It’s a marmite industry. Some love them. Majority hate them. But for new farmers, those looking for expansion and those wanting to squirrel money away for a rainy season, banks can’t be ignored. FSN currently features two types of bank – NPC and Player Bank.
NPC Banks are those run by the computer. These generally offer a stock interest rate and have a maximum loan amount which will be shown based on your credit score. These loans are instant and can be useful when you require quick cash. You can pay these loans back in full after 3 days.
Player Banks are run by members of the community and will often have more favorable rates. They also allow for much higher loan amounts and negotiations can be had with these banks too. These loans can be paid back in full after 6 days. When applying for a loan you can set the collateral you would like to put up against the loan. For example, if you requested a loan for $100,000 with a collateral of 100% the bank will be entitled to take equipment and goods to the value of $100,000 if you default on payments.
All banks require you to pay a minimum of 1% every day. The interest rate shown is what you will pay on top of that. NPC banks often have interest rates of 1-2% whereas player banks can range their rates depending on the size of the loan and status of the loanee. Loan repayments are generated automatically and will be visible as an invoice in your Accounting area. You can repay part or all of the loan in the Banking area.
• Only take loans if you absolutely need to. While this is a game, FSN is set up to be as realistic as possible and as such the banks are under no obligation to help you with repayments.
• Invoices are raised automatically and require payment within a day or two. Prolonged non payment will lead to the banks acquiring your equipment!
• You can negotiate with a player bank to get a better deal but be warned, they may also increase the rate because you asked!