdraft is considered a loan, you'll have to pay interests on the overdrawn amount. Since overdrafts are considered short term loans they have very high interest rates.
In businessgame the interest rate on overdraft is 3% per hour on the negative balance.
What is the cost when you have overdrawn your account?
When you've overdrawn your bank account the bank will subtract overdraft interests from your bank account.
The overdraft interests are pretty high, it's 3% per hour! So be sure to pay off your loan as fast as possible.
Avoiding unarranged borrowing
To help you monitor your overdraft we've created 2 possible alert systems which will notify you when you have overdrawn your account.
The game will show a warning page telling you that you have overdrawn your bank account when you visit the site again.
If you have granted permissions to businessgame to show desktop notifications you will be instantly warned by desktop notification when you have an overdraft.
These warnings will give you a chance to act in time before the first interests are starting to be in effect.
How to recover from overdraft?
Recovering from an overdrawn bank account might be hard. Especially after you just had to pay taxes. The first thing you should do is try to avoid digging an even deeper hole. So you might want to consider halting your production and firing your staff in the office. Or if possible, keep production going if you can handle the costs and will be able to pay off your debts by selling the output.
The second thing you'll need to do of course is getting your bank account back into the positive. Try selling goods until you have paid off your overdraft debt. If that's not even enough you could consider an even drastic approach and start selling warehouses or units but I wouldn't advise it since it has a low return value. You should try the following steps first.
- Get financial support from a conglomerate member
- Sell your produced output goods
- Sell input goods (maybe you just bought too many)
- Take out a long term loan with the bank, the interests are cheaper
- Sell warehouses and or units
- Hope for a miracle
If all of that still doesn't get you back into the positive I'm afraid you'll have to declare bankruptcy and start over again by resetting your account.
An arranged overdraft is a limit agreed between you and the bank which allows you to spend up to the agreed limit. There will be no overdraft interests for an arranged overdraft. An arranged overdraft will cost you less than an unarranged overdraft.
There will however be a fixed daily arranged overdraft fee you'll have to pay for this privilege if you are going in overdraft.
If you however spend more than your limit, you will end up with an unarranged overdraft again which will be interested at 5%.
An unarranged overdraft occurs when your balance goes below zero or if you exceed your arranged overdraft limit. At this point the bank will start charging a 1% hourly overdraft fee.
How can I increase my arranged overdraft limit?
You can increase your arranged overdraft limit at the bank page. Just as with upgrading your loan limit, you can upgrade your overdraft limit with experience points.
You can find it at the bottom of the bank page. More information will be given there since the arrangement varies on your current situation.
What are interests? (Overdraft)
When you have overdrawn your bank account you'll have to pay hourly interests on the overdraft amount.