Loan F.A.Q.
q. How do I apply for a mortgage or loan?
First be sure to read the
lending information first.
Then simply continue with entry of the required loan application (at the
bottom of the lending information page). Upon completion, press the submit
button.
q. Why is the interest you charge higher than traditional
lenders?
While we operate the SL Trust Company (Second Life Trust
Company) as a collateralized lending
company, the risk associated with Second Life land or property (or
intellectual property in the real world) is considerably higher. We do
however provide repeat borrowers (as well previously registered
SLCredit
positive scored) with reduced interest rates as your borrowing ability will
be reflected within credit reporting with SLCredit (the
credit reporting bureau within Second Life).
q. Why am I asked to optionally provide my real name and contact
information?
While we understand Second Life resident's wish to remain
anonymous, however this information is requested to provide the SL Trust
Company (Second Life Trust Company) with a secondary method of contact should initial contact through
Second Life is not possible. Please note that this is not required in order
to apply for a mortgage or loan, however strongly suggested. Please be assured that any information you provide will be
held in the strictness confidence and in accordance with our SL Trust
Company (Second Life Trust Company)
policy of release of information. Furthermore, we will communicate with you
using your Second Life name and will only resort to contacting you using
real information should we not be able to confirm second life contact.
q. How long does it take for loan approval?
We strive to provide an answer to your loan application
within 24 hours. However, each loan is unique and additional time may be
required. We strongly suggest that you provide us with either a telephone,
yahoo IM (instant messenger), MSN IM, or AOL IM as to speed up the approval
process.
q. What Payment terms will I have for the mortgage or
loan?
Unlike other Second Life and real life banks, we believe
in working with our borrowers with a suitable payment arrangement. While we
will require interim payments, we are flexible in arranging a suitable
payment arrangement.
q. What happens if I default on my loan?
We understands that oversights and financial problems may occur and
provide our borrowers with an additional 24 hours to remedy such a default.
Please note however, that an applicable default penalty will occur and is
noted within the lending information
page. Please note that default payments will be duly noted within the
SLCredit system
as default payment for a period of 3 years.
q. What happens if I do not remedy my default with the SL Trust Company
(Second Life Trust Company)?
Without a suitable financial remedy, the SL Trust Company (Second Life
Trust Company) shall have no
option but to liquidate the collateralized asset. However, within 30 days of
such liquidation, the Bank will provide you with a statement of liquidation
that will either include a refund for proceeds in excess of liquidation or
balance due. Please further note that such a default will be duly noted
within the SLCredit
system for a period in excess of 10 years and may hinder your ability to
gain credit within Second Life.
q. Who is the SL Trust Company (Second Life Trust Company) and how do I find out more information?
While the SL Trust Company (Second Life Trust Company) Group is a privately held venture, we do
welcome you to review more information through our About
page.
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