DeFiner currently offers two vehicles (thus far) to embark on this new financial frontier.
- Peer-to-Peer loans with fully customized specs
- Savings Account with floating rate and an instant loan market
The Peer-to-peer loan marketplace allows users to find their match. It offers added flexibility for your financial needs, because you can tailor the specs: the digital asset, collateral, terms, and interest rate.
Our savings account also offers loans, but with a given, market rate. Users may take out a loan (borrow against their savings) at any time. Users can also deposit and withdraw any time they want. The savings interest rate is floating, depending on markets and the crypto asset you deposit.
Peer-to-Peer Lending Market:
For the peer-to-peer loans, the minimum to borrow/lend is $1000. (Users who want to test a smaller amount, please find a loan named "DeFiner Test" on either the lending or borrowing market. Then click "Counter" to adjust the loan amount to any amount you are looking for.)
The general process:
- 2.1.1 Search for a loan on the market, or request a new loan with your own specs.
- 2.1.2 Once you accept a loan--or a lender accepts your request--escrow your collateral (which is held on the loan's DeFiner smart contract).
- 2.1.3 Repay your loan on time, and, when fully paid, reclaim the collateral.
- 2.2.1 Review available loan requests on the market, or offer a new loan with your own specs.
- 2.2.2 Once a request is accepted and the borrower deposits his/her collateral, deposit your funds (which are held and distributed with the DeFiner smart contract).
- 2.2.3 Receive repayment until loan is paid, upon which collateral will be returned to the borrower.
Users can deposit/withdraw from their savings account at any time for any amount they like. There are a variety of digital assets you can deposit. Learn which ones here.
To borrow against your savings account, loans can be any amount that you can adequately collateralize.
- 3.1.1 Review the coin market and select the coin you have.
- 3.1.2 Deposit your coins into your DeFiner savings account and start to earn.
- 3.2.1 Review the coin market and deposit the coin you have.
- 3.2.2 Review the coin market and select the coin you want to borrow.
- 3.2.3 Review the terms and initiate the loan.
Read more about the DeFiner savings account here.