Lending money to a loan application.
Lending funds is now available and offers the platform user the opportunity to enter a marketplace and lend money to prospective borrower’s (lending requests).
In the example below, I will lend money to a fellow user’s lending request on the trttLoan marketplace.
Below is the lending request marketplace:
I have selected the loan request RQT-33 from the list of prospective borrowers to lend funds to
I have clicked on “View Details” which takes me to the next step below:
As outlined above, the lender can view the conditions of the loan and will be required to enter their wallet address into both fields, ‘Loan Return Method’ and ‘Receive Collateral to’. In this case, I have entered my BTC wallet address in both fields.
Once the lender has ticked that they have read the T’s & C’s, the lender can ‘Issue Loan’.
What happens now?
- Below the lender can view the loan details:
- The lender receives an email confirming the loan and instructions to facilitate.
The borrower must send the lender the collateral. The lender has two hours to complete the transaction.
The platform will inform the lender when the borrower sends the collateral. The lender will not receive a confirmation email until the transferred funds receive the required number of confirmations. Once fully confirmed, the 2 hour countdown timer is removed.
Once the collateral has been received by the platform, the lender receives an email of notification. The lender can then send the loan amount.
The email link directs the lender to the platform. From there the lender can follow the on-screen instructions to facilitate the loan. The lender has 24 hours from receiving notification to transfer the loan amount.
Once the lender sends the loan amount and the platform detects it on the chain, the lender can see the loan status updated on the platform:
If the lender would like to see the loan details at any time during the term, they will be able to simply click on “View Details”:
The loan has now been issued and the lender has completed their obligation. All that’s left for the lender to do now is simply wait for the loan term to complete. Upon reaching payment date (unless liquidation has been triggered in the meantime), the loaned funds, plus interest, will arrive back into the lender’s wallet address.
For any enquiries, please feel free to ask at our Discord.
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