Crypto Loans Low collateral|
Our mission is to create the first decentralized system of crypto-credit money in the world, empowering people to take back control over their own money – without the commercial banks and fees
SmartCredit.io is a peer-to-peer lending platform for direct interactions between P2P customers. This means there are no intermediaries who charge you fees, unlike with the conventional approaches of fiat-money banking.
Clients hold their cryptoassets or ERC20 Smart Money tokens locally in their own standard wallets (MyEtherWallet, etc). Borrowers submit their loan requests and lenders place their loan offers. The matching engine then matches loan supply with loan demand. Once a match is identified, the lender can supply ETH for lending and the borrower can borrow ETH.
A loan agreement between the lender and borrower is created for every new loan, and it is legally enforceable. All loans on the SmartCredit.io platform are also insured for the face value.
ERC20-compatible Smart Money tokens are minted at the moment of the loan agreement, and are assigned to the lender. One Smart Money token corresponds to one ETH. Lenders can hold Smart Money tokens until the end of the loan or use them to pay other parties. Smart Money tokens are replaced by the end of the loan agreement with principal and interest in ETH.
The interest of loan agreements is accrued in corresponding Smart Money tokens. Interest is earned in proportion with the holding period. Accrued interest is paid to Smart Money token holders by the end of the loan agreement. If the loan fails to perform, loan insurance kicks in automatically.
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