Getting Started with Peer-to-Peer Lending 3: Being a Borrower

Leverage your digital assets to benefit your financial position.

  • Accept a lender's offer, or create a new request.
  • Determine the terms that work for you.
  • Initiate the loan process.

First, make sure you're in the right marketplace.

ss tutorial33If you see a loan offer that works for you, click "Accept".

If you see an offer close to what you are looking for, you can choose to counter it with one of your own.

ss tutorial46After clicking "Counter", you can modify the offer and wait to see if the lender accepts. 

ss tutorial47If you don't see a loan offer close what you're willing to offer, propose your own by clicking on "Request Loan".

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Once here, fill in the details of your loan request.

Loan Nickname: Easily identify your proposal (ex: 07-01-19 Loan Request)

Loan Currency: The type of asset you want to borrow

Loan Amount: The amount you wish to borrow

Loan Term: The number of days you wish to have the loan

Installments: Number of payments you want

Asking APR: The interest rate you are requesting to pay

Loan Collateral: The asset you offer as collateral

Other fields such as "Collateral Amount" and "Premium" will be calculated for you.

If everything looks good, click "Review".

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    A pop-up screen shows you the loan details. If all looks good, click "Submit". 

    You can now see the loan on the marketplace. Note how it's in the marketplace for those who wish to lend.

    ss tutorial36You can also see your requested loan in your portfolio. 

    ss tutorial41Until the loan request is fulfilled by a lender, you can modify your proposal. You can also see its status by clicking the blue info icon from the marketplace. 

    ss tutorial38This loan is awaiting a lender's acceptance. Once they do this, it will be on you, the borrower, to submit deposit the collateral. 

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    All of these financial transactions occur on the smart contract automatically generated for each loan. The contract stores the collateral, receives and distributes the loan funds, and accepts payments from the borrower. All appropriate funds are automatically sent to lenders and borrowers respective MetaMask wallet. This is the efficiency, security, and beauty of the Future of Finance! 

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