If I take a loan from your platform how much is the interest rate? I will give it a try if the interest rate is low.
We do not provide interest rate. Lenders will provide interest rate. Otherwise, you can make a contract with your desired interest rate. (Note: We are only the third party connecting lenders and borrowers. When the lending and borrowing contract matching in term of interest rate and period, our platform connects automatically and confirm the loan is successful.)
D'you have some protocol in place to protect lenders from "bad" borrowers and vice versa? That would've been real fricking neat.
- We provide insurance packages for lenders to choose: 30%; 50%; 70% of loans. Loan insurance is applied when borrowers do not pay their loans. Lendxcoin will take from insurance fund to pay lenders.
- Limit the big amount of borrowing to new members: we have rating scale evaluating the member reputation. To borrow big amount, members must have good rating scale. The lending amount must be in accordance with scale evaluation (to have a good rating scale, members should complete at least a loan, paying interests and loan on time).