trttLoans Beta testers guide
Basic concepts to launch a tester Loan request or a Loan offer
First of all, we want to say a big thanks to you for helping to the Trittium project with this Loans test, as we need to find possible bugs before launching the new loans platform to the public.
At the same time, we apologize for the possible malfunctions/fail that perhaps you find testing the platform. But please, take into account that this is the test beta testers mission: To find failures and fix them before the public release.
This guide has 3 parts:
- How to create a lending request.
- How to proceed once our loan request is accepted.
- How to lend money to a loan request application.
So, first of all, login into the loans platform, this is the link:
Once you enter, you will be able to register or login into your account.
You can login directly with the same credentials than at the trttNodes platform, as everything is connected in the trittium ecosystem.
Once you sign in, this is the main menu:
From here you will be able to set up the two sides of the same market, as the borrower or as the lender.
You just need to have Trittium in your trtt wallet to pay the generated fees, as paying your loans fees in Trtt has a 20% discount.
Now let’s make some operation:
1.- Creating a Lending request (Borrowing)
The first part is elementary, :), just press on the “Borrow” button.
This is the Loan request panel, where we will choose our Loan request options:
As you can see the first data we must fill in is the Loan amount.
How much do we want to ask for? In what currency value? USD or Euro?
We will ask in this example for 14 USD.
Our time to pay the loan will be seven days.
We will pay an 80% per year rate.
We will offer a 75% Loan To Value 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.
If you play with it, you will realize: The higher the LTV is, the lower is the collateral to send to the moneylender.
So, this is what we have filled for now:
Now we must choose the assets we will use:
- We can choose in what coin do we want to receive the loan: BTC, ETH, PAX and USDT (More coins will be added). In this example we want BTC.
- We select the address where we want to receive such Bitcoins, and also we must choose where do we want to receive the collateral once we pay the loan (In 7 days).
- We select how do we want to pay the platform fees, as said before if we choose Trittium to pay the fees, we will get a 20% discount.
- We must accept the terms and conditions and CREATE REQUEST.
These are the selected options for our loan request:
**At this stage, some exchange parameters are set to a fixed ratio.
After creating the request, this is what happens:
- We will see the loan request details, and appears as published:
- If we go to My Loans > Published we can see all our loan request. In this example, we just created the number RQ1–33
So, now this is the situation, we asked for a Loan, and if we go to the loans market, we will see our request there.
But we need to find someone who wants to lend us the money.
The loan market includes a filter to select the conditions you want to search for. In this case, as the market is small, we can see our example offer easily.
As a borrower, we can cancel such loan before someone accept it. In such a case, we will receive an email confirming it.
2.- Our Loan Request is accepted
Once the loan request is accepted from someone at the market, we will receive an email. In the email, the system asks us to send the collateral to the lender in the next 2 hours.
In the email, when we press on “Transfer collateral” it links us to the platform, there we can see in detail the step where we are and the instructions. We have 2 hours to send the collateral:
After sending the collateral, the lender will also receive an email to notify him and ask him to send the loan to us (we are the borrowers in this example).
Once the system confirms our collateral reception, we receive an email like this one:
So, now the lender must send us the loan, he has 24 hours to do it. If he doesn’t, we will receive back the collateral we sent (we, the borrowers).
When the lender sends us the loan, we will also receive a notification:
So, the loan is into our account now.
If we go now to My Loans>Active, we can see the Loan status and the date to make the loan payment.
The trttloans platform also updates all the steps in our loan details screen, including amounts and timestamps for each transaction made:
3.- Lending money to a loan application.
At the same time, as lenders, we can go to the market and lend money to a borrower (lending requests).
In this case, we will lend the money to the example created in steps 1 and 2.
This is the lending request market:
As you can see, the loan request RQT-33 is on the list. So we will lend the money to him.
We press on “View Details”, and this is what we found:
In this case, as we are lenders, we see the same loan parameters, of course, but when we choose the accounts, we can not select the currency, as the loan return must be the in the same currency as lent, and the collateral is always in BTC.
We press on Issue Loan.
What happens now?
- We can see the loan details:
- We receive an email confirming the loan and giving us the instructions.
The borrower must send us the collateral. He has two hours to do it.
The platform will show us when the borrower sends the collateral, but we will not receive an email and confirmation until if has enough confirmations. This stops the 2 hours counter.
Once the collateral is in the platform, we receive an email notifying it and asking us to send the loan amount.
The email link takes us to the platform, where instructions are updated and precise. We have 24 hours to send the loan amount.
Once we send the loan and the platform detects it on the chain, we can see the loan status update don the platform:
If we want to see the details (As lender), we just press on “View Details”:
This BETA guide is made to explain how to borrow or lend money. We will update with more guides and explanations about possible future situations with the status of the loan.
Any doubt, feel free to contact us.