Loaning or lending is a financiaI transcation that involves the borrowers and the normal banks giving out a sum of money to be returned before an agreed time period. However, this activities have always required collaterals that are of the same worth with the money being loaned for the banks to have something to lay hold on should the borrower find it difficult to pay back. Now with the help of the ledger innovation, a p2p lending is better off than that with a new platform called Finwhalex.
This p2p network makes users able to coexist together with creditors in the same platform so they can access each other and invest in the loaning services. The creditors will be ready to receive any loan application from one who wants to borrow after they must have registered and requested for the loan the right way through loan application forms and submission on the ecosystem. But then, before a creditor gives out the loan, he must have checked the users' status to see if he is capable of paying back or if he has the equivalent amount of BTC to stand as collateral before making move to borrow them such money. There is access to loaning services in this platform at all times but before that can be accessed, the users are obligated to set all the loan parameters or requirements. They must specify how long they want to use it, the amount they desire to get and the Interest rate to put on returning it. These are factors that enhances the easy approval of loans. Investors or creditors are attracted by the structure of the borrower's application because most of them care about that criterias before signing the deal and accepting to give the loan requested. Most of the times, the users will send their required collaterals immediately the lender accepts the loan application and then the charges or commission is deducted.
CHARACTERISTICS OF FINWHALEX
It supervises the whole services and makes sure the platform is conducive for the partakers. It provides a safe environment and ensures that all the necessary obligations are fulfilled before any application ia sent or approved.
A necessary multi-signature address is generated for the operation when a loan application has just been accepted. If there is any collaterals to be used, the platform creates a separate wallet for it and store it up like the BTC so that the two parties involved can create their unique keys differently to the account. One of them would not be able to perform any operation with the money without the other party, so that safes the money and prevent anyone from being unnecessarily smart. There would be no way anyone would access your BTC without your approval until you have repaid the money borrowed. The borrower will pay back the same amount if the value of the BTC has not dropped and can hold on on paying if lesser. This is to prevent them from making loss or losing too much to the creditors. Finwhalex is a thoughtful project with great insight into the financiaI world so no one can take advantage of that to dupe anyone.
This network is well planned and is ready to support all the partakers in every way possible to meet their expectations, making them open to profit and also assisting the users. Investors Should know that such an innovative network is meant for them to make more profit through the interests in the loan pay backs that will come to them as they provide loans to the borrowers.
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