aww, looks like most of the fun is over.
By the way, what happens if people lend money for under an hour. Can they lend interest-free, do they pay for a full hour....?
It's interest free.
I did some tests - basically I borrowed $5k, sat on it for over 50 minutes then closed the loan. Did it twice covering different parts of the hour to make sure that at least one of them would have been active when the interest calculation code ran.
Did it when rates were low (obviously) and did absolutely nothing else that day which could generate any fees or profit.
There was zero fee charged, no entry in my history and balances didn't change. By my calculations I should have been charged about $0.20 interest on each occasion.
Last official description I saw was that once per hour a check was made and any loans that had been open at previous check got charged interest. Rather obviously that would allow for borrowing interest-free so long as you kept it under 1 hour. STranegly, despite that description, it was then claimed that you couldn't borrow interest free - yet at no point was any attempt made to explain what it did different to the provided description that prevented it.
My tests indicate that you can, indeed, borrow interest free. That's likely of more use to lenders than borrowers - when rates are low you can use half your USD to borrow all the cheap loans then try to lend the other half at higher rates than would otherwise be the case. Just make sure you cancel your loans within an hour.
EDIT: My tests were done over a month ago - it's not impossible that the system has changed since.
