I don't know who made the quote but it goes something like
>"no man is an Island".
This quote basically describes man's need for and from others. Irrespective of who and where you find yourself, it is inevitable that you would require some sort of support and most often than not, it usually comes in the form of a financial favour, either to loan or as a gift.
There's also the other side of the coin, the individual in a position to lend support as well. A combination of these two concepts built on a blockchain and a decent profit margin was the reason behind the creation of ETHLEND.
What Is Ethlend?
Ethlend is the first cryptocurrency lending market place. It is a platform where people in need of fast and easy loans easily meet individuals who have loans to offer.
The platform is designed in such a way that the individual with need for the loan has freedom to pick from a list of available loans and the individual who would like to loan out funds gets to decide the interest rate, keeping in mind that though he/she would like to make profit, his rates have to be at a respectable rate because of competition from other leasers.
Navigation The Platform
- The first thing to do is visit the homepage, you can visit the page by clicking my referral link
On the Homepage, you can easily signup. Click on "login" and a menu will pop up, select "sign up" and undergo the process in a matter of seconds
Fill in the necessary fields with your email, phone number, new password and country of residence and send. You'd be sent a confirmation email and that's all.
Verify your email.
In your first login, you would be asked to choose between creating a wallet or importing a wallet from your portfolio.
I will create a new wallet
Creating a wallet is just like most wallet providers. You would be given a random selection of words that can be used to retrieve your account if you forget your password.
You will then be asked to save this somewhere. I save mine in my offline text editor, Whatsapp, as well as in my google drive. You can choose to save yours anwyhere you want to.
Your Portal
After creating your wallet or importing your wallet, you would then be met by your dashboard. It is through here you may now decide how you want to use this platform.
Dashboard: Here you can see the loan offers you've made or sent out or received
New Loan Offer: This portal is used for creating a loan offer you would like to give out. To be able to send out a loan, you will have to credit your wallet with the amount of cryptocurrency you intend to loan out.. Creating the request is rather simple, here's how it works
- select between the coins available to be loaned out
- Input the amount you intend to loan out
- Suggest if you would permit loaning less or you want it to be specific.
- Select the collateral that you are willing to accept for your loan.
- Then finally select how long you want the loan to last, including the minimum and maximum time frame
New Loan Request: This portal is meant for individuals who would like to have access to loans. To have access to a loan Here's the procedure
- Select the currency in your wallet you would like to use as collateral
- Input the amount you would like to lend. This amount will determine how much you will be allowed to borrow.
- Select the currency you would like to loan and complete the simple process by slecting period of the loan then inputing the monthly interest rate that you can afford.
View All Offers: In this portal, you have access to all available offers.
You can select the offer that best suits you. You may also use a filter to adjust the loan state you want
Summary
As far as lending goes, it is a decent place to get the sort of help you want. I believe the essence of this platform is giving individuals a chance to have spendable funds in those situations where you'd rather hold your crypto rather than sell. The flexible/competitive interest rates also represents an interesting feature that is in the spirit of decentralization.
I'd suggest including steem to the list and maybe including a peer to peer verification process between the person giving loan and the person receiving the loan.
DISCLAIMER
This is not financial advice, nor a guarantee or promise in regards to any result that may be obtained from using the above content. The information provided here is for informational and entertainment purposes only. It should not be considered as financial and/or investment advice. No person should make any kind of financial decision without first consulting their own financial adviser and/or conducting their own research and due diligence.