Difference between revisions of "Nikolin"

In around {{date|311|PC}}, when [[Waxillium Ladrian]] was twelve years old, his uncle [[Edwarn]] brought him to the First Central Bank to teach him about banking. Edwarn and Wax observed two men seeking loans, a tall, clean man named Nikolin and a dusty poor man named [[Jendel]]. Nikolin had come seeking a loan to finance the purchase of a new boat, while Jendel was seeking a loan so he could lift himself and his family out of the slums and into the middle class. Edwarn told Wax that most banks would only lend money to Nikolin. However, he had instituted a policy wherein the First Central Bank would loan money to riskier debtors, but with unfavorable loan terms such as extremely high interest rates and potential [[wikipedia: Garnishment|wage garnishment]]. Edwarn had also marketed aggressively to people that would not normally qualify for a loan. Edwarn and his colleagues had effectively invented [[wikipedia: Subprime lending|subprime lending]] in Elendel.{{book ref|mb5|8}}