How to create a lending request.
So, first of all, the user is required to login into the loans platform. Click on the link below:
The user can now register or login into their account.
The user can login directly using their trttNodes platform credentials, as Trittium is a cross-platform ecosystem.
Once signed in, the user will be greeted with the main menu:
From here the user will be able the ability to set up either side of the market, as the borrower or as the lender.
The user will be required to hold trtt their trtt wallet to settle the generated fees, as paying your loan fees in Trtt provides a 20% discount.
Now let’s create our first application:
Creating a Lending request (Borrowing)
In our example below, we are going to be the Borrower.
The first step is elementary, :), just click on the “Borrow” button.
Once the user click’s on ‘Borrow’, they will be greeted with the Loan request panel. From here the user becomes the applicant. This is where the applicant has the ability to select Loan request options:
The first step in the process is to enter the loan amount.
The loan amount required? In what currency value? USD or Euro?
See the below example of an entire Loan request:
We will ask in this example for 14 USD.
Our term to pay the loan will be seven days.
We will pay an 80% per annum rate.
We will offer a 75% Loan To Value (LTV)ratio.
This is the LTV description:
LTV Ratio is a calculation used to assess the risk of a loan. A loan with a higher LTV ratio is generally seen as higher risk and a loan with a lower LTV ratio as lower risk.
The applicant can adjust the figure and quickly realize that the higher the LTV is, the lower the required collateral to send to the moneylender.
So, this is what we have entered in our example for now:
Now the applicant can choose the assets they would like to use as collateral and receive as a loan:
- The applicant can select the coin they would like to receive in the loan agreement: BTC, ETH, PAX and USDT (More coins will be added). In this example, we have selected BTC.
- The applicant enter’s their receiving BTC wallet address (where they would like to receive their loan amount). Furthermore, the applicant must also provide a wallet address to where they would like to receive the collateral once they finalize the loan (In this case, 7 days).
- The applicant must now select how they would like to settle the platform fees. As outlined above, if the applicant favours Trittium to settle the fees, they will be rewarded with a 20% discount.
- The applicant is required to accept the terms and conditions and CREATE REQUEST.
These are the selected options for our example loan request:
After creating the request, the following will be displayed:
The applicant will be able to review the loan request details. The status will appear as published
The applicant can click on My Loans > Published.
From here, they can review all of their current loan requests. In this example, we just created the number RQ1–92
At this point in the example, we have applied for a loan. Upon entering the loans market, we will review our request there.
We are now required to find someone who would like to lend us the money, The Lender.
The loan market includes a filter that the lender can select the conditions that meet their criteria. In this case, as the market is small, we can see our example offer easily
As a borrower, they can cancel the loan before someone accept’s it. In such a case, the applicant will receive an email confirming it.
Once the Loan Request is accepted.
Once the loan request is accepted from a respective lender in the market, the applicant will receive an email. In the email, the system asks the applicant to send the collateral to the lender in the next 2 hours.
Upon receiving the acceptance email, the applicant is required to click the link “Transfer collateral”. This will forward them to the platform. There they can see in detail the status of the acceptance and the instructions to facilitate the loan. The applicant is given 2 hours to send the collateral before expiry:
After sending the collateral, the lender will also receive an email to notify them and request them to send the loan to the applicant
Once the system confirms the applicants collateral transfer, the applicant will receive the loan in a reasonable time period. The applicant will receive an email like this one:
So, now the lender must send the applicant the loan amount. They are provided 24 hours to complete the transaction. If the lender fails to transfer the loan amount, the collateral will be returned back to the applicant’s account.
When the lender transfers the loan amount, the applicant will also receive a notification explaining that the funds are on the way. The loan term finalization date is also provided.
So, moving on from our example above, the loan has now been trasnferred into our account and we are now officially the borrower.
The applicant is now the borrower and can check the status of the loan and future payment dates by making their way to My Loans>Active.
The trttloans platform also updates all the steps in our loan details screen, including amounts and timestamps for each transaction made:
Once the final payment date transpires and the borrower sends the required amount to finalize the loan, the borrower will receive their collateral back into their chosen wallet address. The Loan is now settled and closed for both parties.
The users can see the whole Loan history on the platform:
My Loans > Archive >>Finished > Loan Details