The LendLedger Ecosystem - Connecting Lenders and Borrowers on the Blochchain

It is difficult for small businesses to get loans from the traditional banks. This is making the alternative non-banking lenders more significant and needed. Small business and informal individuals are turning to alternative lenders for their borrowing needs. The alternative lenders satisfied these customers with less hassle, ease and convenience.

Financial Technology -FinTech is disrupting the lending ecosystem on the blockchain technology with cutting-edge projects that gives beneficial services to the lending sector of the financial industry. The LendLedger project is one such project that is determined to meet the lending needs of borrowers on its platform.

How It Works

The LendLender connects Lenders, Borrowers, Data Providers and other stakeholders on the platform. It makes available quick and easy loans to the Borrower. The Borrower is a small business or informal individual that needs financial assistance. The Borrower logs on the application which is available on mobile and web borrower to apply for a loan depending on his needs. The Borrower selects from the type of loans available.

The Lender gets an alert when a borrower applies for a loan. The Lender peruses request and accepts rejects. He creates an Escrow account on the platform. The Escrow account is a multi-sig account that has to be signed by the Borrower, Lender and other service providers like the credit evaluator and credit data. The account details are sent to the Borrower. The Borrower is required to submit personal or business information or credit data such as the POS company that processes his business POS transactions. He sends his identity card details to the data provider for ID verification if there is a need for his KYC data.

The data provider extracts the needed information on the business or individual and verifies his identity. The Borrower’s credit data is made available by the data provider on the platform. The Data Provider processes the data provided and send details to the Borrower. The Borrower forwards the credit and/or KYC to the Lender for appropriate use. The Lender peruses information sent or uses a Credit Evaluator to analyse the Borrower’s data provided.

The Credit Evaluator help makes credit decision for the Lender base on Borrower’s data which he either approves or decline. If approved, the rate and the terms are sent to the Borrower. The Lender then creates a Loan agreement smart contract specifying the loan details such as amount approved, disbursement, repayment, fees for service providers on the Escrow account.

The Lenders signed and forward to Borrower to peruse and sign. The Lender and Borrower are the signatories to the Escrow account. This forms the pre-authorization of the loan deal. The Service Provider used is required to sign the loan agreement so as to make sure that loan details are correct and have been accepted by both parties. The Lender sends to the Escrow Account the Loan amount plus fees are in LedgerCredit. This is the pre-signed loan disbursement transaction.

The Escrow Account disburses to the Borrower the loan amount and pays the service fees to the service providers. The repayment schedule on the Loan Agreement Smart Contract shows the repayment amount and the date to be affected. This Borrower has seen earlier before signing the Loan Agreement Smart Contract. The repayment is done by Borrower on the due date to the Escrow account or through a service provider. The LedgerCredit transfer from the Escrow account to the lender.

Why LendLedger

1. The LendLedger platform is an ecosystem that provides financial inclusion to the Borrowers. Borrowers not able to get loans from traditional banks are serviced by non-bank financial institutes. LendLedger bridge the funding gap for over thousands and millions of small businesses and solving a $2 trillion fund need.

2. The LendLedger is a blockchain project that pays in fiat currency to the Borrowers. The LedgerCredits and LOANtokens can be converted to fiat currency meet the needs of the LendLedger platform users across borders.

3. The Borrowers and Lenders need not have the LOANtoken cryptocurrency to access the loan thereby creating an easy entrance for them.

4. The project is already in use in India with over $300 million in lending supplied to small businesses in over 400 cities.

5. The project is developed by a team of experts that are professional in their various endeavours and advisors from across the globe.
   

   Uses of LendLedger Token

   
   The platform utilizes the LendLedger Token symbolized by LOANtoken. The token gives accesses to all stakeholders the unique features of the platform.

6. The Lenders use the LOANtoken to access loan request and disburse funds to the borrower. The Lender uses the LOANtoken to pay for services enjoyed on the LendLedger platform.

7. The borrower uses the LOANtoken to see and apply for the loan on any of the LendLedger application whether mobile App or the web browser application.

8. The Data Provider analyses the Borrowers personal data and business information. The Data Provider monetizes the analysed credit data on business lenders and borrowers. This information is submitted as credit data and is used in lending funds to borrowers.

Token Details

Token Distribution

Conclusion

The project is created by team members that already have a successful project in existence- ArthImpact Finserve, an Indian lending venture with the brand name the - Happy Loans. The project has given out loans of over $7 million to over 13,000 small businesses across India. The LendLedger is out to attend to the lending needs of borrowers form any part of the world.

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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