In the world of today,Every individual need a source of income to run there investment and to find a way to things right for ourselves and the family, but for all this effort, it prove to be more difficult. Then how can we come out from this problem and find a solution to this problem, that is why we need a loan at one point or another just to finance our business. As the name implise money is the anything that general acceptable as the medium of exchange and for the settlement of debt. So whether we are individual, employee, workers or any government parasterters, money has always be the major role to make things happen in our daily life.
Banks are always play a major role when it come to borrowing and getting loans with an interest rate attached to it and bank as always be a place where people can go there just to collect loans and apart from bank serving as debit and credit entry for every individual.
Information sometime they say is power because he who has information has power, nowadays blockchain has provide us another opportunity to take loan if we don't want to engage ourselves in banking stress when it comes to offering of loans and the means of getting adequate financial assistance for our daily life. This means when finding it difficult to obtain loans from the bank may be due to one or two reasons, don't be confused but consider the blockchain platform has a better option for gaining access to a good loan. For payment and loan flexibility, blockchain bank is the answer to your problem no matter how financial.
The answer to your problems is Ethlend
What is Ethlend Blockchain?
Ethlend is a decentralized financial dapp which was built on the Ethereum blockchain by Stani Kulechov as a p2p(peer to peer) platform created to provide individuals from all around the world the opportunity to either be a borrower or a lender.It provides loan to people in the most secured and fastest way possible. This loan follows the contact logic process which secures an agreement between the parties involved (that is the borrower and the lender). The borrower as usual needs to have a means of assuring the lender as to its dedication towards the loan by having a means of collateral and The existence of thin collateral gives the lender a peace of mind and guarantee that the loan will be paid in full.
This platform is being Rank as number 37 on the stateofthedapps finance list
What are the procedures for getting loans?
All you need to do is by creating an account on ethlend and then make sure you install metamask plugin that deal with money transaction from Google chrome on your device so as to serves as intermidiaries between you and the Ethlend to your personal ERC wallet.
During the course of your registration you will giving an option of either being a lender or a borrower and your account can also serve as a dual process for the both roles but and there is also an added advantage to being a lender and the borrower because you are also helping to contribute to the ethlend platform.
For only a lender, the accepted currencies on the platform are:
- ETH which is pegged to USD, EUR, GRP, INR among others.
What is there interest rate?
In the ethlend platform the users are the ones that sets the interest rate during the creation of the loan due to the decentralized state of the platform unlike the the bank that their rate of interest will only be determine by the bank,so you have every right to determine how you will be paying loan back to there account at specific time.
Security for the transaction?
In Ethlend collateral stands as a means of safe net for the lender incase the borrower renegade on their agreement and also gives credibility to the ethlend platform. But some cases whereby the collateral decreases in value, the platform notifies the borrower via the smart contract to add to the collateral value. So you don't need to panic when sudden change happen in decrease in collateral values.
The official token for this platform and is the same as other ERC20 token which can also be saved in any Ethereum wallet anywhere but as a lender, you can stake your DAI token on the platform and be rewarded with this official token called LEND. This lend can be sold for fiat or converted to the initial DAI to resume the whole staking procedure.This staking process determines tour level of affluence on the platform.
How to calculate your loan?
When you are in there website, on landing page of the Ethlend there is an icon called loan calculator which enables you to calculate your loan by using DAI to BTC, It comes with a harrow slide that helps you to set the required amount you desire to pay be paying for the loan. So you can see the important of it unlike the bank.
Finally,ethlend platform is helping every individual, society, industries and companies as a whole by lending financial helps in times of need without any problems during the course of obtaining loans from the platform
And the only disadvantage of the platform is that they excluded the United State Of America among the list of countries this service is open to and which the reasons was know by them. Well I will like think about the masses that is in of there services from the country and find a way to reconsider this because there is no nation or country that has no need for financial helps from any international entity that provide financial assistance.
Disclaimer: the information and Images used are properties of #ETHLend and are used for the sole purpose of this review.