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Lendoit, for lending and receiving loans

Lendoit, for lending and receiving loans

January 5, 2018 6:09 am,

Lendoit is a blockchain supported peer-to-peer lending platform. It connects lenders and borrowers all over the world to facilitate a loan transaction. It is removing centralized organizations and is owned by the people.

Three of the defining features of this platform are:

  1. No intermediaries
  2. Trusted and secure
  3. Decentralized and anonymous

Hence, in summarization, it is a decentralized peer-to-peer lending marketplace platform which connects borrowers and lenders from all over the world in a trusted, fast and easy manner using the advantages of smart contracts and blockchain technology.

So as they say, it is disrupting the traditional lending industry, with its very own signature statement, “Microloans- by the people, for the people.”

This marketplace also connects international borrowers and lenders through an easy and trusted platform. Lendoit offers a multitude of solutions for the needs of borrowers and lenders, through integration with global third-party professionals in the fields of Scoring, Verification, and Collection.

The platform enables tenders to be done directly via Lendoit’s supported third-party wallets, using the Smart Loan Contract. It also offers a secondary market which enables lenders to easily liquidate their funds at any moment.

The platform has its disruptive ecosystem that serves the following participants or users:

  • Borrowers, who can apply for a loan using a Smart Loan Contract.
  • Lenders, who can lend to borrowers using the Smart Loan Contract, by transferring funds to the contract.
  • Consumers, who can get information about an Ethereum address via the unique Smart Reputation Contract, for any purpose.
  • Collectors, who can buy any debt in a tender using the Smart Loan Contract.

Let us now look at the steps involved in loan processing:

  1. Applying for a loan
  2. Upload Verification
  3. Verification process
  4. Scoring process
  5. Smart Loan Contract
  6. Lender’s Tender
  7. Withdrawal of funds by borrower
  8. Notification of loan repayment
  9. Loan repayment
  10. Fund withdrawal by lender
  11. Lender interest
  12. Smart Reputation Contract
  13. Smart Compensation Fund Contract
  14. Lendoit fee
  15. Collector’s Tender
  16. Overview of the full loan process

There are also varied solutions already ascertained by this marketplace in case of defaulted loans.

You can know about this process in detail here:

Learn more about this marketplace here:

“The lending revolution has started.”