LendLedger | Giving out Loans to Small Businesses on Blockchain
One of the functions of the traditional banks is to lend out funds to the customers that need them. The reality is, traditional banks do not lend money to small businesses that need it most. They prefer to give out loans to big companies that will pay huge interest. They forget that small businesses are the engine of economic growth. Giving out loans to small businesses is too risky agreed, they have no certainty of paying back. Small businesses do not have collateral to back up their loan request and most banks give out collateralized loans. The lack of encouragement from banks has to lead to the emergence of alternative lenders that give out loans to informal individuals and small businesses.
Non-banks financial institutions are increasing and expanding in their services to the teeming individual and small businesses that are not serviced by the traditional financial institutes. Some Lenders have the resource to lend out but do not have the customers to transact with. The LendLedger project is created to connect and issued out loans from Lenders to Borrowers through Data Providers on its decentralized blockchain platform.
LendLedger is the future of lending being built on the decentralized blockchain technology. The Blockchain is harnessing every aspect of our life to a brighter future.LendLedger is an open protocol that has created an avenue where non-bank lenders, borrowers, data providers, credit evaluators or identity verifiers come together on a single platform to give out loans to those in need. The LendLedger ecosystem has laid a foundation for lenders and borrowers to give out and access any type of loan. It has also created a protocol for data and service providers to participate in lending where loans are issued based on user’s credit data and or personal information.
- The platform opens an opportunity for the borrower to get loans with no stress base on users transactional history with no collateral. Loans are issued based on borrowers’ credit data and personal information.
- The LendLedger provides a platform that is secure and transparent for all stakeholders. They connect through secured and encrypted share data, make a loan request, disburse the loans and repayment is made on the LendLedger platform.
- Users' data are confidential and they have control over their data. The data is analysed by the Credit Evaluator for Lender's used. They recommend the action the Lender should execute base on users credit transaction history. Information is encrypted, stored on the platform and shared using the blockchain p2p protocol.
- The platform provides a decentralized blockchain protocol that is reliable, efficient, trustless, transparent and immutable. Here lending is easily accessible and tempered proof.
The LOANtokens is the digital asset that is used on the platform. It is used to access the platform’s unique features. Loans values are converted to LedgerCredit and send to an Escrow account specifically opened for that purpose. The LedgerCredit is converted and issued in fiat currency to the borrower. The platform is built on the stellar blockchain protocol.
The LendLedger platform creates an alternative and sure way of the processing and giving loans to small businesses by non-banks. The project is meeting the lending gaps of small businesses and individuals worth trillions of dollars. The projects make feasible lending by giving Borrower an opportunity to get funds they need but aren’t able to borrow. The project is backed by a strong team that has an excellent record with decades of experience running financial institutions in emerging markets.
For more detailed information. Visit the Website and check out the Technical Paper. Join the Telegram for answers to your questions. Follow on Twitter for important updates. Read project announcement on Bitcointalk forumBitcointalk ANN
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